UK publisher Pearson said today that it is seeing rapid growth in its US textbook business and early signs of progress at its flagship newspaper, the Financial Times.

The company, the world's biggest educational publisher, said advertising revenues at the Financial Times are up 3% year to date, with the paper on track to be around breakeven for the full year.

At Pearson's Penguin book publishing division, which struggled last year, the company said trading is in line with expectations.

'Rapid growth in US education is now under way, we are seeing signs of the long-awaited recovery in corporate advertising and we are confident of strong growth on our financial measures,' said Chairman Dennis Stevenson.