Pearson Profit Boosted by Sale of Trophy Publishing Assets

By Simon Zekaria

LONDON--Pearson PLC (PSON.LN) on Friday recorded a jump in full-year profit, boosted by the sale of trophy publishing assets.

Pearson said its 2015 net profit rose to 823 million pounds ($1.15 billion) from GBP471 million the prior year. The education products specialist sold the Financial Times newspaper and its noncontrolling stake in the publisher of the Economist magazine. Still, the figure was also hit by impairment charges in North America and elsewhere because of difficult market conditions.

Operating profit adjusted for exceptional items rose to GBP723 million from GBP722 million, in line with company guidance. Adjusted earnings per share increased to 70.3 pence from 66.7 pence.

Sales fell 2% year-over-year to GBP4.47 billion

Pearson proposed a full-year dividend of 52 pence a share, up 2%.

For 2016, it expects to report adjusted operating profit between GBP580 million and GBP620 million and adjusted earnings per share between 50 pence and 55 pence,

Last month, Pearson launched fresh cost-savings worth half a billion dollars and axed 10% of its workforce world-wide.

News Corp, which owns Dow Jones & Co., publisher of The Wall Street Journal, competes with Pearson's book publishing and education divisions.

Pearson shares closed Thursday at 802 pence, valuing the company at GBP6.59 billion.

Write to Simon Zekaria at [e-mail]

(END) Dow Jones Newswires

February 26, 2016 02:59 ET (07:59 GMT)

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