19th Oct 2016 15:32
LONDON (Alliance News) - Pearson PLC Wednesday said its top executives bought shares following the education company's trading update on Monday.
Chief Executive Officer John Fallon purchased 10,000 shares at 754.5 pence each and Chief Financial Officer Coram Williams bought 5,000 shares at 753p each on Wednesday.
On Monday, Pearson reiterated its outlook for 2016, saying it expects to report an adjusted operating profit of between GBP580 million and GBP620 million for the year, down from the GBP723 million reported in 2015. Pearson adjusts its operating profit for exceptional gains and losses.
The business is targeting a rebound to growth in 2018 as a result of its restructuring efforts and an expected recovery in US college enrolments and UK qualifications by the end of 2017, guiding for an adjusted operating profit of at or above GBP800 million in 2018.
For the first nine months of 2016, Pearson said its sales were down 7.0% on an underlying basis, hit by falling assessment revenue in the US and the UK, as well as declines in North American Higher Education courseware attributed to further inventory correction by retailers in July and August.
The stock closed up 2.4% at 762.50 pence Wednesday.
By Arvind Bhunjun; [email protected]; @ArvindBhunjun
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