PRTODAY / NewswireToday Free press release distribution service network

Written by / Agency / Source: Pearson Education, Inc.

Check Ads Availability|e-mail Article

Are you the owner of this article?, Turn it PREMIUM with your LOGO instead - and make it 3rd party Ads-Free! within the next hour!

Pearson Nine-month Interim Management Statement - Strong trading in all businesses and full-year guidance raised: adjusted EPS now expected to be approximately 10% ahead of last year
Pearson Nine-month Interim Management Statement


NewswireToday - /newswire/ - London, United Kingdom, 2010/10/25 - Strong trading in all businesses and full-year guidance raised: adjusted EPS now expected to be approximately 10% ahead of last year. NYSE: PSO

Your Banner Ad Here instead - Showing along with ALL Articles covering Books/Publishing/Newspapers Announcements

Replace these Affiliate Programs at ANYTIME! Your banner here within the next hour. Learn How!


Pearson, the world’s leading learning company, is today providing an update on trading in the first nine months of 2010.

Demand in some of our markets remained subdued in the third quarter, and the macroeconomic outlook is still uncertain. Even so, Pearson increased sales by 7% and adjusted operating profit 15% in the first nine months of 2010*. All parts of the company continued to perform strongly, with sales growth of 5% in Penguin, 7% in education and 11% at the Financial Times Group.

Our businesses continue to generate significant growth in digital and in developing markets, and to benefit from further efficiency gains. We are also building our position in developing economies and services businesses, reinvesting some of the Interactive Data sale proceeds in the acquisitions of America’s Choice, Wall Street Institute, SEB and Melorio.

The end of the year is a key selling season in education and consumer publishing, and both businesses face tough comparables in the fourth quarter of 2010. However, we are trading ahead of previous guidance and we now expect full year adjusted earnings per share to increase by approximately 10% on the 2009 base of 65.4p. This guidance includes the profit contribution from Interactive Data for seven months of 2010 (compared with a full year in 2009) and assumes that the current exchange rate of £1:$1.57 prevails in the fourth quarter (a 5 cent move in the average £:$ exchange rate for the full year - which in 2009 was £1:$1.57 - has an impact of approximately 1.3p on adjusted earnings per share).

Highlights for the first nine months of 2010

In education, we continue to accelerate our transformation from book publisher to the leading global learning technology and services company through organic investment and bolt-on acquisitions.

In North America, this strategy enabled us to gain share and grow faster than our market, with sales growth of 5% in the first nine months.

Our Higher Education business grew strongly once again. Its market remains healthy (industry sales up 10% in the first eight months, according to the Association of American Publishers) and our leadership in digital learning continues to produce market share gains. More than 3.5m students have enrolled in an online course provided by eCollege in the first nine months, an increase of almost 39% over last year. More than 6.5m college students have registered for our subject-specific digital learning tools (MyLabs), an increase of almost 34%.

Our Assessment and Information business remained resilient as we won or renewed a number of contracts including a teacher certification contract in Pennsylvania and student data systems in Utah.

The breadth of our School Curriculum business and its strength in digital is enabling us to grow despite weakness in state and local funding and uncertainty around the impact of new Common Core standards. We are planning on the basis that school funding remains under pressure in 2011 and that the total new adoption opportunity will be lower than in 2010. We are accelerating the transformation of our School business, investing to broaden the range of products and services we offer to schools to help them boost student performance and institutional efficiency.

Sales in International Education are up 8% after nine months. We are benefiting from strong demand in developing markets and for assessment services, English Language learning in China and digital, while developed markets and school publishing are generally soft. In the first nine months, MyLab registrations outside North America were up almost 40% on the same period last year to more than 460,000.

We are continuing to build our business in fast-growing developing economies, taking a strong position in global English teaching through the acquisition of Wall Street Institute which now has 428 schools in 27 countries; and in Brazil through the acquisition of SEB (where we have completed the first phase of the acquisition, taking ownership of 70% of the school learning systems company, with our tender offer to buy out the remaining public shareholders expected to complete in the fourth quarter).

In Professional Education, sales are up 17%. We continue to see good growth in Professional Testing, administering almost 6m tests in the first nine months of the year, up 6% on 2009, with good growth in the IT and Professional segments. We completed the acquisition of Melorio on 17 June 2010, extending our position in vocational training. Market conditions in our professional publishing business remain challenging but we are benefiting from good growth in digital sales.

Sales are up 11% at the FT Group. The Financial Timeshad another good quarter, boosted by strong demand for its print and digital content (digital subscriptions up 50% to more than 180,000) and sustained advertising growth. Mergermarket also improved in both renewals and new sales, helped by increased M&A activity.

At Penguin, sales are up 5%. Physical retail markets are tough, but are offset for Penguin by strong publishing and rapid growth in eBook sales (which have increased threefold). Penguin continues to lead the industry in innovation in digital publishing, with 16,500 eBook titles now available and a number of children’s apps for bestselling brands. The Fry Chronicles by Stephen Fry became a bestseller in five formats (hardback, ebook, enhanced ebook, app and audio), a publishing first. The fourth quarter is an important selling season in consumer publishing and Penguin has a strong line-up of bestselling authors including Tom Clancy, Patricia Cornwell, Barbra Streisand and Nora Roberts in the US; and Michael McIntyre and Jamie Oliver in the UK.

Balance sheet At the start of 2010, Pearson ( had net debt of £1.1bn. Our 2009 net debt/EBITDA ratio was 1.1x and interest cover was 8.8x. 2010 net debt peaked in June at £1.7bn, following the normal seasonal build-up of working capital in the first half of the year. Strong cash generation and the receipt of the proceeds from the sale of Interactive Data (£1.1bn) on 29 July 2010, partially offset by acquisitions (totalling approximately £0.6bn, reflecting only the first tranche payment for SEB), helped to reduce our net debt at the end of September 2010 to £0.7bn (September 2009: £1.7bn). We will pay £0.25bn of tax on the Interactive Data disposal proceeds in the fourth quarter.

Exchange rates Pearson generates approximately 60% of its sales in the US. Excluding Interactive Data, a 5 cent move in the average £:$ exchange rate for the full year (which in 2009 was £1:$1.57) has an impact of approximately 1.3p on adjusted earnings per share. The average rate during the first nine months of 2010 was £1:$1.53 (compared to £1:$1.54 in the first nine months of 2009), and the closing rate at the end of September was £1:$1.56).

For more information
Luke Swanson/ Simon Mays-Smith/ Charles Goldsmith

Forward looking statements
Except for the historical information contained herein, the matters discussed in this statement include forward-looking statements. In particular, all statements that express forecasts, expectations and projections with respect to future matters, including trends in results of operations, margins, growth rates, overall market trends, the impact of interest or exchange rates, the availability of financing, anticipated costs savings and synergies and the execution of Pearson's strategy, are forward looking statements. By their nature, forward looking statements involve risks and uncertainties because they relate to events and depend on circumstances that will occur in future. There are a number of factors which could cause actual results and developments to differ materially from those expressed or implied by these forward looking statements, including a number of factors outside Pearson's control. These include international, national and local conditions, as well as competition. They also include other risks detailed from time to time in the company's publicly-filed documents. Any forward looking statements speak only as of the date they are made, and Pearson gives no undertaking to update forward-looking statements to reflect any changes in its expectations with regard thereto or any changes to events, conditions or circumstances on which any such statement is based.

Your Banner Ad Here instead - Showing along with ALL Articles covering Books/Publishing/Newspapers Announcements

Replace these Affiliate Programs at ANYTIME! Your banner here within the next hour. Learn How!


Written by / Agency / Source: Pearson Education, Inc.


Availability: All Regions (Including Int'l)


Traffic Booster: [/] Quick Newswire Today Visibility Checker


Distribution / Indexing: [+] / [Company listed above is a registered member of our network. Content made possible by PRZOOM / PRTODAY indexing services]

# # #
  Your Banner Ad showing on ALL
Books/Publishing/Newspapers articles,
CATCH Visitors via Your Competitors Announcements!

Pearson Nine-month Interim Management Statement

Company website links NOT available to basic submissions
It is OK to republish and/or LINK any newswire for any legitimate media purpose as long as you name Newswire Today and LINK as the source.
  Is this your article?
Activate ALL web links and social stream by Upgrading to Press Release PREMIUM Plan Now!

Publisher Contact: Charles Goldsmith - 
+44 (0)20 7010 2310 charles.goldsmith[.]
Newswire Today - PRZOOM / PRTODAY disclaims any content contained in this article. If you need/wish to contact the company who published the current release, you will need to contact them - NOT us. Issuers of articles are solely responsible for the accuracy of their content. Our complete disclaimer appears here.
IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any Pearson Education, Inc. securities in any jurisdiction including any other companies listed or named in this release.

Books/Publishing/Newspapers via RSSAdd NewswireToday - PRZOOM Headline News to FeedBurner
Find who RetweetFollow @NewswireTODAY

Are you the owner of this article?, Turn it PREMIUM with your LOGO instead - and make it 3rd party Ads-Free! within the next hour!

Read Latest Articles From Pearson Education, Inc. / Company Profile

Read Books/Publishing/Newspapers Most Recent Related Newswires:

Botanical Society of America and Wiley Confirm New Publishing Partnership
Wiley and Instructure Partner to Build Next Generation of Higher Education Courseware
Wiley and International AIDS Society Confirm New Publishing Partnership
American Oil Chemists’ Society and Wiley Confirm New Publishing Partnership
The Society for Leukocyte Biology and Wiley Announce Publishing Partnership The Society for Leukocyte Biology and Wiley Announce Publishing Partnershi
Wiley Partnership with Overleaf Enables Author Collaboration
Wiley Launches New Open Access Journal in Collaboration with the Japanese Society of Gastroenterological Surgery
Australasian Society for Immunology, Inc. and Wiley Confirm New Publishing Partnership
Wiley and StudyAce Announce Partnership to Bring Learning Games, Flashcards and Practice Tests to Psychology and Business Students
The Physiological Society and Wiley Renew Partnership
Wiley, American Society of Plant Biologists and Society for Experimental Biology Partnering on New Open Access Journal - Plant Direct
AAA Extends Partnership with Wiley
Wiley Expands Use of Data to Enhance Student Experiences Throughout the Student Journey
International Society on Thrombosis and Haemostasis Partners with Wiley to Launch New Open Access Journal
24/7 Streaming Channel Brings Local News to Bucks County in a New Way

Boost Your Social Network
& Crowdfunding Campaigns

NewswireToday Celebrates 10 Years in Business


Visit  MagLar, Inc.

Visit  La Bella Bakery Artisan Bakery Arizona

  ©2017 Newswire Today — Limelon Advertising, Co.
Home | About | Advertise/Pricing | Contact | Investors | Privacy/TOS | Sitemap | FRANCAIS
newswire, PR press releases distribution service magazines engine news alert newsroom press room breaking news public relations articles company news alerts newswiredistribution ezine bizentrepreneur biznewstoday digital business report market search pr firms agencies reports distri-bution today investor relation successful internet entrepreneurs newswire distribution freenewswiredistribution asianewstoday bizwiretoday USA pr UK today - NOT affiliated with PRNewswire as we declined their partnership offer in 2013
PRTODAY & NewswireTODAY are NOT affiliated with USA TODAY (