Unveiling a trading update for 2008, ahead of announcing its preliminary results for 2008 on 2 March, FT owner Pearson said it would report good expansion and continued progress on its financial goals for 2008, despite the worsening economic environment.
It added that trading conditions were more difficult in some of its markets in the fourth quarter, but that all of its businesses achieved or exceeded its performance guidance for 2008.
Marjorie Scardino, chief executive, said: "We are naturally cautious about the economic environment, but we take confidence from our performance in 2008. It provides evidence that our strategy for long-term, sustainable growth is working. Some of our markets will be tough this year and we are managing the company accordingly. But that strategy, our record of investment and our resilience, will enable us to take full advantage of the opportunities this environment gives us to build our business and gain share."
Looking ahead, Pearson, which also owns the Penguin publishing group, said it is planning on the basis that trading conditions will continue to be challenging in some of its markets. However, it expects to weather the downturn, in part due to the FT Group's shift towards subscription and content revenues.
Last week, it emerged that the FT Group is planning to make up to 80 people redundant across its global operations.
Chief executive John Ridding told staff in an e-mail that the redundancies will hit several departments, but did not give specific details of which areas the job cuts would impact.
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