Pearson set for slowdown

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The Independent Online
Pearson , the media group, yesterday warned that growth would slow next year although it stressed that second-half operating profit and sales continued to grow. In a trading update, it said "growth in some of our principal markets will be lower next year than in the last two. The strong pound and investment in the Financial Times and Channel 5 TV had tempered the advance, it said

Profit for the year ending to December would be about pounds 20m lower than if currency rates had remained unchanged and it would take a "significant" charge for reorganisation, although considerably below the pounds 40m charge taken in 1996. Pearson said it continued to cut costs where it could, in order to meet chief executive Marjorie Scardino's stated goal of doubling the company's value by 2002.