Shares in Pearson group were down on the FTSE 100 in morning trading despite the publishing company raising its full year profit guidance.
The group said that for the first nine months of the year demand in some of its markets had been "subdued" and the macroeconomic outlook remained "uncertain". Despite this Pearson said it had seen sales rise seven per cent and operating profit increase 15 per cent in the period.
Sales at Penguin publishers rose five per cent, sales at the Financial Times increased 11 per cent, while Pearson's Education division saw sales increase seven per cent.
Pearson said that its businesses were generating significant growth in both digital and developing markets and were also making "efficiency gains".
The group added that the final quarter of the year was always a "key selling season" and that, while it faced tough comparables, it was already trading ahead of previous guidance.
In a statement Pearson said, "We now expect full year adjusted earnings per share to increase by approximately 10% on the 2009 base of 65.4p. This guidance includes the profit contribution from Interactive Data for seven months of 2010 (compared with a full year in 2009) and assumes that the current exchange rate of £1:$1.57 prevails in the fourth quarter (a 5 cent move in the average £:$ exchange rate for the full year - which in 2009 was £1:$1.57 - has an impact of approximately 1.3p on adjusted earnings per share)."
By 09:55 shares in Pearson were down 0.97 per cent on the FTSE 100 to 966.50 pence per share.