FT-to-Penguin group Pearson today reported a 13% rise in annual profits after it weathered the storm affecting financial advertising and consumer books.
The group said its North American education publishing arm, which is the company’s biggest business with annual sales of £2.5 billion and operating profits of £403 million, enjoyed strong growth during the year.
This helped it overcome tougher conditions for FT Group and Penguin, where profits fell by 4% to £187 million and 10% to £84 million respectively.
Trading conditions in those markets brightened towards the end of the year, although Pearson said it was planning on the basis that some of its sectors will remain subdued throughout this year.
"Even so, we expect Pearson to produce another year of underlying profit growth, helped by the overall resilience of our company and good growth prospects for our businesses in digital, services and emerging markets," it added.
Pre-tax profits rose to £660 million, from £585 million a year earlier, while Pearson raised its full-year dividend payment by 5%.
