LONDON -- British media and information group Reuters on Monday reported a six-percent slump in first-quarter revenues and said the depressed market conditions were set to continue through the end of the year.

Reuters stock slumped 5.5 percent to 481.5 pence in early deals after the company said turnover fell to 912 million pounds (1.5 billion euros. 1.3 billion dollars) in the three months to March, from 970 million last year.

"Reuters sees no near-term turnaround in the depressed conditions affecting its financial services customers and, as a consequence, the rate of decline (of subscription revenue) in the second half of the year is currently anticipated to be approximately 5-6 percent," the group said in a statement.

The big drag on Reuters' operations was U.S. Electronic Brokerage Instinet, which saw revenues decline by 39 percent in the first quarter.