Publisher Pearson delivered on its goal of double-digit earnings growth in 2002 but said it is working on the assumption of no advertising recovery this year.
Pearson, publisher of the Financial Times, said 2002 pre-tax profits rose to £399 million sterling from a previous £294 million, on revenues of £4.32 billion. Analysts had forecast pre-tax profits of £383 million to £404 million and revenues of £4.26 billion.
After slipping off course in 2001, Pearson delivered an adjusted earnings per share of 30.3 pence, beating its forecast in December for a 40 per cent rise.
The FT Group division posted an 8 per cent slide in revenues in the year to end December 2002, as advertising at its flagship FTnewspaper fell 23 per cent; the core education division saw revenues climb 11 per cent.