 Pearson has high hopes for the coming year |
Financial Times publisher Pearson has reported a slim rise in earnings and pointed to better times ahead. The UK group, which also owns Penguin books, saw its annual profits rise 2.8% to �410m ($765m).
Pearson said advertising trends at its business newspapers had improved in the first two months of 2004.
Chief executive Marjories Scardino said the firm was on course to meet its financial goals in 2004 and deliver a "very strong performance" in 2005.
"Advertising revenues at the Financial Times, which were 18% lower in the first half of 2003 and 12% lower in the second half, are 4% lower in the year to date," the company said in a statement.
Pearson forecast that its US-based school publishing business would grow by between 4% and 6% in the current year.
In early trade on the London Stock Exchange, shares in Pearson were up 5.5p at 625.5p.
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