Profits at FT Publishing fell 40% in the first half of this year, with sales down 13%.
FT Publishing is the newspaper and magazine division of Pearson and owns the
Financial Times and has a 50% stake in the
Economist.
The division’s adjusted operating profit fell from £30 million in the first six months of 2008 to £14 million this year, while sales were down from £188 million to £176 million.
Pearson said in a statement: “The impact of advertising revenue declines was mitigated by substantial growth in content revenues, the resilience of our subscription businesses and early actions to manage our cost base tightly.”
Advertising now accounts for just 20% of FT Group revenues, down from 50% in 2000, said Marjorie Scardino, Pearson chief executive.
Pearson, which also owns Penguin books, saw revenues remain static at £2.4 billion, while profits increased 21% to £158 million.
