Newspaper publisher Pearson has announced a strong start to 2006, with trading in line with expectations and a significant increase in profits expected from the firm’s Financial Times Group.
The Financial Times is reported as performing well, with circulation up by 4% fuelling a 13% rise in advertising revenue. The company also reports a continuing conversion of advertising gains into profit, running at a rate of at leasat 80%.
Elsewhere, Penguin’s strong performance continued into the beginning of 2006, with Pearson expecting a similar rate of growth this year to 2005 as a whole. Gains in efficiency will help the company to achieve this, it stated.
Announcing the results, chairman Glen Moreno, said: “We are encouraged by our sustained momentum in the early part of 2006, and we are in good shape to deliver positive results for customers and shareholders year after year.”