PEARSON often resembles an investment trust without the tax advantages. Tomorrow, when the oil, media, china, finance and tourist attractions group reveals its full-year figures, it may have some embarrassments, not least in its discreet property portfolio. Derek Terrington at Kleinwort Benson thinks there may be some substantial write-offs on the portfolio. The rest of the company is pretty gloomy as well.
Advertising revenue and sales will be poor at the Financial Times. The local newspaper side, Westminster Press, will be dull and the oil service division will struggle to break even. The only bright light is BSkyB. Expect pounds 140m of profits before property losses.