Pearson Trading Remains Strong Despite Gloomy Economic Climate

Global media group, Pearson, has issued a trading statement which reports growth in both revenues and operating profits. The company, whose interests include the Financial Times, Penguin and Pearson Television, said that it is trading in line with expectations and reiterated its aim of achieving double-digit earnings growth (see Pearson Profits Up Despite C5 Losses).

The FT group has performed particularly well, with record circulations in Europe and the US. Circulation growth of the FT is also the strongest of the UK broadsheet newspapers according to ABC figures.

The statement says that Pearson Television, which owns the Thames Television production company, is on track to meet full year expectations in spite of more difficult trading conditions in a number of important emerging markets. The company also said that the strength of sterling against the US dollar could lead full year operating profits to be £8 million lower than if 1997 exchange rates had prevailed this year.

Pearson’s shares rose on the back of this statement and were valued at 1129p this morning; this is an increase of 6.3% on Monday’s closing price of 1062p.

Pearson: 0171 411 2000