LONDON--Pearson PLC (PSON.LN), the publisher of the Financial
Times Newspaper and educational books and materials, said Friday
that it is trading in line with expectations, with sales including
the book publisher Penguin up by 3% at constant exchange rates to
1.2 billion pounds.
MAIN FACTS:
-Company expects 2013 operating profits and adjusted earnings
per share, or EPS, to be broadly level with 2012 before expensing
restructuring costs and including Penguin for the full year.
-Company expects first-half operating profits to be lower this
year than in 2012, primarily as a result of the phasing of
restructuring charges, particularly in the International Education
division.
-In education, market conditions remain generally weak in
developed markets and stronger in emerging markets.
-The Financial Times Group is facing weak trading conditions for
advertising, but benefiting from resilient demand for content and
services.
-FT has a global paid print and digital circulation of 602,000
and digital subscriptions grew 4% in the first quarter to
328,000.
-Penguin has had a good start to the year with market share
gains in all key territories boosted by bestsellers from Harlan
Coben, Nora Roberts, Jamie Oliver and John Green.
-Net debt increased during the first quarter by GBP397 million
to GBP1.32 billion.
-Company has headroom of approximately GBP0.5 billion available
to invest in bolt-on acquisitions.
-Shares closed Thursday at 1,149 pence valuing the company at
GBP9.39 billion.
-Write to Rory Gallivan at rory.gallivan@dowjones.com; Twitter:
@RoryGallivan
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