FT Publishing has reported a 14 per cent year-on-year revenue increase in the first nine months of 2008 and has said it expects profits to grow even if advertising revenue remains flat.
In a trading update this morning, parent company Pearson said the Financial Times publisher continued to perform well, with advertising revenues up one per cent on 2007.
“Operating profits continue to show good growth, as expected, and for the full year we expect FT Publishing to increase profits,” the company said.
Overall Pearson revenues in the nine months to the end of September rose eight per cent and operating profit increased by 11 per cent on a year-on-year, like-for-like basis.
Chief executive Marjorie Scardino said the company’s “strong performance” continued despite the global economic crisis.
“We’re naturally cautious about the global economic conditions, but we have good trading momentum, innovative products, resilient businesses and a strong balance sheet.
“With those advantages, we believe we are in good shape to prosper and strengthen our company, even through these turbulent times.”
In September, sales of the FT fell 2.7 per cent year on year to 429,381, according to ABC.