Pearson results represent “best year ever”

Pearson has reported a 12% year on year revenue rise at the FT Group, publisher of the Financial Times.

Overall the company, which owns the book company Penguin, reported profit before tax up 28% to £670 million.

Total revenues were up 8% in constant currency terms to £5.66 billion. Digital revenues were up £1.6 billion, 29% of total sales.

Pearson’s chief executive Marjorie Scardino said the results represent the company’s “best year ever”.

Pearson said that it expected to see growth in sales, margin and earnings per share in 2011 “in spite of tough trading conditions in some of our markets and rapid industry change”.

The FT Group posted revenues of £403 million, up 9% on an underlying basis.

The company said that paid-for digital subscriptions were up 50% in 2010 to 207,000 and confirmed that more than 900,000 FT apps have been downloaded on mobile phones and tablets.

Digital services account for 40% of FT Group revenues, up from a third in 2006, while advertising has fallen from a 67% to a 45% share over the same period.

Meanwhile, book publisher Penguin reported a 2% increase in revenue to just over £1 billion with operating profit up 10% on a constant currency basis to £106 million. E-book revenues were up 182% to account for 6% of worldwide revenues.

“These numbers add up to another excellent year for Pearson,” said Scardino. “More important than that, they indicate the changing shape and nature of our company: more digital, more efficient, more exposed to fast-growing economies, more focused on all kinds of learning”.

The company’s net debt fell 61% to £430 million.