FT Publishing, the newspaper and magazine division of Pearson which owns the Financial Times and has a 50% stake in the Economist, has reported profits fell 40% in the first half of the year with sales slipping by 13%.
The adjusted operating profit at FT Publishing was £14m in the first six months of the year, down from £30m for the same period in 2008. Sales fell from £188m to £176m.
Pearson has said it will look at ways of diversifying its publishing revenue to reduce its reliance on advertising.
In its results statement the company said: ‘The impact of advertising revenue declines was mitigated by substantial growth in content revenues, the resilience of our subscription businesses and early actions to manage our cost base tightly.'
Overall sales and profits at the FT Group increased thanks to gains at the interactive data division.
Across the whole of Pearson, which also owns Penguin books and a US education business, revenues stayed at £2.4bn, with profits up 21% to £158m.
