British publisher Pearson reports drop in annual profits as print pressured

Profits after tax tumbled to 326 million pounds (US$493 million) last year compared with net earnings of 957 million pounds in 2011, while the group said it expected a tough 12 months ahead.

“Trading conditions are tough and structural changes mean many of our traditional publishing activities are under pressure,” Pearson's new chief executive John Fallon said in the company's earnings statement.

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