Pearson Profits Up Despite C5 Losses

Pearson announced its annual profits today and reported that pre-tax profits were up from £252 million to £286 million year on year. Operating profits for 1997 rose by 15% to £323 million; sales were up from £2.2 billion to £2.3 billion.

Chief executive Marjorie Scardino has set the company the target of doubling the share price within five years; these results would suggest that the company is on for this target.

However, Pearson’s 24% share in Channel 5 saw it suffer a £24.1 million share of the channel’s losses in 1997. Scardino says that the station is still on its projected business plan.

Pearson: 0171 411 2000