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Pearson sees flat profits after tough fourth quarterJanuary 21 2013, 8:30am
Education specialist and FT owner Pearson (LON:PSON) will report flat profits this year after tough trading in the final quarter, which it cautioned is set to continue into 2013.
Pearson said market conditions remained weak for higher education, consumer publishing and corporate advertising, and though 2012 overall will see good revenue, operating profit will be broadly level with the previous year at approximately £935mln and adjusted earnings of 84p per share.
International education will see good sales growth, but 2012 was particularly tough for US education, while professional education will see profits significantly lower than last year due to a slump at adult training business Pearson in Practice.
The Financial Times (FT) will also see significantly lower profits despite good revenues, as there will be no contribution from FTSE International this time round and because of costs of switching from print to digital.
There have been reports recently that Pearson is trying to sell the FT Group, but this was not mentioned in today’s update.
Book publisher Penguin benefited from a good fourth-quarter publishing performance and traded in line with expectations. Approval for its merger with Random House is still being sought, which will see the group demerge from Pearson.