PSO Pearson Plc

   By Adria Calatayud 
 

Pearson PLC (PSON.LN) said Friday that pretax profit fell 94% in the first half but adjusted operating profit exceeded expectations, and raised its adjusted earnings per share guidance.

The London-based education company said pretax profit fell to 13 million pounds ($16.2 million) in the first half compared with GBP202 million in the same period a year earlier. The company attributed the lower profit to declining business sales and higher restructuring charges.

Adjusted operating profit--the company's preferred metric, which strips out exceptional and other one-off items--grew to GBP144 million from GBP107 million. This compared with analysts' expectations of GBP136 million, according to a company-provided consensus.

First-half organic revenue growth was up 2%, topping analysts' expectations of a 1% to 2% rise, Pearson said. Total revenue fell to GBP1.83 billion from GBP1.87 billion a year earlier.

Pearson raised its adjusted EPS guidance to between 57.5 pence and 63.0 pence for 2019, from between 55.5 pence and 61.0 pence previously, reflecting more favorable finance charges, taxation and currency rates.

The board raised its interim dividend to 6 pence a share from 5.5 pence a share a year earlier.

Write to Adria Calatayud at adria.calatayudvaello@dowjones.com

(END) Dow Jones Newswires

July 26, 2019 02:49 ET (06:49 GMT)

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