Profits, revenue up at Financial Times

Pearson Plc, the London-based parent of The Financial Times, reported earnings Monday that showed strong results for the business newspaper.

The FT Group within Pearson reported revenue in the first six months of 164 million pounds, up from 135 million pounds in the first six months of 2006. Its profit was 23 million pounds, up from 11 pounds in the same period a year ago.

The company also said that FT newspaper circulation was up 1 percent to 450,000, with a 12 percent increase in subscriptions. In addition, FT.com subscribers were up 12 percent to 97,000 from the same period last year.

The higher profits was partly due to higher prices for all of its editions. The price of the FT rose in England from £1 to £1.30 Monday-Friday and from £1.50 to £1.80 for the Weekend FT. In the U.S., the price rose from $1.50 to $2. In Europe, the price rose from €2.60 to €3.

Advertising revenues at the Financial Times was up 5 percent in the first half “benefiting from its global reach and online presence,” the company said.

Read the entire release here.