Shares in Pearson ( LON:PSON), the education and publishing group, edged higher in opening trade after the owner of the Financial Times (FT) newspaper reported solid interim numbers and reiterated guidance for the full year.
Underlying sales at the group rose 2% to £2.8bn in the first half of the year, slightly ahead of expectations, with good growth in Education led by North America and developing markets. Adjusted operating profit fell £50mln to £137mln, which included a £37mln hit from restructuring charges and investments to support new product launches in the second half.
Pearson 's interim dividend rose 7% to 16p.
There was no comment on continued speculation about the future ownership of the FT Group. Pearson said it anticipates advertising at the FT to remain weak and volatile.
It is in the early stages of exploring a possible sale its Mergermarket division, the financial intelligence and analysis business.
Pearson reiterated its outlook for the full year with adjusted earnings per share [EPS] expected to be broadly level with 2012's number of 82.6p.
The group pointed out that the external environment will remain challenging in its developed markets, while market conditions should remain favourable for its businesses in developing economies.
Chief executive John Fallon said that the restructuring programme was on track.
"In trading terms, 2013 has begun much as we expected," he said. "In general, good growth in our digital, services and developing-market businesses continues to offset tough conditions for traditional publishing."
The shares rose 4.8% to 1,312p.
www.yahootrend.com
0 comments Blogger 0 Facebook
Post a Comment