Pearson H1 profit more than triples

[July 26, 2010]  LONDON (AP) -- Pearson PLC said Monday that first half profit more than tripled to 92 million pounds ($142 million), beating market forecasts and boosting the full year outlook, as revenue rose at the Financial Times, Penguin Books and educational publications.

The net profit rose from 28 million pounds in the first half of last year, thanks to strong trading in major growth markets and some improvements in weaker segments. Revenue increased 9 percent to 2.3 billion pounds.

Pearson shares were up 3.3 percent at 1,005 pence in early trading on the London Stock Exchange.

"The 2010 finish line isn't yet in sight, but this is as good a start to our year as I've seen," said Chief Executive Marjorie Scardino.

"That boosts our confidence in the full year, enabling us to brighten our outlook and raise our guidance."

Pearson raised its full-year guidance, saying it now expects adjusted earnings per share of about 70 pence. Previously, the company had forecast earning to be around 53 pence per share, the same as for 2009.

Pearson said sales in higher education and school curriculum sales in the United States grew by 12 percent in the first five months of the year.

The Financial Times report a 9 percent growth in revenue in the first half, matching the growth rate for Penguin.

[Associated Press]

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