We expect 2006 to be another good year for Pearson as we continue to increase margins and grow ahead of our markets.

As editor, he led the integration of print and online media, extended our international reach and steered the FT through the most difficult markets in its history.

The potential of this new company is tremendous.

We are now expecting profits to be significantly below our original plans for the year, almost entirely because of the weakness in advertising markets.

Our leadership in growth markets, our innovation and our efficiencies give us real momentum and we expect our strong performance to continue in 2006 and beyond.

We are making efficiencies and moving to newer authors but established authors are still great cash generators.