Pearson Backs Full Year Guidance; 1Q Underlying Revenue +2%
April 26 2019 - 2:53AM
Dow Jones News
By Anthony O. Goriainoff
Pearson PLC (PSON.LN) on Friday backed its full-year guidance
and said that first quarter underlying revenue grew 2% and that its
operating performance was on track.
The FTSE 100 education company said it expects to report
adjusted operating profit--its preferred metric which strips out
exceptional and other one-off items--of between 590 million pounds
($760.8 million) and GBP640 million for 2019 and adjusted earnings
per share of 53.5 pence to 59.0 pence based on the exchange rates
at Dec 31. This compares with adjusted operating profit of GBP546
million and adjusted EPS of 70.3 pence in 2018.
Pearson had guided for adjusted operating profit of GBP590
million to GBP640 million and adjusted EPS of 56.5 pence to 62.0
pence for 2019.
The company said its net debt at March 31 fell to GBP0.5 billion
from GBP0.6 billion the year prior on a pre IFRS 16 basis. On a
post IFRS 16 basis, net debt for the first quarter was around
GBP1.2 billion.
Chief Executive John Fallon said the board expects sales to
stabilize this year and to increase the company's underlying profit
further.
Write to Anthony O. Goriainoff at
anthony.orunagoriainoff@dowjones.com
(END) Dow Jones Newswires
April 26, 2019 02:38 ET (06:38 GMT)
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