Pearson Expects Full Year Adjusted EPS Around 83p, Before Restructuring Charges

(RTTNews) - Pearson plc (PSO, PSON.L) announced it expects full year operating profit to be approximately 865 million pounds, before restructuring charges, primarily reflecting the associate accounting impact of the Penguin Random House merger and lower underlying margins in North American Higher Education, particularly in the fourth quarter. Adjusted earnings per share is expected to be around 83 pence, before restructuring charges, in line with the company's prior guidance and 2012. After restructuring charges, adjusted earnings per share is expected to be around 70 pence.

John Fallon, chief executive, said: "Pearson made good progress on our strategic goals in 2013 but our trading and financial performance has been weaker than expected, particularly in North America. With trading conditions still challenging in 2014, this further underlines the importance of the work we started in 2013 to reduce our established cost base and redirect our investment towards our biggest future growth opportunities. We will accelerate this transformation in 2014 and remain confident about our growth prospects in 2015 and beyond."