LONDON: Pearson plc, publisher of the Financial Times (FT), has delivered on its goal of double-digit earnings growth in 2002 but says it is working on the assumption of no advertising recovery this year.
Pearson reported yesterday a rise in 2002 pre-tax profits to £399mil from £294mil in the previous year, on revenues of £4.32bil.
After slipping off course in 2001, the British media group delivered an adjusted earnings per share of 30.3p, marginally beating its forecast in December of a 40% rise, driven by education revenues and lower Internet losses.
However, the FT Group division, which has been hit hard by the advertising slowdown, posted an 8% fall in revenues in the year to end-December 2002, as advertising at its flagship FT newspaper tumbled 23%.
“We are managing our business newspapers on the basis that there will be no advertising recovery in 2003,” Pearson said in a statement. – Reuters
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