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Name | Symbol | Market | Type |
---|---|---|---|
Pearson Plc | NYSE:PSO | NYSE | Depository Receipt |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.46 | -3.69% | 12.00 | 12.22 | 12.14 | 12.14 | 774,036 | 21:12:04 |
|
H1 2017
|
H1
2016
|
Headline
growth
|
CER
growth
|
Underlying
growth
|
Business performance
|
|
|
|
|
|
Revenue
(£m)
|
2,047
|
1,866
|
10%
|
0%
|
1%
|
Adjusted
operating profit (£m)
|
107
|
15
|
613%
|
447%
|
310%
|
Operating
cash flow
|
(72)
|
(210)
|
66%
|
|
|
Adjusted
Earnings per share
|
5.6p
|
(1.3)p
|
n/a
|
|
|
Statutory results
|
|
|
|
|
|
Operating
profit/(loss)
|
16
|
(286)
|
n/a
|
|
|
Cash
used in operations
|
(219)
|
(266)
|
18%
|
|
|
Basic
loss per share
|
(2.1)p
|
(27.1)p
|
92%
|
|
|
Dividend
per share
|
5p
|
18p
|
(72)%
|
|
|
£ millions
|
H1
2017
|
H1
2016
|
Headline
growth
|
CER
growth
|
Underlying
growth
|
Business performance
|
|
|
|
|
|
Sales
|
2,047
|
1,866
|
10%
|
0%
|
1%
|
Adjusted
operating profit
|
107
|
15
|
613%
|
447%
|
310%
|
Adjusted
earnings/(loss) per share
|
5.6p
|
(1.3)p
|
n/a
|
|
|
Operating
cash flow
|
(72)
|
(210)
|
66%
|
|
|
Free
cash flow
|
(342)
|
(408)
|
16%
|
|
|
Net
debt
|
(1,633)
|
(1,426)
|
(15)%
|
|
|
Statutory results
|
|
|
|
|
|
Sales
|
2,047
|
1,866
|
10%
|
|
|
Operating
profit/(loss)
|
16
|
(286)
|
n/a
|
|
|
Loss
before tax
|
(10)
|
(306)
|
97%
|
|
|
Basic
loss per share
|
(2.1)p
|
(27.1)p
|
92%
|
|
|
Cash
used in operations
|
(219)
|
(266)
|
18%
|
|
|
Dividend
per share
|
5p
|
18p
|
(72)%
|
|
|
£ millions
|
H1 2017
|
H1
2016
|
Headline
growth
|
CER
growth
|
Underlying
growth
|
Sales
|
|
|
|
|
|
North
America
|
1,285
|
1,164
|
10%
|
(1)%
|
0%
|
Core
|
384
|
370
|
4%
|
(1)%
|
1%
|
Growth
|
378
|
332
|
14%
|
2%
|
1%
|
Total sales
|
2,047
|
1,866
|
10%
|
0%
|
1%
|
Adjusted operating profit
|
|
|
|
|
|
North
America
|
43
|
2
|
n/a
|
n/a
|
n/a
|
Core
|
10
|
(7)
|
n/a
|
n/a
|
n/a
|
Growth
|
8
|
(12)
|
n/a
|
n/a
|
n/a
|
Penguin
Random House
|
46
|
32
|
44%
|
28%
|
28%
|
Total adjusted operating profit
|
107
|
15
|
613%
|
447%
|
310%
|
|
|
|
|
|
|||||
|
|
2017
|
2016
|
2016
|
|
||||
all figures in £ millions
|
note
|
half
year
|
half
year
|
full
year
|
|
||||
|
|
|
|
|
|
||||
|
|
|
|
|
|
||||
Continuing
operations
|
|
|
|
|
|
||||
|
|
|
|
|
|
||||
Sales
|
2
|
2,047
|
1,866
|
4,552
|
|
||||
Cost of
goods sold
|
|
(993)
|
(912)
|
(2,093)
|
|
||||
Gross
profit
|
|
1,054
|
954
|
2,459
|
|
||||
|
|
|
|
|
|
||||
Operating
expenses
|
|
(1,081)
|
(1,261)
|
(2,505)
|
|
||||
Impairment
of intangible assets
|
|
-
|
-
|
(2,548)
|
|
||||
Share
of results of joint ventures and associates
|
|
43
|
21
|
97
|
|
||||
Operating profit / (loss)
|
2
|
16
|
(286)
|
(2,497)
|
|
||||
|
|
|
|
|
|
||||
Finance
costs
|
3
|
(66)
|
(51)
|
(97)
|
|
||||
Finance
income
|
3
|
40
|
31
|
37
|
|
||||
Loss before tax
|
4
|
(10)
|
(306)
|
(2,557)
|
|
||||
Income
tax
|
5
|
(6)
|
86
|
222
|
|
||||
Loss
for the period
|
|
(16)
|
(220)
|
(2,335)
|
|
||||
|
|
|
|
|
|
||||
|
|
|
|
|
|
||||
|
|
|
|
|
|
||||
|
|
|
|
|
|
||||
Attributable
to:
|
|
|
|
|
|
||||
Equity
holders of the company
|
|
(17)
|
(221)
|
(2,337)
|
|
||||
Non-controlling
interest
|
|
1
|
1
|
2
|
|
||||
|
|
|
|
|
|
Loss per share
(in pence per
share)
|
|
||||
Basic
|
6
|
(2.1)p
|
(27.1)p
|
(286.8)p
|
|
Diluted
|
6
|
(2.1)p
|
(27.1)p
|
(286.8)p
|
|
|
|
|
|
|||||
|
|
2017
|
2016
|
2016
|
|
||||
all figures in £ millions
|
|
half
year
|
half
year
|
full
year
|
|
||||
|
|
|
|
|
|
||||
|
|
|
|
|
|
||||
Loss
for the period
|
|
(16)
|
(220)
|
(2,335)
|
|
||||
|
|
|
|
|
|
||||
Items
that may be reclassified to the income statement
|
|
|
|
|
|
||||
Net
exchange differences on translation of foreign
operations
|
|
(116)
|
524
|
913
|
|
||||
Attributable
tax
|
|
4
|
(1)
|
(5)
|
|
||||
|
|
|
|
|
|
||||
Fair
value gain on other financial assets
|
|
21
|
-
|
-
|
|
||||
Attributable
tax
|
|
(8)
|
-
|
-
|
|
||||
|
|
|
|
|
|
||||
Items
that are not reclassified to the income statement
|
|
|
|
|
|
||||
Re-measurement of
retirement benefit obligations
|
|
(16)
|
1
|
(276)
|
|
||||
Attributable
tax
|
|
(1)
|
(2)
|
58
|
|
||||
Other
comprehensive (expense) / income for the period
|
|
(116)
|
522
|
690
|
|
||||
|
|
|
|
|
|
||||
Total
comprehensive (expense) / income for the period
|
|
(132)
|
302
|
(1,645)
|
|
||||
|
|
|
|
|
|
||||
Attributable
to:
|
|
|
|
|
|
||||
Equity
holders of the company
|
|
(133)
|
300
|
(1,648)
|
|
||||
Non-controlling
interest
|
|
1
|
2
|
3
|
|
|
|
|
|
|
|
|
|
2017
|
2016
|
2016
|
|
all figures in £ millions
|
note
|
half
year
|
half
year
|
full
year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property, plant and
equipment
|
|
306
|
339
|
343
|
|
Intangible
assets
|
11
|
3,266
|
5,616
|
3,442
|
|
Investments in
joint ventures and associates
|
|
651
|
1,192
|
1,247
|
|
Deferred income tax
assets
|
|
432
|
282
|
451
|
|
Financial assets
– Derivative financial instruments
|
|
125
|
200
|
171
|
|
Retirement benefit
assets
|
|
321
|
446
|
158
|
|
Other financial
assets
|
|
86
|
59
|
65
|
|
Trade and other
receivables
|
|
120
|
120
|
104
|
|
Non-current
assets
|
|
5,307
|
8,254
|
5,981
|
|
Intangible assets
– Pre-publication
|
|
985
|
945
|
1,024
|
|
Inventories
|
|
238
|
274
|
235
|
|
Trade and other
receivables
|
|
1,234
|
1,343
|
1,357
|
|
Financial assets
– Derivative financial instruments
|
|
6
|
-
|
-
|
|
Financial assets
– Marketable securities
|
|
11
|
31
|
10
|
|
Cash and cash
equivalents (excluding overdrafts)
|
|
458
|
980
|
1,459
|
|
Current
assets
|
|
2,932
|
3,573
|
4,085
|
|
Assets classified
as held for sale
|
10
|
608
|
-
|
-
|
|
Total
assets
|
|
8,847
|
11,827
|
10,066
|
|
Financial
liabilities – Borrowings
|
|
(1,816)
|
(2,324)
|
(2,424)
|
|
Financial
liabilities – Derivative financial instruments
|
|
(175)
|
(190)
|
(264)
|
|
Deferred income tax
liabilities
|
|
(470)
|
(548)
|
(466)
|
|
Retirement benefit
obligations
|
|
(140)
|
(144)
|
(139)
|
|
Provisions for
other liabilities and charges
|
|
(67)
|
(73)
|
(79)
|
|
Other
liabilities
|
12
|
(373)
|
(370)
|
(422)
|
|
Non-current
liabilities
|
|
(3,041)
|
(3,649)
|
(3,794)
|
|
Trade and other
liabilities
|
12
|
(1,331)
|
(1,463)
|
(1,629)
|
|
Financial
liabilities – Borrowings
|
|
(266)
|
(115)
|
(44)
|
|
Financial
liabilities – Derivative financial instruments
|
|
(1)
|
(8)
|
-
|
|
Current income tax
liabilities
|
|
(182)
|
(102)
|
(224)
|
|
Provisions for
other liabilities and charges
|
|
(27)
|
(30)
|
(27)
|
|
Current
liabilities
|
|
(1,807)
|
(1,718)
|
(1,924)
|
|
Liabilities
classified as held for sale
|
10
|
(37)
|
-
|
-
|
|
Total
liabilities
|
|
(4,885)
|
(5,367)
|
(5,718)
|
|
Net
assets
|
|
3,962
|
6,460
|
4,348
|
|
|
|
|
|
|
|
Share
capital
|
|
206
|
205
|
205
|
|
Share
premium
|
|
2,600
|
2,594
|
2,597
|
|
Treasury
shares
|
|
(76)
|
(69)
|
(79)
|
|
Reserves
|
|
1,227
|
3,727
|
1,621
|
|
Total equity
attributable to equity holders of the company
|
|
3,957
|
6,457
|
4,344
|
|
Non-controlling
interest
|
|
5
|
3
|
4
|
|
Total
equity
|
|
3,962
|
6,460
|
4,348
|
|
|
|
|
|
|
|
|
|
|||||
|
Equity
attributable to the equity holders of the company
|
Non-controlling
interest
|
Total
equity
|
||||||||||
all figures in £ millions
|
Share
capital
|
Share
Premium
|
Treasury
Shares
|
Translation
reserve
|
Fair
value reserve
|
Retained
earnings
|
Total
|
|
|
||||
2017
half year
|
|
||||||||||||
At
1 January 2017
|
205
|
2,597
|
(79)
|
905
|
-
|
716
|
4,344
|
4
|
4,348
|
||||
Loss
for the period
|
-
|
-
|
-
|
-
|
-
|
(17)
|
(17)
|
1
|
(16)
|
||||
Other
comprehensive income
|
-
|
-
|
-
|
(116)
|
21
|
(21)
|
(116)
|
-
|
(116)
|
||||
Total
comprehensive income
|
-
|
-
|
-
|
(116)
|
21
|
(38)
|
(133)
|
1
|
(132)
|
||||
Equity-settled
transactions
|
-
|
-
|
-
|
-
|
-
|
19
|
19
|
-
|
19
|
||||
Tax on
equity-settled transactions
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||
Issue
of ordinary shares under share option schemes
|
1
|
3
|
-
|
-
|
-
|
-
|
4
|
-
|
4
|
||||
Purchase of
treasury shares
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||
Release
of treasury shares
|
-
|
-
|
3
|
-
|
-
|
(3)
|
-
|
-
|
-
|
||||
Changes
in non-controlling interest
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||
Dividends
|
-
|
-
|
-
|
-
|
-
|
(277)
|
(277)
|
-
|
(277)
|
||||
At
30 June 2017
|
206
|
2,600
|
(76)
|
789
|
21
|
417
|
3,957
|
5
|
3,962
|
|
|
|
|
|
|
|
|
|
||||
|
Equity
attributable to the equity holders of the company
|
Non-controlling
interest
|
Total
equity
|
|||||||||
all figures in £ millions
|
Share
capital
|
Share
premium
|
Treasury
shares
|
Translation
reserve
|
Fair
value reserve
|
Retained
earnings
|
Total
|
|
|
|||
2016
half year
|
||||||||||||
At 1
January 2016
|
205
|
2,590
|
(72)
|
(7)
|
-
|
3,698
|
6,414
|
4
|
6,418
|
|||
Loss
for the period
|
-
|
-
|
-
|
-
|
-
|
(221)
|
(221)
|
1
|
(220)
|
|||
Other
comprehensive income
|
-
|
-
|
-
|
523
|
-
|
(2)
|
521
|
1
|
522
|
|||
Total
comprehensive income
|
-
|
-
|
-
|
523
|
-
|
(223)
|
300
|
2
|
302
|
|||
Equity-settled
transactions
|
-
|
-
|
-
|
-
|
-
|
16
|
16
|
-
|
16
|
|||
Tax on
equity-settled transactions
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||
Issue
of ordinary shares under share option schemes
|
-
|
4
|
-
|
-
|
-
|
-
|
4
|
-
|
4
|
|||
Purchase of
treasury shares
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||
Release
of treasury shares
|
-
|
-
|
3
|
-
|
-
|
(3)
|
-
|
-
|
-
|
|||
Changes
in non-controlling interest
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(3)
|
(3)
|
|||
Dividends
|
-
|
-
|
-
|
-
|
-
|
(277)
|
(277)
|
-
|
(277)
|
|||
At 30
June 2016
|
205
|
2,594
|
(69)
|
516
|
-
|
3,211
|
6,457
|
3
|
6,460
|
|
|
|
|
|
|
|
|
|
|||||
|
Equity
attributable to the equity holders of the company
|
Non-controlling
interest
|
Total
equity
|
||||||||||
all figures in £ millions
|
Share
capital
|
Share
premium
|
Treasury
shares
|
Translation
reserve
|
Fair
value reserve
|
Retained
earning
|
Total
|
|
|
||||
2016
full year
|
|||||||||||||
At 1
January 2016
|
205
|
2,590
|
(72)
|
(7)
|
-
|
3,698
|
6,414
|
4
|
6,418
|
||||
Loss
for the period
|
-
|
-
|
-
|
-
|
-
|
(2,337)
|
(2,337)
|
2
|
(2,335)
|
||||
Other
comprehensive income
|
-
|
-
|
-
|
912
|
-
|
(223)
|
689
|
1
|
690
|
||||
Total
comprehensive income
|
-
|
-
|
-
|
912
|
-
|
(2,560)
|
(1,648)
|
3
|
(1,645)
|
||||
Equity-settled
transactions
|
-
|
-
|
-
|
-
|
-
|
22
|
22
|
-
|
22
|
||||
Tax on
equity-settled transactions
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||
Issue
of ordinary shares under share option schemes
|
-
|
7
|
-
|
-
|
-
|
-
|
7
|
-
|
7
|
||||
Purchase of
treasury shares
|
-
|
-
|
(27)
|
-
|
-
|
-
|
(27)
|
-
|
(27)
|
||||
Release
of treasury shares
|
-
|
-
|
20
|
-
|
-
|
(20)
|
-
|
-
|
-
|
||||
Changes
in non-controlling interest
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(3)
|
(3)
|
||||
Dividends
|
-
|
-
|
-
|
-
|
-
|
(424)
|
(424)
|
-
|
(424)
|
||||
At 31
December 2016
|
205
|
2,597
|
(79)
|
905
|
-
|
716
|
4,344
|
4
|
4,348
|
|
|
|
|
|
|
|
2017
|
2016
|
2016
|
all figures in £ millions
|
note
|
half
year
|
half
year
|
full
year
|
|
|
|
|
|
|
|
|
|
|
Cash
flows from operating activities
|
|
|
|
|
Net
cash (used in) / generated from operations
|
16
|
(219)
|
(266)
|
522
|
Interest
paid
|
|
(48)
|
(22)
|
(67)
|
Tax
paid
|
|
(33)
|
(35)
|
(45)
|
Net
cash (used in) / generated from operating activities
|
|
(300)
|
(323)
|
410
|
|
|
|
|
|
Cash flows from investing activities
|
|
|
|
|
Acquisition of
subsidiaries, net of cash acquired
|
13
|
(12)
|
(12)
|
(15)
|
Purchase of
investments
|
|
(3)
|
(3)
|
(6)
|
Purchase of
property, plant and equipment
|
|
(32)
|
(45)
|
(88)
|
Purchase of
intangible assets
|
|
(79)
|
(67)
|
(157)
|
Disposal of
subsidiaries, net of cash disposed
|
|
(6)
|
(37)
|
(54)
|
Proceeds from sale
of joint ventures and associates
|
|
-
|
-
|
4
|
Proceeds from sale
of investments
|
|
-
|
92
|
92
|
Proceeds from sale
of property, plant and equipment
|
|
3
|
-
|
4
|
Proceeds from sale
of liquid resources
|
|
11
|
14
|
42
|
Loans
(advanced) / repaid by related parties
|
|
(5)
|
27
|
14
|
Investment in
liquid resources
|
|
(13)
|
(18)
|
(24)
|
Interest
received
|
|
9
|
4
|
16
|
Dividends received
from joint ventures and associates
|
|
60
|
24
|
131
|
Net
cash used in investing activities
|
|
(67)
|
(21)
|
(41)
|
|
|
|
|
|
Cash
flows from financing activities
|
|
|
|
|
Proceeds from issue
of ordinary shares
|
|
4
|
4
|
7
|
Purchase of
treasury shares
|
|
-
|
-
|
(27)
|
Proceeds from
borrowings
|
|
150
|
-
|
4
|
Repayment of
borrowings
|
|
(459)
|
(245)
|
(249)
|
Finance
lease principal payments
|
|
(3)
|
(1)
|
(6)
|
Transactions with
non-controlling interests
|
|
-
|
-
|
(2)
|
Dividends paid to
company’s shareholders
|
|
(277)
|
(277)
|
(424)
|
Net
cash used in financing activities
|
|
(585)
|
(519)
|
(697)
|
|
|
|
|
|
Effects
of exchange rate changes on cash and cash equivalents
|
|
(13)
|
69
|
81
|
Net
decrease in cash and cash equivalents
|
|
(965)
|
(794)
|
(247)
|
|
|
1,424
|
|
|
Cash
and cash equivalents at beginning of period
|
|
1,424
|
1,671
|
1,671
|
Cash
and cash equivalents at end of period
|
|
459
|
877
|
1,424
|
|
|
|
|
|
North
America
|
Core
|
Growth
|
PRH
|
|
|
Total
|
||
all figures in £ millions
|
|||||||||
2017
half year
|
|||||||||
Adjusted operating
profit
|
43
|
10
|
8
|
46
|
|
|
107
|
||
Costs
of major restructuring
|
-
|
-
|
-
|
-
|
|
|
-
|
||
Other
net gains and losses
|
-
|
-
|
-
|
-
|
|
|
-
|
||
Intangible
charges
|
(46)
|
(6)
|
(24)
|
(15)
|
|
|
(91)
|
||
Operating profit / (loss)
|
(3)
|
4
|
(16)
|
31
|
|
|
16
|
||
2016
half year
|
|||||||||
Adjusted operating
profit / (loss)
|
2
|
(7)
|
(12)
|
32
|
|
|
15
|
||
Costs
of major restructuring
|
(109)
|
(20)
|
(40)
|
(2)
|
|
|
(171)
|
||
Other
net gains and losses
|
-
|
(18)
|
-
|
-
|
|
|
(18)
|
||
Intangible
charges
|
(75)
|
(6)
|
(14)
|
(17)
|
|
|
(112)
|
||
Operating
(loss) / profit
|
(182)
|
(51)
|
(66)
|
13
|
|
|
(286)
|
||
2016
full year
|
|||||||||
Adjusted operating
profit
|
420
|
57
|
29
|
129
|
|
|
635
|
||
Costs
of major restructuring
|
(172)
|
(62)
|
(95)
|
(9)
|
|
|
(338)
|
||
Other
net gains and losses
|
(12)
|
(12)
|
(1)
|
-
|
|
|
(25)
|
||
Intangible
charges
|
(2,684)
|
(16)
|
(33)
|
(36)
|
|
|
(2,769)
|
||
Operating
(loss) / profit
|
(2,448)
|
(33)
|
(100)
|
84
|
|
|
(2,497)
|
|
|
|
|
|
|
|
2017
|
2016
|
2016
|
all figures in £ millions
|
|
half
year
|
half
year
|
full
year
|
|
|
|
|
|
|
|
|
|
|
Net
interest payable
|
|
(47)
|
(27)
|
(59)
|
Finance
income in respect of retirement benefits
|
|
2
|
5
|
11
|
Finance
costs associated with acquisitions
|
|
(5)
|
-
|
-
|
Net
foreign exchange gains / (losses)
|
|
19
|
(9)
|
(20)
|
Derivatives not in
a hedging relationship
|
|
5
|
11
|
8
|
Net
finance costs
|
|
(26)
|
(20)
|
(60)
|
|
|
|
|
|
Analysed
as:
|
|
|
|
|
Finance
costs
|
|
(66)
|
(51)
|
(97)
|
Finance
income
|
|
40
|
31
|
37
|
Net
finance costs
|
|
(26)
|
(20)
|
(60)
|
|
|
|
|
|
Analysed
as:
|
|
|
|
|
Net
interest payable
|
|
(47)
|
(27)
|
(59)
|
Other
net finance income / (costs)
|
|
21
|
7
|
(1)
|
Net
finance costs
|
|
(26)
|
(20)
|
(60)
|
|
|
|
|
|
|
|
2017
|
2016
|
2016
|
all figures in £ millions
|
note
|
half
year
|
half
year
|
full
year
|
|
|
|
|
|
|
|
|
|
|
Loss
before tax
|
|
(10)
|
(306)
|
(2,557)
|
Costs
of major restructuring
|
2
|
-
|
171
|
338
|
Intangible
charges
|
2
|
91
|
112
|
2,769
|
Other
gains and losses
|
2
|
-
|
18
|
25
|
Other
net finance (income) / costs
|
3
|
(21)
|
(7)
|
1
|
Total
adjusted profit / (loss) before tax
|
|
60
|
(12)
|
576
|
Weighted average
number of shares (millions)
|
815.0
|
815.0
|
814.8
|
Effect
of dilutive share options (millions)
|
-
|
-
|
-
|
Weighted average
number of shares (millions) for diluted earnings
|
815.0
|
815.0
|
814.8
|
Loss
per share
|
|||
Basic
|
(2.1)p
|
(27.1)p
|
(286.8)p
|
Diluted
|
(2.1)p
|
(27.1)p
|
(286.8)p
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
Statutory
income
|
|
Costs
of major restructuring
|
Other
net gains and losses
|
|
Intangible
charges
|
Other
net finance costs
|
Tax
amortisation benefit
|
Adjusted
income
|
|||||||
all figures in £ millions
|
note
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||
2017 half year
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||
Operating
profit
|
2
|
16
|
|
-
|
-
|
|
91
|
-
|
-
|
107
|
|||||||
Net
finance costs
|
3
|
(26)
|
|
-
|
-
|
|
-
|
(21)
|
-
|
(47)
|
|||||||
Profit
/ (loss) before tax
|
4
|
(10)
|
|
-
|
-
|
|
91
|
(21)
|
-
|
60
|
|||||||
Income
tax
|
5
|
(6)
|
|
-
|
10
|
|
(25)
|
5
|
3
|
(13)
|
|||||||
Profit
/ (loss) for the period
|
|
(16)
|
|
-
|
10
|
|
66
|
(16)
|
3
|
47
|
|||||||
Non
– controlling interest
|
|
(1)
|
|
-
|
-
|
|
-
|
-
|
-
|
(1)
|
|||||||
Earnings
/ (Loss)
|
|
(17)
|
|
-
|
10
|
|
66
|
(16)
|
3
|
46
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||
Weighted
average number of shares (millions)
|
|
|
815.0
|
||||||||||||||
Weighted
average number of shares (millions) for diluted
earnings
|
|
|
815.0
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||
Adjusted
earnings per share (basic)
|
|
|
5.6p
|
||||||||||||||
Adjusted
earnings per share (diluted)
|
|
|
5.6p
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Statutory
income
|
|
Costs
of major restructuring
|
Other
net gains and losses
|
|
Intangible
charges
|
Other
net finance costs
|
Tax
amortisation benefit
|
Adjusted
income
|
||||||
all figures in £ millions
|
note
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
2016
half year
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Operating profit /
(loss)
|
2
|
(286)
|
|
171
|
18
|
|
112
|
-
|
-
|
15
|
||||||
Net
finance costs
|
3
|
(20)
|
|
-
|
-
|
|
-
|
(7)
|
-
|
(27)
|
||||||
Loss
before tax
|
4
|
(306)
|
|
171
|
18
|
|
112
|
(7)
|
-
|
(12)
|
||||||
Income
tax
|
5
|
86
|
|
(54)
|
-
|
|
(32)
|
1
|
1
|
2
|
||||||
Loss
for the period
|
|
(220)
|
|
117
|
18
|
|
80
|
(6)
|
1
|
(10)
|
||||||
Non
– controlling interest
|
|
(1)
|
|
-
|
-
|
|
-
|
-
|
-
|
(1)
|
||||||
Loss
|
|
(221)
|
|
117
|
18
|
|
80
|
(6)
|
1
|
(11)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Weighted
average number of shares (millions)
|
|
|
815.0
|
|||||||||||||
Weighted
average number of shares (millions) for diluted
earnings
|
|
|
815.0
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Adjusted
loss per share (basic)
|
|
|
(1.3)p
|
|||||||||||||
Adjusted
loss per share (diluted)
|
|
|
(1.3)p
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
Statutory
income
|
|
Costs
of major restructuring
|
Other
net gains and losses
|
|
Intangible
charges
|
Other
net finance costs
|
Tax
amortisation benefit
|
Adjusted
income
|
|||||||
all figures in £ millions
|
note
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||
2016
full year
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||
Operating profit /
(loss)
|
2
|
(2,497)
|
|
338
|
25
|
|
2,769
|
-
|
-
|
635
|
|||||||
Net
finance costs
|
3
|
(60)
|
|
-
|
-
|
|
-
|
1
|
-
|
(59)
|
|||||||
Profit
/ (loss) before tax
|
4
|
(2,557)
|
|
338
|
25
|
|
2,769
|
1
|
-
|
576
|
|||||||
Income
tax
|
5
|
222
|
|
(84)
|
(14)
|
|
(255)
|
-
|
36
|
(95)
|
|||||||
Profit
/ (loss) for the period
|
|
(2,335)
|
|
254
|
11
|
|
2,514
|
1
|
36
|
481
|
|||||||
Non
– controlling interest
|
|
(2)
|
|
-
|
-
|
|
-
|
-
|
-
|
(2)
|
|||||||
Earnings /
(loss)
|
|
(2,337)
|
|
254
|
11
|
|
2,514
|
1
|
36
|
479
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||
Weighted
average number of shares (millions)
|
|
|
814.8
|
||||||||||||||
Weighted
average number of shares (millions) for diluted
earnings
|
|
|
814.8
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||
Adjusted
earnings per share (basic)
|
|
|
58.8p
|
||||||||||||||
Adjusted
earnings per share (diluted)
|
|
|
58.8p
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017
|
2016
|
2016
|
all figures in £ millions
|
|
half
year
|
half
year
|
full
year
|
|
|
|
|
|
|
|
|
|
|
Amounts
recognised as distributions to equity shareholders in the
period
|
277
|
277
|
424
|
|
|
|
|
|
|
|
2017
|
2016
|
2016
|
|
|
half
year
|
half
year
|
full
year
|
|
|
|
|
|
|
|
|
|
|
Average
rate for profits
|
|
1.27
|
1.41
|
1.33
|
Period
end rate
|
|
1.30
|
1.34
|
1.23
|
|
|
|
|
|
|
|
2017
|
2016
|
2016
|
all figures in £ millions
|
|
half
year
|
half
year
|
full
year
|
|
|
|
|
|
|
|
|
|
|
Goodwill
|
|
2,251
|
4,534
|
2,341
|
Other
intangibles
|
|
1,015
|
1,082
|
1,101
|
Non-current intangible assets
|
|
3,266
|
5,616
|
3,442
|
|
|
|
|
|
|
|
|
|
Total
|
all figures in £ millions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
– Current period acquisitions
|
|
|
|
-
|
Deferred
payments for prior period acquisitions and other items
|
|
(12)
|
||
Net cash outflow on acquisitions
|
|
|
|
(12)
|
|
---------Level
2---------
|
-----Level
3------
|
|
||||||||
|
Available for sale
assets
|
Derivatives
|
Other
assets
|
Available for sale
assets
|
Other
liabilities
|
Total
fair value
|
|||||
all figures in £ millions
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|||||
2017
half year
|
|||||||||||
|
|
|
|
|
|
|
|||||
Investment in
unlisted securities
|
-
|
-
|
-
|
86
|
-
|
86
|
|||||
Marketable
securities
|
11
|
-
|
-
|
-
|
-
|
11
|
|||||
Derivative
financial instruments
|
-
|
131
|
-
|
-
|
-
|
131
|
|||||
Total
financial assets held at fair value
|
11
|
131
|
-
|
86
|
-
|
228
|
|||||
|
|
|
|
|
|
|
|||||
Derivative
financial instruments
|
-
|
(176)
|
-
|
-
|
-
|
(176)
|
|||||
Total
financial liabilities held at fair value
|
-
|
(176)
|
-
|
-
|
-
|
(176)
|
|||||
2016
half year
|
|||||||||||
|
|
|
|
|
|
|
|||||
Investment in
unlisted securities
|
-
|
-
|
-
|
59
|
-
|
59
|
|||||
Marketable
securities
|
31
|
-
|
-
|
-
|
-
|
31
|
|||||
Derivative
financial instruments
|
-
|
200
|
-
|
-
|
-
|
200
|
|||||
Total
financial assets held at fair value
|
31
|
200
|
-
|
59
|
-
|
290
|
|||||
|
|
|
|
|
|
|
|||||
Derivative
financial instruments
|
-
|
(198)
|
-
|
-
|
-
|
(198)
|
|||||
Total
financial liabilities held at fair value
|
-
|
(198)
|
-
|
-
|
-
|
(198)
|
|||||
2016
full year
|
|||||||||||
|
|
|
|
|
|
|
|||||
Investment in
unlisted securities
|
-
|
-
|
-
|
65
|
-
|
65
|
|||||
Marketable
securities
|
10
|
-
|
-
|
-
|
-
|
10
|
|||||
Derivative
financial instruments
|
-
|
171
|
-
|
-
|
-
|
171
|
|||||
Total
financial assets held at fair value
|
10
|
171
|
-
|
65
|
-
|
246
|
|||||
|
|
|
|
|
|
|
|||||
Derivative
financial instruments
|
-
|
(264)
|
-
|
-
|
-
|
(264)
|
|||||
Total
financial liabilities held at fair value
|
-
|
(264)
|
-
|
-
|
-
|
(264)
|
|
PEARSON
plc
|
|
|
Date: 04
August 2017
|
|
|
By: /s/
NATALIE DALE
|
|
|
|
------------------------------------
|
|
Natalie
Dale
|
|
Deputy
Company Secretary
|
1 Year Pearson Chart |
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