The Week: City news - Pearson profits up a third

The publishing group Pearson has announced a 14 per cent increase in sales for the first half of the year.

The owner of the Financial Times and Penguin Books reported sales of £1.97 billion in the six months to June, and adjusted operating profit of £124 million, up 38 per cent on the same period last year. At the FT Group, sales were up 11 per cent and profits up 21 per cent, in part thanks to an increase in circulation revenues on the back of a price hike in the newspaper's cover price to £1.50.