FT Group reports 11% rise in revenue

The FT Group reported an 8% underlying growth, which excludes the impact of both currency movements and portfolio changes.

In the last quarter from July to September, digital subscriptions for The Financial Times were up by 50% to more than 180,000. The publisher said it had "sustained advertising growth" for the period.

The company also reported its news service Mergermarket, which provides "actionable, origination intelligence to mergers and acquistions (M&A) professionals", had a boost in both renewals and new sales. The FT Group attributed this to an increase in M&A activity in the financial market.

Overall Pearson, whose core divisions include education and book publisher Penguin, reported an increase in sales of 7% and an adjusted operating profit of 15% for the period, which also included a 5% sales growth at Penguin.

Pearson added that its earnings per share (EPS) is expected to be approximately 10% ahead of its 2009 results.

Earlier this month, the FT revealed that its Apple iPad app has generated £1m in advertising revenue since its launch in May.

This article was first published on mediaweek.co.uk