UK publisher Pearson, which owns the Financial Times, forecast progress in earnings this year as it posted a 2.8% rise in 2003 profit broadly in line with market forecasts.
Pearson, which publishes textbooks and owns Penguin books, posted a pre-tax profit of £410m sterling in 2003, on turnover down 6% to £4.05 billion.
'In 2004 we expect to make further underlying progress toward our financial goals, and in 2005 we see a very strong performance from our whole company. That will be underpinned by US school publishing and the contracts we already have in-house,' Chief Executive Marjories Scardino said in a statement.
Pearson also said advertising trends at its business newspapers continued to improve in January and February.
'Advertising revenues at the Financial Times, which were 18% lower in the first half of 2003 and 12% lower in the second half, are 4% lower in the year to date,' the company said in a statement. 'Forward bookings are running a little ahead of last year at all our business newspapers.'
Pearson forecast its US higher education business would grow between 4-6% in 2004, 'gaining share with a strong publishing schedule, our online services and custom publishing'.
