The Pearson Publishing Group in the UK has just reported a rise in pre-tax profits of 23% to £422m for 2005, with ad revenue improving by 9% at the Financial Times. The company, which owns Penguin books and Pearson Education, reported a rise in turnover of 9% to £4.1bn. The FT Group saw profits rise by 37% to £101m, and Pearson said that the Financial Times was showing ad revenues up 12%. This included a rise of ad revenues at the FT of 9%. FT.com saw a 27% rise in ad revenues as the newspaper's biggest advertisers shift to integrated print and online campaigns. Why am I telling you this, because even though the FT's performance has improved, it won’t lessen calls from Pearson shareholders to sell it, a move strongly opposed by Dame Marjorie Scardino, Pearson chief executive. I have to admit I knew Marjorie when she was CEO of The Economist here in the USA. A smart lady, who encouraged her agency to do smart advertising. Something quite rare in the publishing business! So now, with revenues up, profits up, shareholders dividends up, Franklin Templeton of the US, Pearson's largest shareholder has urged management to sell the title. I suppose that makes sense if you’re an idiot!
Nothing wraps fish & chips quite like the FT!
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