British advertising group Pearson said today it sees no end to the advertising downturn.
The company, whose titles include the Financial Timesand French title Les Echos, said it continues to face a "severe corporate advertising recession".
Annual profits from the FT arm - prior to Internet losses - are now likely to be 20 per cent lower than a year earlier, although group-wide earnings are still expected to show a significant recovery.
Pearson's trading statement gives a mixed picture, predicting that conditions are likely to remain tough at the FT Group.
It says: "Looking ahead to 2003, we are confident of another year of improved performance in earnings, cash and returns.
Cost cutting and sharply lower Internet losses are helping to offset the pressure of lower advertising sales, the company added.
FT.com is expected to break even in the fourth quarter of this year and total internet losses from the online segment will be no more than £35 million sterling.
PA