Pearson quarter sales up 3 per cent but forecasts weak first-half profits

Suzie Neuwirth

BRITISH publisher Pearson today posted a three per cent increase in sales for the quarter despite difficult market conditions for its international education division.

The company said it expected 2013 operating profits to be in line with expectations and heavily weighted to the second half. This is due to £150m restructuring charges eating into first-half profits.

The Financial Times Group division saw its digital subscriptions grow four per cent in the first quarter but experienced “weak trading conditions” for advertising, said Pearson.

The company - generates around 60 per cent of its sales in the US – plans to move from print to digital business models and from developed to developing economies this year.

Pearson also plans to separate its Penguin publishing unit from Pearson’s central operations, in preparation for the Penguin Random House merger.