Revenue

	Year to 31 December
(£m)	1998	1997	1996
Europe, Middle East and Africa	1,164	1,087	1,145
Asia/Pacific	342	359	365
The Americas	343	324	322
TIBCO	100	82	60
Total	1,949	1,852	1,892
% change
actual	5%	(2%)
comparable	9%	8%

Financial information products revenue grew 5% at actual rates and 9% at comparable rates. This reflects growth in both recurring and outright revenue.

1998 revenue included £7 million of revenue related to the acquisitions of Lipper Analytical Services Inc. and Liberty SA during the year, and £15 million of revenue related to Reuters Voice Systems which was sold in December 1998.

Recurring revenue

	Year to 31 December
(£m)	1998	1997	1996
Revenue (£m)	1,716	1,640	1,703
% change
actual	5%	(4%)
comparable	9%	7%
Accesses (000s)
3000 products	48	28	1
Off-trading floor
products	87	49	21
Other products	310	309	299
Total	445	386	321
Revenue per access (£000)	4.1	4.7	5.6
% change
actual	(11%)	(16%)
comparable	(8%)	(7%)

Accesses grew 15% year on year to 445,000 at 31 December 1998. This compares to growth of 20% in 1997. Installed 3000 accesses increased from 28,000 at the end of 1997 to 48,000 at the end of 1998. Approximately 30% of all 3000 installations relate to new users, of which nearly 7,000 were installed during 1998. New products aimed at the Japanese and US domestic markets were introduced during the year.

There were 87,000 installed off-trading floor accesses at 31 December 1998. These products are aimed at users of financial information outside the dealing room. Web-based products accounted for most of the growth and represented approximately 50,000 of the installed base at the end of the year.

Revenue per access at comparable rates continued to fall, as the proportion of lower priced off-trading floor products increased. Excluding these accesses, the revenue per access at comparable exchange rates was stable.

Selective price rises taking effect in January 1999 will increase 1999 recurring revenue by approximately 1% .

Outright revenue

	Year to 31 December
(£m)	1998	1997	1996
Revenue (£m)	233	212	189
% change
actual	10%	12%
comparable	13%	22%

Revenue growth at comparable rates in 1998 reflected strong demand for risk management products, particularly in Europe, and information management systems from TIBCO.