Pearson Sees Digital Growth

Wall Street Journal
Feb. 27

Pearson PLC said Monday it expects to increase sales and profits in 2012 despite a tough market, as investment in its digital businesses helped drive growth last year. Sales in 2011 grew 6% at exchange rates to £5.86 billion ($9.3 billion), boosted by an 18% rise in sales from its digital businesses, which accounted for 33% of overall sales. While net profit fell to £957 million in 2011 from £1.3 billion a year earlier, this was due to larger disposal profits in the year-earlier period, and adjusting for these one-off items Pearson reported a 12% rise in operating profit at constant exchange rates to £942 million. Adjusted earnings per share, which is one of the key figures tracked by U.K. analysts, rose to 86.5 pence per share from 77.5 pence last time, above raised guidance provided by Pearson last month.

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