Financial Times Publisher Posts Rising First-Half Profit

Pearson (PSO), the company behind the UK’s Financial Times newspaper and a backer of pro-capitalist glossy The Economist, today announced that first-half 2010 adjusted operating profit rose 79% year over year to £178 million and said its publishing business was performing well.
For the first half of 2010, Pearson’s FT Group posted an adjusted operating profit of £30 million on revenue of £192 million. Advertising for the Financial Times “returned to growth,” and digital subscriptions climbed 27% to 149,000 while the group added 1,000 direct corporate licenses. The group’s overall audience reach, including both print and online properties, was 1.9 million.
Meanwhile, circulation for The Economist rose 2.2% to 1.42 million, and the Economist website netted 104 million visitors, a 12% increase from 2009. Pearson owns a 50% stake in The Economist.
“The 2010 finish line isn’t yet in sight, but this is as good a start to our year as I’ve seen. That boosts our confidence in the full year, enabling us to brighten our outlook and raise our guidance,” said CEO Marjorie Scardino in a statement. “We’ve invested consistently in global and digital education and information and that’s helping every part of Pearson grow strongly, even in uncertain markets.”