Pearson forecasts growth in 2008
By Leah McBride Mensching, Monday 3 March 2008 at 22:16 :: General :: #1348 :: rss
London-based publisher Pearson announced it is confident it will have “another good year,” following its full-year results that came out above market expectations, Thomson Financial reported Monday.
However, the company, which owns the Financial Times and Penguin Books, saw its share price fall due to concerns about its U.S.-based education publishing business. As of this morning, shares were down 20 pence (3 percent), valuing Pearson at £5.21 billion.
Adjusted pre-tax profit for 2007 rose to £549 million, up from £502 million in 2006. Analysts had predicted £520 million to £530 million for 2007. Revenue was up 6 percent, to £4.2 billion, according to Thomson Financial.
“We continue to reshape Pearson into a more digital, more international and more efficient company, and those changes make us confident that 2008 will be another good year,” Marjorie Scardino, chief executive of Pearson, said in a statement.
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