British publishing group Pearson has raised its 2010 profit forecast for the second time in three months, driven by its investments in education, digital products and emerging markets.
Pearson said its growth came across the board, with education performing strongly, the Financial Times division set to report 'substantial profit growth' and Penguin Books eyeing record results after a strong Christmas.
Pearson now expects adjusted earnings per share of 76p, an increase of around 16% on 2009. That follows an upgrade in October when Pearson raised its full-year outlook for adjusted earnings per share to 72p due to strength in its US College and Financial Times businesses.
'For the third successive year, our growth is vigorous even though market conditions have been anaemic,' chief executive Marjorie Scardino said.
The group also said it now expected to report continuing operating profits for 2010 of around £850m, an increase of around 20%.
Pearson said it had enjoyed growth across the group. Its North American education business achieved market share gains following its investment in digital products, setting it up for good sales growth and margin improvement.
The international education business also posted a strong fourth quarter as strong demand in developing markets offset a subdued performance in more mature markets, while the professional education business remained steady.
The Financial Times finished the year strongly and it expects to report substantial profit growth following an improvement in advertising markets and resilient subscription-based revenues.
Penguin performed strongly in the key trading session, boosted by its strong performance in digital reading, and will report record results despite tough conditions in the physical book retail market.
Pearson shares closed 4.5% higher in London this evening.
