Penguin ebook sales raise Pearson's profits by 20%...

Good signs for Penguin...

A massive rise in ebook sales has helped Pearson, the publisher of Penguin  books, increase its share dividend and prompted them to make optimistic forecasts about 2011’s prospects.

Pearson reported a 6% rise in half-year sales to £2.4billion. Their profits were 20% higher at over £208million in the 6 months to the 30th June. The group saw ebook sales grow by a staggering 128% during this period and now represent 14% of Penguin worldwide revenues.

Upgrading the Pearson’s guidance for the full financial year, group chief executive Marjorie Scardino said she was encouraged by this year’s trading momentum, particularly in the digital publishing businesses and in emerging markets. She added: “Though current market conditions are anything but easy, we are sufficiently encouraged by our start to the year to raise both our guidance and our dividend.”

As a result of these positive sales figures, Pearson shares were trading 4% higher today as the company are now expecting earnings per share of around 80pin 2011. This compares with 77.5p per share in 2010.         Home Page

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