Pearson loss drops after cost cutting

Pearson, publisher of the Financial Times, said its first-half loss narrowed after the company cut costs.

Advertising revenue at its newspapers rose for the first time in three years.

The net loss was €186.4 million (stg£123m) compared with a loss of €242m (stg£160m) in the year-earlier period.

Revenue fell 4% to €2.4 billion (£1.59bn).

“Advertising is still erratic, still very patchy and visibility remains low,” finance director Rona Fairhead said. “We’re not calling the recovery until it’s absolutely clear, but obviously we’re pleased the first half was up after three years of down.”