Pearson Plc, the London-based parent of The Financial Times newspaper, reported a double-digit increase in net income in the third quarter and predicted record profits for the year, partly due to higher ad sales at its flagship newspaper.
“‘We still have a lot of trading ahead of us, but we are on track to produce Pearson’s highest profits ever this year,’ [CEO Marjorie Scardino] said. ‘That will be the result of strong performances from all parts of Pearson, together with our company-wide efforts to use our scale and technology to improve margins and create valuable new services for our customers.’
“Last year Pearson made pre-tax profits of £466 million, on record profits at its education division and a continuing turnaround at the FT. Consensus forecast profits for this year are about £490 million.
“Sales at the FT Group, where the FT has moved successfully to combine its online and newspaper output, rose 5 per cent over the nine months. Pearson said: ‘We continue to expect the FT Group to make further significant profit improvement in 2006 compared with 2005.'”
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