LONDON--Education and media group Pearson PLC (PSON.LN), which
publishes the Financial Times said Monday that it expects to report
good revenue growth at constant exchange rates for the 2012 full
year.
MAIN FACTS:
-Operating profit of GBP935 million--broadly level at CER,
adjusted earnings of 84 pence per share and cash conversion of
close to 90%.
-Pearson's businesses continue to face tough market conditions
and structural industry change which see continuing into 2013.
-The company continues to gain share in key markets and to
benefit from its investments in digital services and developing
economies.
-The 2012 results will reflect the absence of a profit
contribution from FTSE International--GBP20 million of operating
profit and 2.2 pence of EPS in 2011--and the impact of the
radically-changed trading environment for Pearson in Practice,
which led to the recent decision to plan to exit that business.
-The Financial Times Group will report good revenue growth for
the full year, in spite of a slow fourth quarter caused by weaker
advertising sales. The FT Group's full-year profits will be
significantly lower than in 2011, reflecting the absence of a
contribution from FTSE International following its disposal and
further actions to accelerate the shift from print to digital.
-Following Pearson and Bertelsmann's announcement of their plans
to combine Penguin with Random House, the two companies are seeking
clearance for the proposed merger from appropriate regulatory
authorities around the world.
-Expects total interest charge to adjusted earnings to be GBP50
million for the full year --including a GBP12 million pensions
finance credit and effective tax rate to be around the low end of
guidance of 24-26% with cash tax rate benefiting from the deferral
of a tax payment into 2013.
-The company will report preliminary results for 2012 on Feb.
25.
-Pearson PLC shares closed Friday GBP12.38, valuing the company
at GBP10.11 billion.
-Write to Razak Musah Baba at razak.baba@dowjones.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires