Pearson upbeat as Financial Times ad revenues grow

Media group Pearson is confident of underlying profit growth after first-quarter revenues rose with good performances across the company.

The firm said advertising revenues grew at FT Publishing, which includes the Financial Times newspaper and website, and that its American school curriculum business returned to growth.

Pearson forecast a rise in year profit last month after record investments in its education business helped it take market share and beat forecasts for 2009.

"The first quarter never tells us a great deal about the full year, but our direction of travel is encouraging. We're confident that we can build on our consistent record of profit growth this year," said chief executive Marjorie Scardino.

Pearson said its Penguin books unit had also made a good start to the year, particularly in the US, Britain and at illustrated reference-book imprint Dorling Kindersley, and said it had a strong publishing schedule for the second half.

The company gave no update on the possible sale of its 61% stake in financial information provider Interactive Data, which is reviewing its strategic alternatives.

American rival McGraw-Hill reported this week that revenue at its higher education, professional and international group rose 8%, helped by better sales of online courses and e-books, despite losing a Florida testing contract to Pearson.