21st Jan 2015 07:18
LONDON (Alliance News) - Pearson PLC said Wednesday that it expects to report 2014 results in line with its previous guidance, anticipating an adjusted operating profit of GBP720 million and adjusted earnings per share at the upper end of its guidance range at 66 pence.
It is preliminarily guiding adjusted earnings per share of between 75 pence and 80 pence for 2015. The company did not detail how it is adjusting results.
The Financial Times owner had guided adjusted earnings per share of between 62 to 67 pence for 2014.
Pearson said it had faced tough market conditions throughout 2014 as its North America and UK education businesses were hit by cyclical and policy-related pressures, and smaller school textbook adoption in South Africa hit its growth business.
In its fourth quarter the company saw market conditions "consistent" with the rest of the year, seeing a solid performance from its North American higher education business and Penguin Random House, good growth in its online services, and improving profitability in the Financial Times Group.
"Despite continuing challenging market conditions, overall we had a good competitive performance in 2014 and expect to report results in line with the guidance we gave at the start of the year," said Chief Executive John Fallon in a statement. "We enter 2015 a simpler, leaner, more cash generative business, well set for long-term growth and success, helping more people around the world make progress in their lives through learning."
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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