FT owner Pearson ahead 12pc
BRITAIN'S Pearson reported a 12pc jump in earnings, helped by demand for its education products in emerging markets, and forecast more growth in 2012 when digital revenue would overtake traditional publishing sales for the first time.
The owner of the world's biggest education technology business, as well as the 'Financial Times' and Penguin books, reported adjusted earnings per share of 86.5p for 2011, beating guidance it had raised in January.
Sales rose 6pc at constant exchange rates to £5.86bn, light of market forecasts as textbook sales to US schools came under pressure from tighter state budgets.
"Pearson expects to achieve continued sales and operating profit growth in 2012, in spite of tough trading conditions and rapid industry change," the company announced.
Chief executive Majorie Scardino said Pearson would continue to invest in digital products and subscriptions, and in emerging markets, to counter challenging conditions in some Western economies.
Digital revenue, from services ranging from the FT on iPads to downloads of Kathryn Stockett's 'The Help' on Kindle e-readers, and 43 million students on learning programmes, reached £2bn. (Reuters)