Pearson claims Financial Times growing

Posted by Marion Geiger on May 4, 2009 at 10:15 AM

Although the company says they have faced growing losses in advertising this year, Financial Times' Pearson, says they remain strong and are growing in content, subscription and digital revenues. According to the company, advertising only accounts for about 16 percent of their revenue.

Pearson expects the group to exceed last year's profit if not meet them by the end of 2009. Pearson chief executive Marjorie Scardino said, "the economic environment makes us cautious about this year, but we're encouraged by the start we've made. It indicates that Pearson can continue to perform well, even as some of our businesses face tough market conditions."

The FT has gone through several cost cutting measures such as freezing the salaries over £30,000. They also cut 80 staff members, which include 20 journalistes. In addition, the paper increased the cover price from £1.80 to £2 last month.

Source: Press Gazette