StockMarketWire.com - Educational publisher Pearson said its revenue was flat in the first nine months of the year, and stuck to its full year guidance.

The company said the flat revenue performance came as weakness in its US higher education business was offset by a combined improvement at all its other divisions.

Underlying operating profit for the full year was still expected in the range of £520m to £560m.

As a result of one-off tax benefits and a lower finance charge, adjusted earnings per share were now expected to be in the range of 68p to 72p.

US higher education revenue fell 3%, with sales in the third quarter 'modestly' impacted by delivery delays related to the implementation of a new software system.

'We expect this timing effect to largely reverse in the fourth quarter,' the company said.

Pearson said it remained on track to deliver £300m of annualised cost savings, with the full benefits accruing from the end of 2019 onwards.

'We are on track to return to underlying profit growth and, with a strong balance sheet, are set up well for the future,' chief executive John Fallon said.

'We are picking up the pace in our growth opportunities, performing well competitively and making good progress in our digital transformation.'

'There's a lot still to do but we are increasingly excited about the opportunity to help learners acquire the knowledge and skills to succeed in a fast changing world.'









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