Pearson Sales Rise; Chairman Steps Down

LONDON--Pearson PLC (PSON.LN), the U.K.-based publisher and education specialist, Friday posted a rise in first-quarter sales and said its longstanding chairman Glen Moreno is stepping down.

The company said sales in the first three months of the year rose 5% year-over-year, boosted by the strength of the U.S. dollar. Ongoing sales were level at constant exchange rates compared with the same period a year earlier. Excluding exceptional items and on a reported basis, sales fell 1% to GBP900 million ($1.35 billion).

It continues to expects to report full-year adjusted earnings per share of between 75 pence and 80 pence in 2015, up from 66.7 pence this year.

"Pearson has had a solid start to the year, in line with our expectations," said Chief Executive John Fallon.

The group proposed a final dividend of 34 pence, giving a total dividend of 51 pence for 2014, up 6% year-over-year.

Pearson said Mr. Moreno, after more than nine years as chairman, intends to leave the company in the next 12 months. Pearson said it will select his successor, without providing a time frame.

Pearson makes more than three-quarters of its revenue from education, including textbooks and software for teachers and students in schools and higher education, with 60% of total group sales coming from North America.

Shares closed Thursday at 1,402 pence, valuing the company at GBP11.5 billion.

News Corp. (NWS) which owns Dow Jones & Co., publisher of The Wall Street Journal, competes with Pearson's publishing, business-news and education divisions.

--Write to Simon Zekaria at [e-mail]

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