Publishing group Pearson has posted a 38% increase in adjusted operating profit in the first half of this year. Its Financial Times Group division also saw a 26% rise in operating profit to £30m.
Pearson posted a solid 14% increase in sales to £1.965bn compared to the corresponding 2007 period.
Advertising revenues for the FT Group’s FT Publishing arm, which includes the Financial Times newspaper, FT.com and The Economist, increased by 2% as it capitalised on the growth in industrial, consumer and luxury categories. Its operating profit rose by 26% to £30m compared to 2007
In recent years, the FT Group has significantly shifted its business towards digital and subscription revenues. As a result, in 2007 digital services accounted for 63% of FT Group revenues, which was up from 28% in 2000.
Marjorie Scardino, chief executive for Pearson says its momentum remains strong in the face of the tough economic conditions. “We have leadership positions in good markets and an effective growth strategy based on quality content, digital innovation and international expansion. That strategy makes us confident that 2008 will be another record year, and that we will continue to grow.”