Financial Times owner reaps record profits

Financial Times 2Pearson says it is on course for record profits this year as the publisher benefits from increasing advertising revenues at the Financial Times, its flagship business title.

In an upbeat trading statement for the first nine months, advertising revenues across the Financial Times and rose 9% for the period. This compared to 7% in the first six months.

Marjorie Scardino, Pearson chief executive, says: “We’re benefiting from rapid take-up of our learning technologies; sustained increase in our audience and advertising at the FT; and bestselling publishing combined with operating efficiency at [publishing house] Penguin. This increases our confidence that 2007 will be another year of record profits for Pearson.”

Revenues in its higher education and schools business were higher than expected, up 5% and 7% respectively. But the group’s Penguin business experienced only modest growth, with sales up 2% in the period following new titles from the likes of Jamie Oliver and Alan Greenspan. However, the group says is expects margins to increase at the Penguin division.

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