UK media group Pearson has reported a 15 per cent rise in underlying first-half profits and said it was on track for continued double-digit earnings growth as it boosts Internet investment. Pearson, the world's biggest educational publisher, which also owns the Financial Times newspaper, Penguin books, and Australian soap Neighbours, said its operating profit before goodwill and other items rose 15 per cent to £126 million sterling (€190.62 million) in the first half ended in June.
At the pre-tax level, though, Pearson posted a loss of £17 million, after interest payments of £71 million. Excluding interest, the company showed a pre-tax profit of £54 million.
Pearson's shares were up 8p at £12.64 by 1.30 p.m. yesterday, having hit 12.71 earlier despite an overall weak market. "We have had a great first half. Pearson Education, now half of our business, is right on track to meet our expectations," said chief executive, Ms Marjorie Scardino.
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