24th Apr 2015 06:33
LONDON (Alliance News) - Pearson PLC Friday reiterated its full-year earnings guidance as the strong US dollar helped boost sales in the first quarter of 2015, and Chairman Glen Moreno announced his intention to step down in the next year.
Moreno has been chairman for more than nine years. A committee headed by Independent Director Vivienne Cox will seek a successor for Moreno.
Pearson continues to expect adjusted earnings per share of between 75 pence and 80 pence for the full year, assuming sterling exchange rates against the dollar and other key currencies as of January 21.
The company said that its first quarter is a "very light trading period", and at constant exchange rates, sales were level in the first quarter compared to the previous year. At actual exchange rates the strong dollar boosted headline sales 5%, although this was partly offset by the weakness of some emerging market currencies and of the euro and the Australian dollar against sterling.
Pearson said it is progressing well with its plans to potential sell its PowerSchool student information business, although it said the process was at an early stage, and there is "no certainty" it will lead to a sale.
"Pearson has had a solid start to the year, in line with our expectations. We're making good progress in our work to have a bigger impact on student learning, which will in turn support our future growth," said Chief Executive John Fallon in a statement.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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