Pearson raises full-year guidance
Publishing group Pearson raised its full-year outlook again, saying it now expects adjusted earnings per share to be up around 10 per cent on last year despite the uncertain outlook.
The educational technology provider and Financial Times owner said in July that full-year adjusted earnings per share should rise to around 70 pence, a seven per cent increase over the year-ago period.
Pearson, which also owns consumer publisher Penguin Books, said it had raised its guidance despite the uncertain macroeconomic outlook after posting a seven percent rise in sales in the first nine months of the year.
Sales at Penguin were up 5 percent, the education business was up seven per cent and the Financial Times group was up 11 per cent, with the latter boosted by strong demand for its print, digital subscriptions and growth in advertising.
Overall adjusted operating profits were up 15 per cent.
“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,” the group said.
“However, we are trading ahead of previous guidance and we now expect full year adjusted earnings per share to increase by approximately 10 percent on the 2009 base of 65.4 pence.”
The 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 pound to $1.57 prevails in the fourth quarter.