Jamie Oliver cooks up record sales for Pearson
Thursday 20 January 2011
The success of Jamie Oliver's latest cookbook helped drive the blue-chip publisher Pearson, which owns Penguin and The Financial Times, to lift its full-year profit forecasts for the third time since July.
Jamie's 30-Minute Meals has become the fastest selling non-fiction book of all time since its publication at the end of September. Its stellar performance, along with the expansion of the digital reading market, drove Penguin to record results for the year "despite tough conditions in the physical book retail market", the company said.
Pearson's chief executive Dame Marjorie Scardino hailed the "vigorous" growth "even though market conditions have been anaemic". The company now expects its operating profits for 2010 to hit £850m, roughly a fifth higher than the £710m in the previous year.
The company had already upgraded its earnings forecasts in the summer and then October and expects further growth in the new year. Dame Marjorie said: "We are on the right road and set out on 2011 with confidence that we will have another good year."
Pearson has continued to expand in the education market, which makes up over two-thirds of revenues. The bulk of sales come from north America, but the company said its education business outside the US was also growing fast and had enjoyed a strong fourth quarter. The FT Group, which publishes The Financial Times finished the year strongly and "will report substantial profit growth" Pearson said, adding the advertising markets had improved and subscriptions remained resilient.
- 1 Is Gideon Levy the most hated man in Israel or just the most heroic?
- 2 Students offered grants if they tweet pro-Israeli propaganda
- 4 Satellite full of sexually experimental geckos adrift in space, Russia loses control of mission
MH17 crash: Investigators discover more human remains and 'huge section of plane'
Susan Sarandon on David Bowie romance: 'He's worth idolising'
Students offered grants if they tweet pro-Israeli propaganda
A day in the life of Vladimir Putin: The dictator in his labyrinth
Exclusive: Cameron’s Big Society in tatters as charity watchdog launches investigation into claims of Government funding misuse
The 'scroungers’ fight back: The welfare claimants battling to alter stereotypes
Arizona execution lasts two hours as killer Joseph Wood left 'snorting and gasping' for air
Malaysia Airlines MH17 crash: Ukrainian military jet was flying close to passenger plane before it was shot down, says Russian officer
Malaysia Airlines MH17 crash: Massive rise in sale of British arms to Russia
Malaysia Airlines MH17 crash: victims’ bodies bundled in black bags and loaded onto trains
John Barrowman praised for Commonwealth Games opening ceremony gay kiss
iJobs Money & Business
£600 - £650 per day: Orgtel: Conduct Risk Liaison Manager - Banking - London -...
£18000 - £23000 per annum + Comission: SThree: SThree, International Recruitme...
£280 - £300 per day + competitive: Orgtel: Test Analyst, Edinburgh, Credit Ris...
£20000 - £25000 per annum + OTE £40,000: SThree: SThree Group have been well e...