Pearson raises growth prediction

Pearson has raised its guidance for full-year earnings growth for 2009 from 4% to 10% while FT Publishing, home of the Financial Times, finished the year ahead of expectations with advertising picking up in the fourth quarter. The publishing group said that despite a "tough macroeconomic environment" the group had benefited in 2009 from strong growth in its US education operation and had seen "resilience" in its subscription-based businesses in the FT Group, of which FT Publishing is one part. Pearson, in a January trading update ahead of full-year results to be published on 1 March, said that the performance of the FT Group ended last year "ahead of expectations". "Advertising revenues began to show some signs of easing in the fourth quarter," a spokesman said. The company said that in the fourth quarter it had seen "the first signs of trading conditions easing in certain markets that were challenging earlier in the year". "We are not counting on any help from the global economy this year, but we still see significant long-term growth opportunities and we are pressing ahead with this successful strategy," said the Pearson chief executive, Marjorie Scardino. The company said that its headline results would be boosted by the strength of the US dollar against the British pound. Pearson generates approximately 60% of its sales in US dollars. • To contact the MediaGuardian news desk email [email protected] or phone 020 3353 3857. For all other inquiries please call the main Guardian switchboard on 020 3353 2000. • If you are writing a comment for publication, please mark clearly "for publication".