British media and education group Pearson, owner of the Financial Times newspaper, said on February 28 that its 2010 net profit rose 20 percent to £670 million (790 million euros, $1.08 billion). Sales rose 10 percent to £5.66 billion in what Pearson chief executive Marjorie Scardino said was "another excellent year for Pearson.
"More important than that, the figures indicate the changing shape and nature of our company: more digital, more efficient, more exposed to fast-growing economies, more focused on all kinds of learning," Scardino said.
"Our markets will be tough again this year but we have a proven formula built on investment, innovation and efficiency which we are using to accelerate change in our company and in our markets."
Pearson said in a statement that it expected to achieve continued sales and margin growth in 2011. The North American Education business saw 2010 sales rise 7.0 percent to £2.64 billion, with International Education up 19 percent at £1.23 billion.
The flagship FT group, which publishes the iconic pink business daily, boosted its sales by 13 percent to $403 million while the Penguin book publishing arm grew 5.0 percent to £1.05 billion.
The company said that in the past five years it had produced average annual earnings and cash flow growth of 16 percent, "even in the face of very tough economic and market conditions in recent years.
"We are planning for some of our markets to remain weak in 2011, particularly those that depend on government spending and traditional print publishing business models. "In addition, we face tough comparatives (especially in the first half of the year) after our particularly strong competitive and financial performance in 2010."
For 2011, Pearson said it expected another "good year," citing as its advantages "sustained investment, digital leadership, educational effectiveness, positions in fast-growing economies and operating efficiency."