By: E&P Staff Financial Times and textbook publisher Pearson said Monday it swung to a profit in the second quarter as it became even less reliant on faltering advertising revenue.
London-based Pearson reported net income of 28 million pounds (US$46 million), compared with a net loss of 62 million pounds in the second quarter of 2008.
Total revenue shot up 22% over the year-ago period. Much of the growth came from international expansion of its education publishing, but online revenue at FT Group also contributed.
At FT Group, corporate home of the Financial Times, revenue dipped 2% as increased digital revenues nearly offset a 13% drop in publishing revenue.
Pearson said the number of online subscribers to the FT jumped 18% to 117,000 while its print circ fell 6% to 421,430.
Advertising accounted for just 3% of total revenue for the first half of the year, Pearson said.
"The transformation we've been pursuing for a decade -- from 'publishing' company to content, technology and services company -- is paying off," Marjorie Scardino said in a statement.
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