OLD Media Moves

Financial details of The Financial Times

February 27, 2006

Pearson Plc, the British-based parent of The Financial Times, reported Monday its year-end financial results, including details of the newspaper’s financial performance.

In a combined Bloomberg News and Reuters report on the International Herald Tribune, this was reported: “At The Financial Times, sales were up 6 percent last year as the newspaper made a profit of £2 million, the company said. The newspaper suffering operating losses in previous years as financial and technology advertising declined.

“The return to profit came despite the departure of the editor of The Financial Times in November and persistent speculation that Pearson might sell it.

Marjorie Scardino“‘I don’t know what’s going to scotch those rumors, I’ve given up,’ [CEO Marjorie] Scardino said on a conference call with journalists. ‘My aim is just to get the FT back to serious profit.’

“She repeated her consistent views that all three of the company’s divisions work together and added that Pearson would look for smaller acquisitions.

“Financial Times advertising revenue is up 12 percent so far this year, and circulation is up 4 percent.

“‘The FT seems to be enjoying some buoyant ad gains to date, which is contrary to trends we’ve seen from The Wall Street Journal and elsewhere in the newspaper industry,’ Simon Baker, a media analyst at SG, said.”

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