Publishing group Pearson today reported a fall in profits over the last year after being hit by the advertising downturn.
The group, which publishes the Financial Times,said pre-tax profits for the year to December 31st, before one-off items, fell 12 per cent on the previous year - from £333 million sterling to £294 million.
Pearson said falling newspaper and television advertising-related profits, and an increased interest charge, more than offset improvements elsewhere.
Chief executive Ms Marjorie Scardino said: "The recession in advertising and technology markets meant that it was not possible last year to build on the steady improvement in performance which our shareholders have come to expect.
"Good growth in our less cyclical businesses allowed us to keep the overall level of sales and profit roughly level with the year before and, as we look ahead into 2002, we are confident of resuming our progress whatever the economic climate," she said.
PA