Pearson Plc, the book and newspaper publisher, expressed confidence it would hit full-year targets after achieving 8 percent first-half revenue growth and with the lion's share of profit still to come.
The London-based company, which is the world's biggest publisher of educational materials, on Monday reported 1.88 billion pounds ($3.5 billion) of revenue in the six months to June 30, with adjusted pretax profit of 31 million. Both figures were ahead of analysts' forecasts.
Pearson shares were trading 2 percent higher at 734 pence at 0758 GMT. Circulation at the Financial Times business newspaper, which returned to profitability for Pearson last year for the first time since 2001, increased by 5 percent to 447,000 on average, with advertising revenue up 11 percent thanks to the financial and luxury goods sectors. Pearson Education, which accounts for about two-thirds of the company's sales and profit, increased revenue by 11 percent on an underlying basis, which excludes currency effects and acquisitions.
The company credited education unit gains to school testing contract wins and sharply increased call volume at its Medicaid help-line following changes last year to the US government health care scheme for low-income individuals.
"We remain confident that 2006 will be another good year for Pearson both in competitive and financial terms," Chief Executive Marjorie Scardino said.
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