Instinet Group, which operates the Instinet agency broker and Inet electronic trading network, has seen net income rise to $19m (€16m) for the first quarter of this year, compared with a loss of $38m during the same period last year. Revenues were up 21% from last year to $313m.

The company, in which Reuters has a 63% stake, said its improved performance was due largely to the separation of its business into two divisions - the Inet electronic communications network and the Instinet agency broking arm. This meant it could adopt distinct approaches to the two different client bases.