London-based Pearson Plc, the parent company of The Financial Times, reported at its annual meeting on Friday that the business newspaper was off to a strong start in 2006 after posting a profit in 2005 for the first time in three years.
In a statement, the company said, “The Financial Times Group improved profits by more than one-third in 2005 and we expect a further significant increase this year. IDC expects another good year, benefiting from similar business conditions to 2005, strong organic growth and the contribution of recent acquisitions. The Financial Times is performing well as circulation improves (up 4%), advertising revenue increases (up 13%) and we continue to convert at least 80% of our advertising gains into profit.”
The release can be read here.
A Reuters story about the performance is here.
There have been rumors that Pearson might sell the FT, but the company has consistently declined that the paper is for sale, or that they are shopping it.