Sharewatch: Pearson Rises After Mixed Results

Pearson was the market’s big story after unveiling a mixed set of results yesterday. Despite reporting a 36% rise in 2002 underlying pre tax profit, the group continued to feel the effects of the ongoing ad recession. The Financial Times newspaper saw underlying sales revenue fall by 19% to £202 million in the year, whilst operating profit all but vanished, down 92% from £21 million in 2001 to just £1 million in 2002 (see FT Ad Revenues Drop 24% In 2002, No 2003 Recovery Seen). The stock was seen up 7.50%.

Elsewhere, Trinity Mirror was seen in focus on reports that venture capitalists, Candover Partners, which held takeover talks with the group last year, is considering making a fresh bid for the newspaper group (see Venture Capitalist Group Mulls Fresh Trinity Mirror Bid). The stock was seen up 2.39%.

Investors will have all eyes on SMG, the owner of Virgin Radio, which posts results today showing that profits are down 28% year on year.

The closing prices of media company shares on Monday were: