FT parent reports first quarter profit

Pearson PLC, the parent company of The Financial Times, reported a first-quarter increase in profits due partly to a strengthening advertising market.

Lilly Vitorovich of Dow Jones Newswires writes, “At FT Publishing, strong demand for print and online subscriptions to the Financial Times, an increase in new sales at Mergermarket and a return to growth in advertising revenues all contributed to a good first quarter. ‘We are encouraged by a more positive environment for corporate and financial advertising, but bookings remain volatile and visibility remains poor,’ Pearson said.

“The trading update was well received by analysts, with UBS describing it as ‘another strong update.’ UBS has a buy rating on the stock and 1100 pence price target.

“‘The solid start to the year and return to growth amongst more cyclical parts of the business are encouraging,’ Citigroup said in a research note.”

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