An international media and education company, providing educational materials, technologies, assessments and related services to teachers and students. Owner of The Financial Times and part owner (47%) of Penguin Random House. I have a holding in my income portfolio (epic code: PSON).
Pearson issued their 9 month IMS today, stating that they have increased continuing sales by 4% at constant exchange rates (CER) in the first nine months of 2013 and 2% in underlying terms. This is an improvement on the six month growth figures of 3% at CER and underlying growth of 1%.
Management are reiterating their previous full-year outlook that adjusted EPS is expected to be broadly level with 2012 adjusted EPS of 82.6p.
The restructuring programme is on track and they expect to expense approximately £150m of gross restructuring charges in 2013, or £100m after cost savings achieved during the year. They state that the process to explore a possible sale of Mergermarket is progressing well.
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