Annual Report and Accounts 2010

FT Group

The FT Group is a leading provider of
essential information in attractive
niches of the global business
information market.

These include insight, news and analysis and indices provided through a growing number of print, digital and mobile channels. In recent years, The FT Group has significantly shifted its business towards digital, subscription and content revenues and has continued to invest in talent and in services in faster growing emerging markets. In 2010, digital services accounted for 40% of FT Group revenues, up from 14% in 2006. Content revenues comprised 55% of total revenues, up from 33% in 2006, while advertising accounted for 45% of FT Group revenues, down from 67% in 2006.

Key performance indicators

£ millions 2010 2009 Headline growth CER growth Underlying growth
Sales 403 358 13% 12% 9%
Adjusted operating profit 60 39 54% 54% 49%
FT circulation revenue growth average monthly unique users for the year
Mergermarket renewal rates

Financial Times highlights in 2010 include:

  • The FT’s combined paid print and digital circulation reached 597,000 in the fourth quarter of 2010.
  • After weak advertising markets in 2009, we saw good advertising growth in 2010 although the visibility for advertising revenues is poor.
  • We extended the breadth and depth of the FT’s premium subscription services through the launch of FT Tilt, focused on emerging markets; the launch of MandateWire US, extending the reach of this successful European brand into new markets; and the acquisition of Medley Global Advisors, a premier provider of macro policy intelligence.

To learn more about Medley Global Advisors, watch our film at

FT Group

FT online
Award-winning app, Award-winning content

The FT provided strong and accelerating growth in its digital readership with digital subscriptions up over 50% to 207,000, more than 1,000 direct corporate customers and registered users up 79% to more than three million. It generated over 900,000 downloads of FT apps on mobile phones and tablet devices and scooped a prestigious Apple Design Award for its iPad app.

Mergermarket highlights in 2010 include:

  • The Mergermarket Group benefited from improving market conditions and its flexibility in adapting to new client investment strategies, which supported stronger renewal rates and new business revenues. An increase in global M&A activity benefited mergermarket and dealReporter; continued volatility in debt markets helped sustain the strong performance of DebtWire.
  • Strong growth in developing markets supported by new product launches including our first local language version of mergermarket in China.
  • In March 2010 we acquired Xtract research, which provides bond covenant data to help investors understand the impact of covenants on valuation.
Mergemarket 2010

Joint ventures highlights in 2010 include:

  • The Economist, in which Pearson owns a 50% stake, increased global weekly circulation by 3.7% to 1.47 million (for the July–December 2010 ABC period); total annual online visits increased to 118 million, up 21% on 2009.
  • FTSE, our 50%-owned joint venture with the London Stock Exchange, increased revenues by 20% and acquired the remaining 50% of FXI, FTSE’s JV with Xinhua Finance in China.
  • Business Day and Financial Mail (BDFM), our 50% owned joint-venture in South Africa with Avusa, returned to profitability with revenue increasing by 5%. The business benefited from a recovery in advertising and the closure of non-profitable operations.
Joint ventures 2010

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