Pearson operating profits up 47 per cent

30-07-2007

Pearson operating profits up 47 per cent
Surging sales in its educational titles helped publishing company Pearson to a 47 per cent increase in its half-year profits, it announced today.

New clients in the core US market for the group, which publishes the Financial Times (FT) newspaper, also helped profits reach £91 million.

Sales of educational publications increased by seven per cent, resulting in a half-year profit of £5 million.

Pearson chief executive Marjorie Scardino told reporters that the reason for the improved sales was a "burst in growth" in US clients. He said there was great demand for Pearson's testing services for students, nurses and securities dealers.

Revenues of the FT group also rose by eight per cent, resulting in an increase in profits of 29 per cent. Similarly Penguin's revenues increased by one per cent, resulting in an 11 per cent surge in profits.

In a statement, the group's chief executive said: "The Financial Times group is showing the value of its unique strategy; Penguin's publishing and profit are both solid and promising, as is its approach to change in publishing; and in education we continue to set the pace as we use technology to personalise learning.

"Our investments in content, technology, international expansion and efficiency have put us in a position to lead, and we're leading. While our markets are changing fast, we are continuing to innovate to stay ahead of that change."

The group has also announced a six per cent increase to its interim dividend to 11.1 pence per share.



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