Ms Marjorie Scardino, the new chief executive at news and entertainment group Pearson, yesterday set a target of doubling the value of the company within the next five years.

Ms Scardino issued the ambitious goal as the group, whose interests range from the Financial Times to Madame Tussauds, revealed profits almost trebled in the first half of this year.

Pearson made a pre-tax profit of £81 million sterling, 167 per cent up on 1996's £30 million.

It said the profits surge came on the back of a strong performance from the FT and "excellent results" from Penguin books.

Ms Scardino said: "These results represent the first step in our commitment to improve the company's performance. Our goal will be double digit earnings per share every year and a doubling of the value of the company during the next five years.

"We have the people and the franchises to achieve it, and our shareholders have reason to expect it."

The figures were confused by the heavy restructuring costs from Mindscape a year ago and by start-up costs at Channel 5 and the strength of sterling in the latest period.

The group said further growth in revenues in the second half of the year would be tempered by investment in the FT and Channel 5 and from the impact of the strong British pound.

Profits at the FT rose to £22.4 million from £3.5 million a year ago.