LONDON--Pearson PLC (PSON.LN) said Friday it made a solid start
to the year as the U.K.-based publisher and education specialist
posted a rise in first-quarter sales.
The company said sales in the first three months of the year,
excluding those of book publisher Penguin Random House and company
news provider Mergermarket, rose 2% at constant exchange rates to
900 million pounds ($1.51 billion). On a reported basis, sales fell
6% due to the strength of sterling against the U.S. dollar and
emerging market currencies.
The U.K.-based group, which said it was trading in line with
expectations, didn't disclose profit figures.
"Pearson has had a solid start to the year," said Chief
Executive John Fallon.
Pearson reiterated its guidance. At the end of February, the
owner of the Financial Times newspaper issued a profit warning amid
continuing weakness in its core U.S. education business. The group
expects its adjusted earnings per share for 2014, after
restructuring costs, would decline to between 62 pence and 67 pence
at current exchange rates, from 70.1 pence.
Pearson makes more than three-quarters of its revenue from
education, including textbooks and software for teachers and
students in schools and higher education, with 60% of total group
sales coming from North America.
Pearson shares closed Thursday at 1,050 pence, valuing the
company at GBP8.6 billion. The stock has fallen 22% in the year to
date.
News Corp. (NWS) which owns Dow Jones & Co., publisher of
The Wall Street Journal, competes with Pearson's publishing,
business-news and education divisions.
Write to Simon Zekaria at simon.zekaria@wsj.com
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