The Financial Times Group is expecting a substantial growth in profits on the back of an improving advertising market and resilient subscription rates, its parent company said today.
Issuing a trading update ahead of preliminary results next month, Pearson said FT Group finished the year strongly, inline with all its other major businesses.
Without outlining the details of growth across the FT Group, or any of its other major business, Pearson said it expected to report an operating profit of £850m so far this financial year – an increase of around 20 per cent.
Improvements at FT Group exclude revenue generated by the sale of its Interactive Data business in July.
Marjorie Scardino, Pearson chief executive, said:
“For the third successive year, our growth is vigorous even though market conditions have been anaemic.
‘That confirms the soundness of our strategy and the increasing strength of our market positions.
‘We are on the right road and set out on 2011 with confidence that we will have another good year.”
In addition to the FT Group, Pearson owns publisher Penguin Group and large international and North American education businesses.