London-headquartered media group Pearson, publisher of the Financial Times, has warned that there is nothing to suggest an imminent upturn in the ad market.
“Across our network of business newspapers,” declared chief executive Marjorie Scardino, “advertising revenues are, as expected, significantly lower than in the same period last year and, at this stage, we see no sign of a recovery.”
Scardino warned that interim results, to be posted July 29, will be held back by “a significantly weaker advertising environment than … last year, a quieter adoption programme in US school publishing and a consumer publishing schedule weighted more to the second half of the year.”
Especially hard hit by the ad drought is the FT Group, where interim revenues are expected to fall year-on-year.
However, Pearson’s ad-related woes should be offset by narrowing losses at its internet unit and expansion at its stateside publishing and training arms.
Scardino insisted that the company’s earnings per share were on course for a “significant recovery” over the full year.
Data sourced from multiple sources; additional content by WARC staff