FT, Penguin Owner Pearson Reports 79% Surge in Profit

Pearson PLC, the owner of the Financial Times, reported a half-year profit of £178 million, or 79% more than the company’s half-year profit in 2009.

Profit at the FT Group jumped from £14 million to £30 million. Though the company says that advertising revenue is “poor and the outlook remains uncertain,” advertising now accounts for less than half the division’s revenues. The group’s digital subscriptions have increased 27 percent to 149,000 and 250,000 people downloaded the iPad app (a free download, and currently offering free access—but users will soon have to have a subscription to use the app).

Pearson also owns book publisher Penguin, which posted strong results today as well, with a 56 percent growth in profit. The publisher’s ebook sales tripled and says that “Penguin profits benefited from a series of organisational changes made in 2009 at Penguin UK and Dorling Kindersley to strengthen publishing, accelerate the transition to digital, reduce costs and shift design and production to lower-cost markets.”