Company
LON:PSON
Pearson is an international media company with market-leading businesses in education, business information and consumer publishing.
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So far the educational publisher has spent £167mln of the £350mln buyback this year but said it has roughly £1bn of total liquidity immediately available from cash and a bank facility, while net debt stood at £1.02bn at the end of December.
The educational publisher saw adjusted operating profits rise 6%, while statutory operating profits fell 50%
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The UK blue-chip index closed down over 32 points at 7,403, while FTSE 250 slumped over 86 points at 21,780
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The PMIs could give clarity on any potential rate cut by the Bank of England
The Swiss bank’s share price target was slashed to 600p from 820p
In December, John Fallon announced his intention to retire once a replacement as chief executive is appointed.
The educational publisher said it will consider potential new CEO candidates from within the company and as well as external options, of which there are many after the flood of FTSE 100 departures this year
After agreeing to sell its 25% stake in the consumer book publisher to partner Bertelsmann, the FTSE 100 group plans to return £350mln via a share buy-back
Last month the FTSE 100-listed firm issued a profit warning due to weaker US higher education business
The third quarter was "significantly weaker than we expected" in this area, said chief executive John Fallon
Underlying revenues for the first half of the year were up 2% to £1.8bn, with adjusted operating profits growing 30% to £144mln
Under the new model, Pearson's 1,500 US textbook titles will be published as eBooks first, with students able to rent print copies if they choose to
“Although the company has a few issues to overcome, most of its underlying businesses appear to be gaining traction”
"We are off to a strong start to the year, having laid good foundations in 2018"
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The UK blue-chip index finished down nearly six points at 7,428 on Friday
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Alongside RBS, AstraZeneca, Just Eat, WPP and Pearson are all due to publish first-quarter trading updates on Friday
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The UK blue-chip index finished up around 63 points at 7,523
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The Week Ahead will bring updates from the likes of Royal Bank of Scotland and Barclays, plus drugs giant AstraZeneca, and media groups WPP, Pearson and WPP
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Mid-cap cousin FTSE 250 was also lower, shedding around 56 points at 19,507
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Away from the ex-divs, Saga, Electrocomponents and EntertainmentOne are all due to come to the market with trading updates or results
