LONDON (Brand Republic) - Shares in media and education group Pearson fell further this morning as investors reacted to fears about internet investment.
Shares in Pearson fell 64p to £14.97, following yesterday鈥檚 full-year results report. This morning they continued their slide, dropping a further 4% to £14.33. The price is down 30% on last year鈥檚 highs.
The fall marred Pearson鈥檚 upbeat results that beat estimates with a 17% fall in pre-tax profits to £333m, which included investment of £196m in internet operations. The spending is an attempt to bring FT.com and the Learning Network into profit in 2002 and 2003 respectively.
John Mackinson, finance director at the Financial Times and Penguin Books group, said that internet spending would fall in 2001 and that he expects internet revenues to grow.
He declined to comment on reports that the group planned to spend between £120m and £150m on internet operations in 2001.