BPP's lesson in lifting pre-tax profits

EDUCATION group BPP saw pre-tax profits rise 17% to £9m in the six months to 30 June, compared with the same period last year, thanks to continued strength in its professional education division.

Half-yearly sales were down on last year by about 5.8% at £51.6m because last year's results benefited from new syllabus introductions.

But despite a drop in demand for its financial services training, the group's accountancy and tax courses remained popular, accounting for £24.7m of sales. The figures are before exceptionals and goodwill amortisation. Profitability also improved among the group's overseas operations.

Chief executive Charles Prior said: 'The strength of our core business of professional training is standing us in good stead.' He added that several long-term investments are now coming to fruition, including an e-learning initiative linked to BPP's language training business Linguarama, which saw 'encouraging' sales in the first half of this year.

The group continues to invest heavily, with the purchase of new premises near Waterloo for £9m in April, and the setting up of a US subsidiary that has just launched a range of material specifically designed for US actuarial students.

An interim dividend of 4p per share will be paid in October with earnings per share at 10.23p, a rise of 18% on 2001, though these figures are normalised on account of a small one-for-one bonus issue to staff in April.