Pearson Reports Massive Growth In Profit

Pearson this morning announced interim financial results which show that pre-tax profits had risen 167% to £81m, while sales had increased slightly from £940m to £958m. The results were boosted by the absence of several one-off items, such as restructuring charges and non-recurring costs from Mindscape.

Both Penguin books and the Financial Times put in strong performances, with the newspaper division increasing sales from £3.5m last year to £22.4m. Circulation for the title broke all records in May and June, assisted by the relaunch of Weekend FT which is estimated to have increased sales by 18,000.

As a result of the start-up costs incurred by Channel 5 sales were down in the Pearson Television arm, falling from £20.9m to £18.4m.

Marjorie Scardino, chief executive of Pearson, forecast ambitious growth for the media group, saying that “our goal will be double digit earnings per share every year and a doubling of the value of the company during the next five years.”

Pearson: 0171 411 2000