Pearson Profits Remain Strong

Media group Pearson today announced half-year pre-tax profits of £358.5 million for the six month period ended 30 June 1998. Pre-tax profits for the same period last year stood at £80.7 million. Sales were up from £957 million to £989 million.

The group’s Financial Times division lifted its profits by 12% to £66.8 million, boosted by record circulation which topped 360,000 for the first time during June.

Pearson chief executive, Marjorie Scardino, recently set the target of doubling the company’s share price over the next five years and has undertaken a restructuring of the company’s interests in order to achieve this.

Of the half-year results, Scardino says: “These are good operating results which give us confidence that we can meet our financial goals for the year. While our reshaping Pearson and the building of market-leading businesses has gathered momentum, we have made the task of delivering on our sales, margin and cash targets our priority.”

Pearson: 0171 411 2310