John Reynolds, reports in mediaweek.co.uk, 01 May 2009

Pearson reports revenue tops £1bn in Q1

LONDON - Pearson, the publishing giant behind The Financial Times and Penguin, has reported a 25% increase in revenue from £800m to £1bn in the first quarter, but has warned of tough conditions in sectors like financial advertising.

Scardino: performing well

The media group, headed by chief executive Marjorie Scardino, (pic left), said it had continued to witness good growth in subscription and digital revenues across the Financial Times Group, which includes the Financial Times, its flagship business newspaper.Like a number of its newspaper rivals, however, it revealed advertising, which accounted for 16% of FT Group revenues in the first three months of the year, had weakened in the first quarter.The group's Interactive Data division, which provides financial market data to financial institutions, is expected to see revenue and operating profit increase during the year.

Ahead of today's annual general meeting, Scardino said: "The economic environment makes us cautious about this year, but we're encouraged by the start we've made. It indicates that Pearson can continue to perform well, even as some of our businesses face tough market conditions."

Across the rest of the business, the group warned of tough market conditions across its US publishing division and Penguin books.

But the group predicted continued growth in a number of its divisions, including its Higher Education and International Education businesses.