Britain's Pearson Group, which publishes the Financial Times, missed its target of double digit earnings growth for the first time in five years. The group today posted a 12% fall in profits for 2001, but added that it expected to resume growth this year.
Pre-tax profits at Pearsons fell to £294 million sterling from £333 million - down 12% - after last year's advertising slump.
The company also wrote off £153 million related mostly to the purchase of children's publisher Dorling Kindersley. It said it expected the operation to turn a profit this year.
Pearson had warned in December that the downturn had spread it its core education business and that the division would fall well short of forecasts.
