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Pearson reports revenue boost and announces share buyback
StockMarketWire.com
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Pearson's underlying revenue was up 5% for 2019, while growth increased 4%, according to its latest trading update.
The company reported adjusted earnings per share of 57.5p-59.0p, reflecting one-off tax benefits and a lower finance charge as disclosed in Pearson's half year trading update.
Pearson maintained a strong balance sheet with closing net debt at 31 December 2019 expected to be modestly higher than 2018 on a post IFRS 16 basis.
The business also announced a £350m share buyback that is expected to commence today (January 16, 2020).
John Fallon, chief executive at Pearson, said: "We have secured flat revenue this year and delivered operating profit within the guidance range, with much weaker sales in US Higher Education Courseware offset by a strong performance in the broader 76% of Pearson.
"Pearson is now a simpler, more efficient company, with strong financial foundations. This enables us to continue to invest in digital innovation and platform-based products. The future of learning will be increasingly digital and consumer defined. Experience, outcomes and affordability will all matter and while there is still much to do we are well placed to benefit from these trends to achieve future, sustainable growth."
Story provided by StockMarketWire.com
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