UK publishing firm Pearson has issued a trading statement to the City this morning, reporting strong third-quarter sales, helped by an upbeat American education market.
The company expects 2005 as a whole to be a “strong year,” stating that trading in the first nine months had seen sales rise by 10%, while operating profit increased by 20%.
Pearson reported advertising revenues at the Financial Times to be up 6% year on year, with the newspaper now on track to break even for the full year.
The company’s American education sector looks optimistic in the latest trading update, with sales rising by 13%, while schools business sales increased by 17%. The sector, which generates around two thirds of Pearson’s revenues, was aided by new testing programmes the publisher said.
Commenting on the latest figures, Pearson chief executive, Marjorie Scardino, said: “2005 is turning out to be the strong year we predicted, boosted by our steady investment in products and services and continued gains in operating efficiency. Penguin and the FT Group are making solid progress while our education business powers ahead.”
“We are concentrating on trading well through our all-important fourth quarter, and our momentum makes us confident.”
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