I'm not sure if there is much interest for these on here - but I've been following them this year. They have had a rapid climb recently - is it time to take profits?

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Pearson Fundamentals (PSON)

Pearson Directorate Change/ Merger Completion

PEARSON AND BERTELSMANN ANNOUNCE THE COMPLETION OF THE MERGER OF PENGUIN AND RANDOM HOUSE

Pearson and Bertelsmann today announce the completion of the joint venture between Penguin and Random House to create Penguin Random House, the world's leading consumer publishing company.

Penguin Random House will be the first truly global publishing company with operations in the US, Canada, UK, India, South Africa, Australia, New Zealand, Spain, Mexico, Argentina, Uruguay, Colombia and Chile. The new company employs more than 10,000 people and publishes more than 15,000 new titles every year across 250 imprints. It publishes many of the world's bestselling authors, including more than 70 Nobel Prize laureates.

Pearson and Bertelsmann believe that the combined organisation will have a stronger platform and greater resources to invest in rich content, new digital publishing models and high-growth emerging markets. The organisation will generate synergies from shared resources such as warehousing, distribution, printing and central functions. Pearson and Bertelsmann intend that the combined organisation's level of organic investment in authors and new product models will exceed the total investment of Penguin and Random House as independent publishing houses.

Investec Add 1,228.00 1,150.00 1,250.00 Upgrades

Exane BNP Paribas Outperform 1,228.00 1,430.00 1,430.00 Reiterates

Interim Results

Financial highlights*
· Sales up 5% at constant exchange rates (2% underlying growth) to £2.8bn.
· Good growth in Education (up 3%) led by North America (up 5%) and developing markets.
· FT Group sales broadly level with resilient content and subscription revenue offset by weak advertising.
· Penguin Random House merger completed on 1 July 2013; strong growth at Penguin (up 14%) in the first half.
· Adjusted operating profit £50m lower at £137m, including £37m of gross restructuring charges and, in addition, investments to support new product launches in the second half.
· Adjusted earnings per share down 4.9p to 9.9p including restructuring charges.
· Interim dividend up 7% to 16p.

Rapid growth in digital and services businesses and developing markets
· Underlying sales growth of 9% in developing markets.
· Education digital platform registrations up 19%; FT digital subscriptions up 14%.
· Headline deferred revenues from continuing operations up 12% to £692m, with a strong performance from subscription-based business models.

Acceleration of global education strategy
· Restructuring to shift education businesses towards fast-growing economies and digital and services businesses on track.
· Reorganisation of Pearson into one globally-connected education company. Pearson will organise around three global lines of business - School, Higher Education and Professional - and three geographic market categories - North America, Growth and Core from 2014.
· Global education strategy designed to produce faster growth, larger addressable market opportunity and greater impact on learning outcomes.
· Process to explore the possible sale of Mergermarket initiated.

Full year outlook reiterated
· Gross restructuring costs of approximately £150m in 2013 (£100m including cost savings achieved during the year).
· Adjusted EPS expected to be broadly level with 2012 adjusted EPS of 82.6p under revised IAS 19, before expensing restructuring costs.
· From 1 July 2013 Penguin Random House will be treated as an associate.

Investec Add 1,331.00 1,250.00 - Retains

Numis Hold 1,331.00 1,192.00 1,192.00 Retains

Interim Management Statement

PEARSON NINE-MONTH INTERIM MANAGEMENT STATEMENT

· Full year guidance reiterated: Adjusted EPS expected to be broadly level with 2012 adjusted EPS of 82.6p under revised IAS 19, before expensing restructuring costs.

· For the nine months, Sales up 4% at constant exchange rates; up 2% in underlying terms.

· 2013 adjusted operating profit before restructuring charges expected to be lower than in 2012 due to the accounting impact of the Penguin Random House transaction and weak market conditions for college textbooks in North American Education.

· Restructuring programme on track: full year gross restructuring costs of approximately £150m in 2013 or £100m after cost savings achieved during the year.

Pearson Acquires Grupo Multi

PEARSON ACQUIRES GRUPO MULTI: BECOMES THE market LEADER IN ADULT ENGLISH LANGUAGE TRAINING IN BRAZIL

Pearson, the world's leading learning company, has agreed to acquire 100% of Grupo Multi, the leading adult English Language Training company in Brazil. Pearson will acquire Grupo Multi from the Martins family, the company's 78% majority shareholders, and the investment firm Kinea for approximately £440m (R$1.7bn) in cash and the assumption of £65m (R$0.25bn) of debt.

Grupo Multi is the largest provider of private language schools in Brazil serving over 800,000 students across more than 2,600 franchised schools. It primarily delivers English language courses through a range of school brands including Wizard, Yazigi, Microlins and Skill. The acquisition builds on Pearson's global presence in the delivery of English language training and on its schools "sistemas" business in Brazil. Pearson already has over 600,000 students learning English at more than 250 Pearson operated and more than 350 Pearson franchised centres around the world. In addition, Pearson has approximately 500,000 students in K12 sistemas schools in Brazil.

The acquisition supports Pearson's strategy of focusing investment in fast-growing economies, digital and services business, and education programmes that can deliver a greater and measurable impact on learning outcomes.

Trading Statement

On 28 February 2014 we will announce our preliminary results for 2013 and we expect to report:

· Operating profit of approximately £865m 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 important fourth quarter.

· Adjusted EPS of around 83p before restructuring charges, in line with our previous guidance and 2012.

· Net restructuring costs of approximately £130m (comprising £170m expensed and £40m of savings achieved during the year) resulting in adjusted EPS of around 70p after restructuring charges.

JP Morgan Cazenove Neutral 1,149.00 1,490.00 1,250.00 Downgrades

Deutsche Bank Sell 1,149.00 1,000.00 1,000.00 Reiterates

Citigroup Buy 1,149.00 1,300.00 1,350.00 Upgrades

Preliminary Results

PEARSON 2013 PRELIMINARY RESULTS (UNAUDITED)

Financial highlights
· Sales up 2% at CER to £5.2bn. Good growth in digital, services and emerging markets partly offset by cyclical weakness in US higher education and school curriculum change in the US and UK.
· Adjusted operating profit before net restructuring charges 6% lower at £871m (£736m after £135m of net restructuring charges). 2013 profits reduced by accounting impact of the Penguin Random House merger, lower margins in North America, sustained investment, and revenue mix.
· Operating cash flow £588m (2012: £788m) reflecting restructuring charges, increased product investment in new education programmes and lower operating profit.
· Adjusted EPS of 70.1p after restructuring charges (2012: 82.6p).
· Dividend raised 7% to 48p reflecting our confidence in our prospects.

2014 outlook
· 2014 profits to reflect portfolio changes (Penguin Random House associate accounting; Mergermarket sale; Grupo Multi acquisition) and significant recent strengthening of Sterling against key currencies.
· Cyclical and policy-related pressures in our largest markets expected to persist, impacting revenues and margins.
· Still expect approximately £50m net restructuring to continue to reshape our publishing businesses; £50m organic investment in structural growth opportunities in digital, services and emerging markets.
· At current exchange rates, we expect to report adjusted earnings per share of between 62p and 67p in 2014.

2015 and longer term
· Pearson's strategy centres on a significant and exciting long-term opportunity: the sustained and growing global demand for greater access, achievement and affordability in education.
· We can meet this demand by accelerating our shift to digital, services and to fast-growing economies, and committing to deliver measurably improved learning outcomes (efficacy).
· We are investing in learning services, inside services, direct delivery and assessments and qualifications, and in school, higher education and English language learning. We are organising around a smaller number of global products and platforms, built around a single, world-class infrastructure and common systems and processes.
· In 2013 and 2014, we are executing a significant restructuring programme designed to reduce our exposure to structural pressures and to shift resources towards these growth opportunities. Our restructuring expenditure will return to more normal levels in 2015.
· In addition, we believe cyclical pressures will begin to ease from 2015 as curriculum change is implemented in the US and UK and US college enrolments stabilise and, in due course, return to growth.
· This strategy will enable us to help more people make progress in their lives through learning. It also provides Pearson with a larger market opportunity, a sharper focus on the fastest-growing markets and stronger financial returns in 2015 and beyond.

John Fallon, chief executive said:

"We are in the middle of what we believe will be a short, but difficult, transition - one that through our combined investment and restructuring programs will drive a leaner, more cash generative, faster growing business from 2015.

"We are uniquely positioned to tackle some of the biggest challenges in global education including the transforming power of technology. I am particularly excited about the significant opportunity digital education offers for Pearson and the next generation of learners."

AGM Statement

Interim Management Statement

FINANCIAL HIGHLIGHTS
· Sales up 2% at CER to £2.0bn reflecting good growth in digital, services and emerging markets, offset as expected, by the impact of school curriculum change in the US and the UK; also, this year, seasonal changes in phasing have helped first half sales in North America and hurt those in Core markets, especially the UK.
· Adjusted operating profit, excluding Mergermarket, of £73m down from £124m last year, due to increased net restructuring charges (£43m in 2014; £29m in 2013), currency movements and the impact on margins of the phasing of revenues into the second half of 2014.
· Adjusted EPS of 4.7p (2013: 9.9p) after restructuring charges.
· Dividend raised 6% to 17p reflecting our confidence in our prospects.

2014 FULL YEAR OUTLOOK UNCHANGED
· We reiterate the guidance we gave on 28 February 2014.
· 2014 profits to reflect portfolio changes (Penguin Random House associate accounting; Mergermarket sale; Grupo Multi acquisition) and significant strengthening of Sterling against key currencies.
· Cyclical and policy-related pressures in our largest markets expected to persist, impacting revenues and margins.
· Still expect approximately £50m net restructuring to continue to reshape our publishing businesses; £50m organic investment in structural growth opportunities in digital, services and emerging markets.
· Based on 28 February 2014 exchange rates, we still expect to report adjusted earnings per share of between 62p and 67p in 2014.

2015 AND LONGER TERM
· Pearson's strategy centres on a significant and exciting long-term opportunity: the sustained and growing global demand for greater access, achievement and affordability in education.
· We can meet this demand by accelerating our shift to digital, services and to fast-growing economies, and committing to deliver measurably improved learning outcomes (efficacy).
· We are investing in learning services, inside services, direct delivery and assessments and qualifications, and in school, higher education and English language learning. We are organising around a smaller number of global products and platforms, built around a single, world-class infrastructure and common systems and processes.
· In 2013 and 2014, we are executing a significant restructuring programme designed to reduce our exposure to structural pressures and to shift resources towards these growth opportunities. Our restructuring expenditure will return to more normal levels in 2015.
· In addition, we believe cyclical pressures will begin to ease from 2015 as curriculum change is implemented in the US and UK and US college enrolments stabilise and, in due course, return to growth.
· This strategy will enable us to help more people make progress in their lives through learning. It also provides Pearson with a larger market opportunity, a sharper focus on the fastest-growing markets and stronger financial returns in 2015 and beyond.

Gone long on PSON PEARSON. Historical P/E 20, forward P/E to 2015 falls to 15.5. Divi yield 4.62%.Strong momentum.

Carrying on from yesterday PSON opened up gapping upwards. Plenty of momentum.

PSON PEARSON, had a moderate punt on a S/Bet , is positive and looks like resistance turned support.

Interim Management Statement

Chief Financial Officer to stand down in 2015 after 10 years service

PEARSON NINE-MONTH INTERIM MANAGEMENT STATEMENT

· Full year guidance reiterated: Adjusted earnings per share expected to be between 62p and 67p in 2014.

· For the nine months, Sales up 1% at constant exchange rates; and level in underlying terms.

· Restructuring programme remains on track with full year net restructuring costs of approximately £50m in 2014. We still expect a return to normal levels of restructuring in 2015.

Pearson's chief executive John Fallon said: "We are reiterating our guidance for this year and, overall, we are performing well competitively through a period of change and in difficult markets. We still expect those markets to start to stabilise next year and then return to growth in future years. Our restructuring programme is on track and our momentum in digital, services and emerging market education is building, which will drive a leaner, more cash generative, faster growing business from 2015."

Interim Management Statement

JANUARY TRADING UPDATE

Pearson, the world's leading learning company, is today providing its regular January trading update.

· We expect to report 2014 results in line with the guidance we set out at the beginning of 2014 with adjusted operating profit and adjusted earnings per share expected to be approximately £720m and 66p, respectively.

· Our preliminary guidance range for 2015 adjusted earnings per share is 75p to 80p.

Hmmm, don't you love brokers :-

Investec Hold 1,290.50 1,052.00 - Reiterates

Liberum Capital Sell 1,290.50 660.00 660.00 Reiterates

Westhouse Securities Sell 1,290.50 995.00 995.00 Reiterates

Pearson is testing old highs - will it flunk it?

Annual Financial Report

2014 FINANCIAL HIGHLIGHTS
· Sales up 2% at CER to £4.9bn reflecting good growth in digital and services and the acquisition of Grupo Multi partly offset, as expected, by the impact of school curriculum change in the US and the UK, our two largest markets, and a smaller school textbook adoption in South Africa.
· Deferred revenue excluding Mergermarket up 10% at CER to more than £800m as a result of further good progress in our digital and services businesses.
· Adjusted operating profit (excluding Mergermarket) up 8% at CER to £720m (2013: £710m) with lower net restructuring charges (£44m in 2014; £135m in 2013) and the contribution from Grupo Multi partly offset by increased investment levels and revenue mix.
· Adjusted EPS of 66.7p (2013: 70.1p) reflecting exchange rate movements and a higher tax rate of 17.9% (2013: 14.6%).
· Operating cash flow £649m (2013: £588m) benefiting from improved working capital from deferred revenue growth and an increased dividend from Penguin Random House, partly offset by increased investment levels.
· Dividend raised 6% to 51p, our 23rd straight year of increasing our dividend above the rate of inflation.

2015 FULL YEAR OUTLOOK
· Based on exchange rates at the time of our 21 January 2015 trading update, we expect to report adjusted earnings per share of between 75p and 80p in 2015.
· 2015 profits to reflect: stabilisation of cyclical and policy-related factors in our largest markets; currency movement impact on revenues, operating income and interest charge (with Sterling weakness against the US Dollar partly offset by strengthening against the Euro, Australian Dollar and key emerging markets currencies); the benefits of 2014 restructuring partly offset by normal levels of net restructuring of approximately £30m to continue to reshape our business; and shared services costs remaining with Pearson following withdrawal of Penguin.
· Process to explore the possible sale of PowerSchool initiated.

STRATEGIC OUTLOOK
· Pearson's strategy centres on a significant and exciting long-term opportunity: the sustained and growing global demand for greater access, achievement and affordability in education.
· We can meet this demand by accelerating our shift to digital, services and to fast-growing economies, and committing to deliver measurably improved learning outcomes (efficacy).
· We are investing in learning services, inside services, direct delivery and assessments and qualifications, and in school, higher education and English language learning. We are organising around a smaller number of global products and platforms, built around a single, world-class infrastructure and common systems and processes.
· We believe cyclical pressures will ease as curriculum change is implemented in the US and UK and US college enrolments stabilise and, in due course, return to growth.
· This strategy will enable us to empower more people to progress in their lives through learning. It also provides Pearson with a larger market opportunity, a sharper focus on the fastest-growing markets and stronger financial returns in 2016 and longer term.

John Fallon, chief executive said:

"We've completed our intense two year restructuring and reinvestment programme and performed well competitively despite some challenging market conditions. We enter 2015 better placed to have a bigger impact on student learning through the combination of new technology and best teaching practice. This will enable us to empower more people to progress in their lives through learning and grow our market opportunity."

Interim Management Statement

Directorate Change