Pearson FY Profit Surge On Sale Gains - Quick Facts

(RTTNews) - British publishing and education company Pearson plc (PSO, PSON.L) posted a surge in its profit for the full year, reflecting gains from the sale of certain assets, but sales declined from last year.

The Group's profit for the year after tax rose to 823 million pounds from last year's 470 million pounds. The results included gains of 1.214 billion pounds on the disposal of the Financial Times, The Economist Group and PowerSchool, and an impairment of goodwill and intangibles of 849 million pounds, mainly reflecting trading pressures in our Growth and North American businesses.

However, the group recorded a loss for the year from continuing operations of 325 million pounds, compared to profit of 199 million pounds a year ago.

On a per share basis, earnings totaled 101.1 pence versus 58.0 pence last year, and loss from continuing operations was 43.2 pence compared to the year-ago's profit of 24.6 pence.

Adjusted earnings per share grew 5 percent to 70.3 pence, reflecting lower interest and a lower tax rate of 15.5%, due to the agreement of historical tax positions and the associated release of accrued interest on tax provisions.

Annual sales declined to 4.468 billion pounds from 4.540 billion pounds last year, as growth in Pearson VUE, Connections Education and Wall Street English in China was more than offset by declines in US Higher Education, UK Qualifications and South Africa.

For 2016, the Group expects adjusted earnings per share in the range of 50 pence - 55 pence.