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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 | |
---|---|---|---|---|---|---|---|---|
-0.04 | -0.32% | 12.38 | 12.45 | 12.28 | 12.28 | 988,738 | 21:00:01 |
26 July 2019
|
Good
progress in the first half of the year, continued momentum in our
structural growth opportunities.
|
Highlights
|
Underlying revenue up 2% with growth across all three
segments
●
North America up
1%, Core up 6% and Growth up 2%.
●
Continued momentum
in our structural growth opportunities and stabilisation in other
parts of our business more than offsets expected declines in US
Higher Education Courseware and US Student Assessment.
●
Strong performance
in our structural growth opportunities driven by good enrolment
growth in Online Program Management (OPM) and Connections Academy,
a continuing ramp-up of contracts in our Professional Certification
business (VUE) and strong test volumes in Pearson Test of English
Academic.
●
Pearson’s
sales decreased by 2% in headline terms largely due to disposals of
non core businesses.
●
As in previous
years, Pearson’s sales and profits are weighted towards the
second half of the year.
Adjusted operating profit up 30% in underlying terms
●
Reflecting sales
growth and savings from the 2017-2019 restructuring programme,
partially offset by cost inflation and other operational
factors.
Strong balance sheet with H1 net debt at £726m (H1 2018:
£775m) pre IFRS 16
1
●
On a post IFRS 16
basis net debt at the end of H1 2019 was £1,376m.
●
Interim dividend 6p
(H1 2018: 5.5p).
Statutory results
●
Statutory operating
profit from continuing operations was £37m in the first half
of 2019 (H1 2018: £233m). The decrease in 2019 is largely due
to the lower profit on disposal of businesses and higher
restructuring charges in 2019, partly offset by improved trading
and additional restructuring savings.
●
Statutory EPS 6.1p
(H1 2018: 24.1p) reflects lower profit on disposal of
businesses.
Simplification on track to deliver over £330m annualised cost
savings by end of 2019
●
Incremental cost
savings of £60m delivered in the first half.
●
Completed our
Enterprise Resource Planning (ERP) implementation in the US with
over 75% of the company by revenue now operating on a single ERP
system.
●
On track to launch
the Global Learning Platform (GLP) and a suite of new digital
products over the coming months.
FY 2019 adjusted operating profit guidance unchanged; adjusted EPS
upgraded
●
We continue to
expect Pearson to deliver underlying profit growth and stabilise
revenue in 2019, and for revenue to grow in 2020.
●
For 2019 we are
upgrading our adjusted earnings per share guidance to be between
57.5p to 63.0p reflecting improvements in the finance charge and
taxation at exchange rates prevailing on 31
st
December
2018.
|
John Fallon,
Chief Executive said:
“We've
had a good first half, with underlying growth across all divisions,
as we start to benefit from accelerating our shift to digital. We
are on track to at least stabilise revenue this year and return the
company to top line growth from 2020. We are excited by the new
digital products and platforms we're now launching, and our ability
to help millions more people prepare for, develop in, and change
careers through a lifetime of learning.”
|
Financial summary
|
|||||
£m
|
H1 2019
|
H1
2018
|
Headline
growth
|
CER
growth
|
Underlying
growth
|
Business performance
|
|
|
|
|
|
Sales
|
1,829
|
1,865
|
(2)%
|
(6)%
|
2%
|
Adjusted
operating profit
|
144
|
107
|
35%
|
26%
|
30%
|
Operating
cash flow
|
(129)
|
(202)
|
|
|
|
Adjusted
earnings per share (basic)
|
13.2p
|
8.2p
|
|
|
|
Dividend
per share
|
6.0p
|
5.5p
|
|
|
|
Net
debt
|
(1,376)
|
(775)
|
|
|
|
Statutory results
|
|
|
|
|
|
Sales
|
1,829
|
1,865
|
|
|
|
Operating
profit
|
37
|
233
|
|
|
|
Cash
generated from operations
|
(117)
|
(131)
|
|
|
|
Basic
earnings per share
|
6.1p
|
24.1p
|
|
|
|
Investor Relations
|
Jo
Russell, Tom Waldron, Anjali Kotak
|
+44
(0) 207 010 2310
|
Media
|
Tom
Steiner, Gemma Terry
|
+44
(0) 207 010 2310
|
Brunswick
|
Charles
Pretzlik, Nick Cosgrove, Simone Selzer
|
+44
(0) 207 404 5959
|
Webcast details
|
Pearson’s
results presentation for investors and analysts will be audiocast
live today from 0830 (BST)
via
www.pearson.com
.
Dial in
details:
United
Kingdom Toll-Free: 08003589473United Kingdom Toll: +44
3333000804
PIN:
45472957#
Audience
URL:
http://pear.sn/Y1aL30pdcvV
|
Financial overview
|
Profit & loss statement.
Pearson’s sales decreased
by 2% in headline terms to £1,829m (H1 2018: £1,865m)
with portfolio adjustments reducing sales by £141m, and
currency movements increasing revenue by £69m. Stripping out
the impact of portfolio changes and currency movements, revenue was
up 2% in underlying terms due to 1% growth in our North America
segment, a 6% increase in our Core segment and a 2% increase in our
Growth segment.
The
2019 adjusted operating profit of £144m (H1 2018: £107m)
reflects sales growth and savings from the ongoing transformation
plan, the impact of FX and a modest benefit from the adoption of
IFRS 16, partially offset by cost inflation, other operational
factors and disposals. Excluding the impact of FX, IFRS 16 and
portfolio items, underlying adjusted operating profit grew
30%.
Net
interest payable to 30 June 2019 was £18m, (H1 2018:
£26m). The decrease is primarily due to lower levels of net
debt together with favourable movements in interest on tax and the
absence of one off costs relating to the redemption of bonds in the
first half of 2018 which were more than enough to offset the impact
of net interest payable on leases. The increase in interest on
leases is due to the adoption of IFRS 16 which resulted in an
additional £16m of net interest payable in H1
2019.
Our
adjusted tax charge was £23m (H1 2018:
£16m).
Adjusted
earnings for the period were £102m (H1 2018: £64m) and
adjusted earnings per share were 13.2p (H1 2018:
8.2p).
Cash generation.
Net cash used in operations was £117m
compared to £131m in 2018 reflecting an increase in
restructuring spend of £27m to £60m in the first half of
2019. Operating cash outflow decreased by £73m from
£202m in 2018 to £129m. This decrease includes the impact
of the adoption of IFRS 16 and the divestment of our US K12
Courseware business in March 2019 which would have seen a seasonal
cash outflow in the first half.
Statutory results.
Our statutory operating profit of
£37m in H1 2019 compares to a profit of £233m in H1 2018
which included the profit on disposals of WSE and
Utel.
Capital allocation.
Our disciplined approach to capital
allocation and to maintaining a strong balance sheet will play a
major part in driving long-term growth. We will create further
value through investing in the business, delivering a sustainable
and progressive dividend and will return any surplus cash to our
shareholders.
Balance sheet.
H1 net debt of £726m
(H1 2018: £775m) on a pre IFRS 16 basis. Post IFRS 16, net
debt at the end of H1 2019 was £1,376m.
Dividend.
In line with our policy, the Board is proposing an
interim dividend of 6.0p (2018: 5.5p) payable on 13 September
2019.
|
Notes:
1
IFRS
16 –
Leases is the new accounting standard which has
replaced IAS 17 and is applicable for financial years commencing on
or after 1 January 2019, and which the Group adopted on the 1
January 2019. The standard results in the operating lease expense
being replaced by finance costs and depreciation which will reflect
the corresponding lease liabilities and right of use assets which
will now be recognised on the balance sheet.
2
Based
on December 2018 exchange rates, a significant part of costs and
savings from the restructuring programme are US Dollar denominated
and in other non-Sterling currencies and are therefore subject to
exchange rate movements over the implementation
timeframe.
|
£ millions
|
H1 2019
|
H1
2018
|
Headline
growth
|
CER
growth
|
Underlying
growth
|
Sales
|
|
|
|
|
|
North
America
|
1,209
|
1,223
|
(1)%
|
(7)%
|
1%
|
Core
|
403
|
383
|
5%
|
5%
|
6%
|
Growth
|
217
|
259
|
(16)%
|
(15)%
|
2%
|
Total sales
|
1,829
|
1,865
|
(2)%
|
(6)%
|
2%
|
|
|
|
|
|
|
Adjusted operating profit
|
|
|
|
|
|
North
America
|
79
|
64
|
23%
|
13%
|
11%
|
Core
|
31
|
10
|
210%
|
200%
|
190%
|
Growth
|
9
|
11
|
(18)%
|
(18)%
|
50%
|
Penguin
Random House
|
25
|
22
|
14%
|
9%
|
9%
|
Total adjusted operating profit
|
144
|
107
|
35%
|
26%
|
30%
|
|
|
|
|
|
all figures in £ millions
|
|
2019
|
2018
|
2018
|
|
|
half
year
|
half
year
|
full
year
|
|
|
|
|
|
Operating
profit
|
|
37
|
233
|
553
|
Add
back: Cost of major restructuring
|
|
64
|
24
|
102
|
Add
back: Intangible charges
|
|
49
|
57
|
113
|
Add
back: Other net gains and losses
|
|
(6)
|
(207)
|
(230)
|
Add
back: UK pension GMP equalisation
|
|
-
|
-
|
8
|
Adjusted
operating profit
|
|
144
|
107
|
546
|
|
|
|
|
|
all figures in £ millions
|
|
2019
|
2018
|
2018
|
|
|
half
year
|
half
year
|
full
year
|
|
|
|
|
|
Profit
for the period
|
|
48
|
189
|
590
|
|
|
|
|
|
Items
that may be reclassified to the income statement
|
|
|
|
|
Net
exchange differences on translation of foreign
operations
|
|
25
|
(15)
|
90
|
Currency
translation adjustment on disposals
|
|
4
|
(4)
|
(4)
|
Attributable
tax
|
|
(1)
|
(2)
|
(4)
|
|
|
|
|
|
Items
that are not reclassified to the income statement
|
|
|
|
|
Fair
value gain on other financial assets
|
|
18
|
2
|
8
|
Attributable
tax
|
|
(3)
|
(1)
|
-
|
|
|
|
|
|
Remeasurement of
retirement benefit obligations
|
|
(141)
|
122
|
25
|
Attributable
tax
|
|
23
|
(25)
|
9
|
Other
comprehensive (expense) / income for the period
|
|
(75)
|
77
|
124
|
|
|
|
|
|
Total
comprehensive (expense) / income for the period
|
|
(27)
|
266
|
714
|
|
|
|
|
|
Attributable
to:
|
|
|
|
|
Equity
holders of the company
|
|
(28)
|
265
|
712
|
Non-controlling
interest
|
|
1
|
1
|
2
|
|
|
|
|
|
all figures in £ millions
|
note
|
2019
|
2018
|
2018
|
|
|
half
year
|
half
year
|
full
year
|
|
|
|
|
|
Property, plant and
equipment
|
|
642
|
268
|
237
|
Intangible
assets
|
11
|
3,062
|
3,067
|
3,009
|
Investments in
joint ventures and associates
|
|
426
|
385
|
392
|
Deferred income tax
assets
|
|
65
|
51
|
60
|
Financial assets
– derivative financial instruments
|
|
59
|
72
|
67
|
Retirement benefit
assets
|
|
433
|
670
|
571
|
Other financial
assets
|
|
118
|
86
|
93
|
Trade and other
receivables
|
|
422
|
103
|
100
|
Non-current
assets
|
|
5,227
|
4,702
|
4,529
|
|
|
|
|
|
Intangible assets
– pre-publication
|
|
834
|
771
|
817
|
Inventories
|
|
212
|
167
|
164
|
Trade and other
receivables
|
|
1,273
|
1,059
|
1,178
|
Financial assets
– derivative financial instruments
|
|
2
|
-
|
1
|
Cash and cash
equivalents (excluding overdrafts)
|
|
417
|
330
|
568
|
Current
assets
|
|
2,738
|
2,327
|
2,728
|
|
|
|
|
|
Assets classified
as held for sale
|
10
|
-
|
607
|
648
|
Total
assets
|
|
7,965
|
7,636
|
7,905
|
|
|
|
|
|
Financial
liabilities – borrowings
|
|
(1,869)
|
(1,069)
|
(674)
|
Financial
liabilities – derivative financial instruments
|
|
(46)
|
(58)
|
(36)
|
Deferred income tax
liabilities
|
|
(107)
|
(137)
|
(136)
|
Retirement benefit
obligations
|
|
(96)
|
(100)
|
(100)
|
Provisions for
other liabilities and charges
|
|
(17)
|
(53)
|
(145)
|
Other
liabilities
|
12
|
(134)
|
(117)
|
(155)
|
Non-current
liabilities
|
|
(2,269)
|
(1,534)
|
(1,246)
|
|
|
|
|
|
Trade and other
liabilities
|
12
|
(1,209)
|
(1,173)
|
(1,400)
|
Financial
liabilities – borrowings
|
|
(141)
|
(33)
|
(46)
|
Financial
liabilities – derivative financial instruments
|
|
(12)
|
(17)
|
(23)
|
Current income tax
liabilities
|
|
(26)
|
(243)
|
(72)
|
Provisions for
other liabilities and charges
|
|
(16)
|
(21)
|
(20)
|
Current
liabilities
|
|
(1,404)
|
(1,487)
|
(1,561)
|
|
|
|
|
|
Liabilities
classified as held for sale
|
10
|
-
|
(518)
|
(573)
|
Total
liabilities
|
|
(3,673)
|
(3,539)
|
(3,380)
|
|
|
|
|
|
Net
assets
|
|
4,292
|
4,097
|
4,525
|
|
|
|
|
|
Share
capital
|
|
195
|
195
|
195
|
Share
premium
|
|
2,610
|
2,604
|
2,607
|
Treasury
shares
|
|
(58)
|
(59)
|
(33)
|
Reserves
|
|
1,535
|
1,348
|
1,747
|
Total equity
attributable to equity holders of the company
|
|
4,282
|
4,088
|
4,516
|
Non-controlling
interest
|
|
10
|
9
|
9
|
Total
equity
|
|
4,292
|
4,097
|
4,525
|
|
|
|
|
|||||||
|
Equity
attributable to equity holders of the company
|
|
|
|||||||
all figures in £ millions
|
Share
capital
|
Share
premium
|
Treasury
shares
|
Capital
redemption reserve
|
Fair
value reserve
|
Translation
reserve
|
Retained
earnings
|
Total
|
Non-controlling
interest
|
Total
equity
|
|
|
|
|
|
|
|
|
|
|
|
2019
half year
|
||||||||||
At
1 January 2019
|
195
|
2,607
|
(33)
|
11
|
19
|
678
|
1,039
|
4,516
|
9
|
4,525
|
Adjustment on
initial application of IFRS 16 net of tax (see note
1b)
|
-
|
-
|
-
|
-
|
-
|
-
|
(86)
|
(86)
|
-
|
(86)
|
Adjustment on
initial application of IFRIC 23 (see note 1c)
|
-
|
-
|
-
|
-
|
-
|
-
|
5
|
5
|
-
|
5
|
At
1 January 2019 (restated)
|
195
|
2,607
|
(33)
|
11
|
19
|
678
|
958
|
4,435
|
9
|
4,444
|
Profit
for the period
|
-
|
-
|
-
|
-
|
-
|
-
|
47
|
47
|
1
|
48
|
Other
comprehensive income / (expense)
|
-
|
-
|
-
|
-
|
18
|
29
|
(122)
|
(75)
|
-
|
(75)
|
Total
comprehensive income / (expense)
|
-
|
-
|
-
|
-
|
18
|
29
|
(75)
|
(28)
|
1
|
(27)
|
Equity-settled
transactions
|
-
|
-
|
-
|
-
|
-
|
-
|
14
|
14
|
-
|
14
|
Tax on
equity settled transactions
|
-
|
-
|
-
|
-
|
-
|
-
|
(1)
|
(1)
|
-
|
(1)
|
Issue
of ordinary shares under share option schemes
|
-
|
3
|
-
|
-
|
-
|
-
|
-
|
3
|
-
|
3
|
Buyback
of equity
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Purchase of
treasury shares
|
-
|
-
|
(40)
|
-
|
-
|
-
|
-
|
(40)
|
-
|
(40)
|
Release
of treasury shares
|
-
|
-
|
15
|
-
|
-
|
-
|
(15)
|
-
|
-
|
-
|
Transfer of gain on
disposal of FVOCI investment
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Dividends
|
-
|
-
|
-
|
-
|
-
|
-
|
(101)
|
(101)
|
-
|
(101)
|
At
30 June 2019
|
195
|
2,610
|
(58)
|
11
|
37
|
707
|
780
|
4,282
|
10
|
4,292
|
|
|
|
|
|||||||
|
Equity
attributable to equity holders of the company
|
|
|
|||||||
all figures in £ millions
|
Share
capital
|
Share
premium
|
Treasury
shares
|
Capital
redemption reserve
|
Fair
value reserve
|
Translation
reserve
|
Retained
earnings
|
Total
|
Non-controlling
interest
|
Total
equity
|
|
|
|
|
|
|
|
|
|
|
|
2018
half year
|
||||||||||
At 1
January 2018
|
200
|
2,602
|
(61)
|
5
|
13
|
592
|
544
|
3,895
|
8
|
3,903
|
Profit
for the period
|
-
|
-
|
-
|
-
|
-
|
-
|
188
|
188
|
1
|
189
|
Other
comprehensive income / (expense)
|
-
|
-
|
-
|
-
|
2
|
(19)
|
94
|
77
|
-
|
77
|
Total
comprehensive income / (expense)
|
-
|
-
|
-
|
-
|
2
|
(19)
|
282
|
265
|
1
|
266
|
Equity-settled
transactions
|
-
|
-
|
-
|
-
|
-
|
-
|
19
|
19
|
-
|
19
|
Issue
of ordinary shares under share option schemes
|
1
|
2
|
-
|
-
|
-
|
-
|
-
|
3
|
-
|
3
|
Buyback
of equity
|
(6)
|
-
|
-
|
6
|
-
|
-
|
(1)
|
(1)
|
-
|
(1)
|
Purchase of
treasury shares
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Release
of treasury shares
|
-
|
-
|
2
|
-
|
-
|
-
|
(2)
|
-
|
-
|
-
|
Dividends
|
-
|
-
|
-
|
-
|
-
|
-
|
(93)
|
(93)
|
-
|
(93)
|
At 30
June 2018
|
195
|
2,604
|
(59)
|
11
|
15
|
573
|
749
|
4,088
|
9
|
4,097
|
|
|
|
|
|||||||
|
Equity
attributable to equity holders of the company
|
|
|
|||||||
all figures in £ millions
|
Share
capital
|
Share
premium
|
Treasury
shares
|
Capital
redemption reserve
|
Fair
value reserve
|
Translation
reserve
|
Retained
earnings
|
Total
|
Non-controlling
interest
|
Total
equity
|
|
|
|
|
|
|
|
|
|
|
|
2018
full year
|
||||||||||
At 1
January 2018
|
200
|
2,602
|
(61)
|
5
|
13
|
592
|
544
|
3,895
|
8
|
3,903
|
Profit
for the period
|
-
|
-
|
-
|
-
|
-
|
-
|
588
|
588
|
2
|
590
|
Other
comprehensive income
|
-
|
-
|
-
|
-
|
8
|
86
|
30
|
124
|
-
|
124
|
Total
comprehensive income
|
-
|
-
|
-
|
-
|
8
|
86
|
618
|
712
|
2
|
714
|
Equity-settled
transactions
|
-
|
-
|
-
|
-
|
-
|
-
|
37
|
37
|
-
|
37
|
Tax on
equity settled transactions
|
-
|
-
|
-
|
-
|
-
|
-
|
4
|
4
|
-
|
4
|
Issue
of ordinary shares under share option schemes
|
1
|
5
|
-
|
-
|
-
|
-
|
-
|
6
|
-
|
6
|
Buyback
of equity
|
(6)
|
-
|
-
|
6
|
-
|
-
|
(2)
|
(2)
|
-
|
(2)
|
Purchase of
treasury shares
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Release
of treasury shares
|
-
|
-
|
28
|
-
|
-
|
-
|
(28)
|
-
|
-
|
-
|
Transfer of gain on
disposal of FVOCI investment
|
-
|
-
|
-
|
-
|
(2)
|
-
|
2
|
-
|
-
|
-
|
Dividends
|
-
|
-
|
-
|
-
|
-
|
-
|
(136)
|
(136)
|
(1)
|
(137)
|
At 31
December 2018
|
195
|
2,607
|
(33)
|
11
|
19
|
678
|
1,039
|
4,516
|
9
|
4,525
|
|
|
|
|
|
all figures in £ millions
|
note
|
2019
|
2018
|
2018
|
|
|
half
year
|
half
year
|
full
year
|
|
|
|
|
|
Cash
flows from operating activities
|
|
|
|
|
Net
cash (used in) / generated from operations
|
17
|
(117)
|
(131)
|
547
|
Interest
paid
|
|
(42)
|
(34)
|
(42)
|
Tax
paid
|
|
(8)
|
(8)
|
(43)
|
Net
cash (used in) / generated from operating activities
|
|
(167)
|
(173)
|
462
|
|
|
|
|
|
Cash
flows from investing activities
|
|
|
|
|
Acquisition of
subsidiaries, net of cash acquired
|
13
|
(5)
|
(5)
|
(5)
|
Additional capital
invested in associates
|
13
|
(40)
|
-
|
-
|
Purchase of
investments
|
|
(7)
|
(3)
|
(10)
|
Purchase of
property, plant and equipment
|
|
(38)
|
(32)
|
(70)
|
Purchase of
intangible assets
|
|
(57)
|
(80)
|
(130)
|
Disposal of
subsidiaries, net of cash disposed
|
14
|
(100)
|
84
|
83
|
Proceeds from sale
of joint ventures and associates
|
|
-
|
18
|
18
|
Proceeds from sale
of investments
|
|
2
|
-
|
6
|
Proceeds from sale
of property, plant and equipment
|
|
-
|
-
|
128
|
Proceeds from sale
of liquid resources
|
|
-
|
10
|
10
|
Lease
receivables repaid
|
|
11
|
-
|
-
|
Loans
(advanced to) / repaid by related parties
|
|
(10)
|
46
|
46
|
Investment in
liquid resources
|
|
-
|
(2)
|
(2)
|
Interest
received
|
|
11
|
16
|
20
|
Dividends received
from joint ventures and associates
|
|
15
|
66
|
117
|
Net
cash (used in) / generated from investing activities
|
|
(218)
|
118
|
211
|
|
|
|
|
|
Cash
flows from financing activities
|
|
|
|
|
|
3
|
3
|
6
|
|
Buyback
of equity
|
|
-
|
(153)
|
(153)
|
Purchase of
treasury shares
|
|
(40)
|
-
|
-
|
Proceeds from
borrowings
|
|
510
|
389
|
-
|
Repayment of
borrowings
|
|
(58)
|
(417)
|
(441)
|
Repayment of lease
liabilities
|
|
(49)
|
(1)
|
(4)
|
Dividends paid to
company’s shareholders
|
|
(101)
|
(93)
|
(136)
|
Dividends paid to
non-controlling interest
|
|
-
|
-
|
(1)
|
Net
cash generated from / (used in) financing activities
|
|
265
|
(272)
|
(729)
|
|
|
|
|
|
Effects
of exchange rate changes on cash and cash equivalents
|
|
(2)
|
(3)
|
(49)
|
Net
decrease in cash and cash equivalents
|
|
(122)
|
(330)
|
(105)
|
|
|
|
|
|
Cash
and cash equivalents at beginning of period
|
|
525
|
630
|
630
|
Cash
and cash equivalents at end of period
|
|
403
|
300
|
525
|
|
|
|
|
all figures in £ millions
|
|
|
2019
|
|
|
|
1
January
|
|
|
|
|
Non-current
assets
|
|
|
|
Property, plant and
equipment (right-of-use assets)
|
|
|
435
|
Investment in joint
ventures and associates
|
|
|
(8)
|
Deferred income tax
assets
|
|
|
4
|
Trade
and other receivables
|
|
|
186
|
Current
assets
|
|
|
|
Trade
and other receivables
|
|
|
30
|
Non-current
liabilities
|
|
|
|
Financial
liabilities – borrowings
|
|
|
(792)
|
Deferred income tax
liabilities
|
|
|
13
|
Provisions for
other liabilities and charges
|
|
|
101
|
Other
liabilities
|
|
|
47
|
Current
liabilities
|
|
|
|
Financial
liabilities – borrowings
|
|
|
(112)
|
Trade
and other liabilities
|
|
|
10
|
Total
decrease in retained earnings at 1 January 2019
|
|
|
(86)
|
|
|
|
|
all figures in £ millions
|
|
|
2019
|
|
|
|
1
January
|
|
|
|
|
Operating lease
commitments disclosed at 31 December 2018
|
|
|
1,175
|
Discounted using
the lessee’s incremental borrowing rate at the date of
initial application
|
|
|
(267)
|
(Less):
commitments relating to short-term leases
|
|
|
(7)
|
Add:
adjustments relating to the different treatment of extension and
termination options
|
|
|
3
|
Additional
lease liability recognised at 1 January 2019
|
|
|
904
|
Analysed
as:
|
|
|
|
Current
lease liabilities
|
|
|
112
|
Non-current lease
liabilities
|
|
|
792
|
|
|
|
|
|
all figures in £ millions
|
|
2019
|
2018
|
2018
|
|
|
half
year
|
half
year
|
full
year
|
|
|
|
|
|
Sales
by geography
|
|
|
|
|
North
America
|
|
1,209
|
1,223
|
2,784
|
Core
|
|
403
|
383
|
806
|
Growth
|
|
217
|
259
|
539
|
Total
sales
|
|
1,829
|
1,865
|
4,129
|
|
|
|
|
|
Adjusted
operating profit by geography
|
|
|
|
|
North
America
|
|
79
|
64
|
362
|
Core
|
|
31
|
10
|
57
|
Growth
|
|
9
|
11
|
59
|
PRH
|
|
25
|
22
|
68
|
Total
adjusted operating profit
|
|
144
|
107
|
546
|
|
|
|
|
|
|
all figures in £ millions
|
|
North
|
Core
|
Growth
|
Total
|
|
|
America
|
|
|
|
|
|
|
|
|
|
2019
half year
|
|||||
Courseware
|
|
|
|
|
|
Products
transferred at a point in time (sale or return)
|
|
133
|
110
|
76
|
319
|
Products
transferred at a point in time (other)
|
|
-
|
-
|
16
|
16
|
Products and
services transferred over time
|
|
335
|
9
|
21
|
365
|
|
|
468
|
119
|
113
|
700
|
Assessments
|
|
|
|
|
|
Products
transferred at a point in time
|
|
53
|
22
|
2
|
77
|
Products and
services transferred over time
|
|
400
|
240
|
44
|
684
|
|
|
453
|
262
|
46
|
761
|
Services
|
|
|
|
|
|
Products
transferred at a point in time
|
|
-
|
11
|
-
|
11
|
Products and
services transferred over time
|
|
288
|
11
|
58
|
357
|
|
|
288
|
22
|
58
|
368
|
|
|
|
|
|
|
Total
sales
|
|
1,209
|
403
|
217
|
1,829
|
|
|
|
|
|
|
all figures in £ millions
|
|
North
|
Core
|
Growth
|
Total
|
|
|
America
|
|
|
|
|
|
|
|
|
|
2018
half year
|
|||||
Courseware
|
|
|
|
|
|
Products
transferred at a point in time (sale or return)
|
|
276
|
81
|
105
|
462
|
Products
transferred at a point in time (other)
|
|
-
|
-
|
15
|
15
|
Products and
services transferred over time
|
|
265
|
25
|
8
|
298
|
|
|
541
|
106
|
128
|
775
|
Assessments*
|
|
|
|
|
|
Products
transferred at a point in time
|
|
49
|
26
|
-
|
75
|
Products and
services transferred over time
|
|
376
|
228
|
29
|
633
|
|
|
425
|
254
|
29
|
708
|
Services
|
|
|
|
|
|
Products
transferred at a point in time
|
|
-
|
13
|
13
|
26
|
Products and
services transferred over time
|
|
257
|
10
|
89
|
356
|
|
|
257
|
23
|
102
|
382
|
|
|
|
|
|
|
Total
sales
|
|
1,223
|
383
|
259
|
1,865
|
|
|
|
|
|
|
2018
full year
|
|||||
Courseware
|
|
|
|
|
|
Products
transferred at a point in time (sale or return)
|
|
718
|
313
|
197
|
1,228
|
Products
transferred at a point in time (other)
|
|
-
|
-
|
35
|
35
|
Products and
services transferred over time
|
|
718
|
4
|
54
|
776
|
|
|
1,436
|
317
|
286
|
2,039
|
Assessments*
|
|
|
|
|
|
Products
transferred at a point in time
|
|
106
|
52
|
-
|
158
|
Products and
services transferred over time
|
|
710
|
390
|
87
|
1,187
|
|
|
816
|
442
|
87
|
1,345
|
Services
|
|
|
|
|
|
Products
transferred at a point in time
|
|
-
|
26
|
38
|
64
|
Products and
services transferred over time
|
|
532
|
21
|
128
|
681
|
|
|
532
|
47
|
166
|
745
|
|
|
|
|
|
|
Total
sales
|
|
2,784
|
806
|
539
|
4,129
|
|
|
|
|
|
|
*
The analysis
of
Assessment revenues for 2018 has been
re-presented to better reflect the nature of
sales.
|
|
|
|
|
|
all figures in £ millions
|
|
2019
|
2018
|
2018
|
|
|
half
year
|
half
year
|
full
year
|
|
|
|
|
|
Net
interest payable
|
|
(18)
|
(26)
|
(24)
|
Net
finance income in respect of retirement benefits
|
|
7
|
5
|
11
|
Finance
costs associated with transactions
|
|
-
|
(1)
|
(1)
|
Net
foreign exchange losses
|
|
(3)
|
(13)
|
(36)
|
Derivatives in a
hedge relationship
|
|
-
|
-
|
(4)
|
Derivatives not in
a hedge relationship
|
|
(10)
|
4
|
(1)
|
Net
finance costs
|
|
(24)
|
(31)
|
(55)
|
|
|
|
|
|
Analysed
as:
|
|
|
|
|
Finance
costs
|
|
(46)
|
(63)
|
(91)
|
Finance
income
|
|
22
|
32
|
36
|
Net
finance costs
|
|
(24)
|
(31)
|
(55)
|
|
|
|
|
|
Analysed
as:
|
|
|
|
|
Net
interest payable reflected in adjusted earnings
|
|
(18)
|
(26)
|
(24)
|
Other
net finance costs
|
|
(6)
|
(5)
|
(31)
|
Net
finance costs
|
|
(24)
|
(31)
|
(55)
|
|
|
|
|
|
all figures in £ millions
|
note
|
2019
|
2018
|
2018
|
|
|
half
year
|
half
year
|
full
year
|
|
|
|
|
|
Profit
before tax
|
|
13
|
202
|
498
|
Cost of
major restructuring
|
2
|
64
|
24
|
102
|
Other
net gains and losses
|
2
|
(6)
|
(207)
|
(230)
|
Intangible
charges
|
2
|
49
|
57
|
113
|
Other
net finance costs
|
3
|
6
|
5
|
31
|
UK
pension GMP equalisation
|
2
|
-
|
-
|
8
|
Adjusted
profit before tax
|
|
126
|
81
|
522
|
|
|
|
|
|
all figures in £ millions
|
|
2019
|
2018
|
2018
|
|
|
half
year
|
half
year
|
full
year
|
|
|
|
|
|
Income
tax benefit / (charge)
|
|
35
|
(13)
|
92
|
Tax
benefit on cost of major restructuring
|
|
(13)
|
(6)
|
(37)
|
Tax
(benefit) / charge on other net gains and losses
|
|
(37)
|
15
|
(31)
|
Tax
benefit on intangible charges
|
|
(12)
|
(14)
|
(18)
|
Tax
benefit on other net finance costs
|
|
(1)
|
(1)
|
(6)
|
Tax
benefit on UK pension GMP equalisation
|
|
-
|
-
|
(2)
|
Tax
amortisation benefit on goodwill and intangibles
|
|
5
|
3
|
29
|
Adjusted
income tax (charge) / benefit
|
|
(23)
|
(16)
|
27
|
|
|
|
|
|
Tax
rate reflected in statutory earnings
|
|
(269.2)%
|
6.4%
|
(18.5)%
|
Tax
rate reflected in adjusted earnings
|
|
18.0%
|
20.0%
|
(5.2)%
|
|
|
|
|
|
all figures in £ millions
|
|
2019
|
2018
|
2018
|
|
|
half
year
|
half
year
|
full
year
|
|
|
|
|
|
Earnings for the
period
|
|
48
|
189
|
590
|
Non-controlling
interest
|
|
(1)
|
(1)
|
(2)
|
Earnings
attributable to equity shareholders
|
|
47
|
188
|
588
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of shares (millions)
|
|
775.6
|
779.0
|
778.1
|
Effect
of dilutive share options (millions)
|
|
0.5
|
0.6
|
0.6
|
Weighted average
number of shares (millions) for diluted earnings
|
776.1
|
779.6
|
778.7
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
per share
|
|
|
|
|
Basic
|
|
6.1p
|
24.1p
|
75.6p
|
Diluted
|
|
6.1p
|
24.1p
|
75.5p
|
|
|
|
|
|
|
|
|
|
|
all figures in £ millions
|
note
|
Statutory
income statement
|
Cost of
major restructuring
|
Other
net gains and losses
|
Intangible
charges
|
Other
net finance costs
|
Impact
of GMP equalisation
|
Tax
amortisation benefit
|
Adjusted
income statement
|
|
|
|
|
|
|
|
|
|
|
2019 half year
|
|||||||||
Operating
profit
|
2
|
37
|
64
|
(6)
|
49
|
-
|
-
|
-
|
144
|
Net
finance costs
|
3
|
(24)
|
-
|
-
|
-
|
6
|
-
|
-
|
(18)
|
Profit
before tax
|
4
|
13
|
64
|
(6)
|
49
|
6
|
-
|
-
|
126
|
Income
tax
|
5
|
35
|
(13)
|
(37)
|
(12)
|
(1)
|
-
|
5
|
(23)
|
Profit
for the period
|
|
48
|
51
|
(43)
|
37
|
5
|
-
|
5
|
103
|
Non-controlling
interest
|
|
(1)
|
-
|
-
|
-
|
-
|
-
|
-
|
(1)
|
Earnings
|
|
47
|
51
|
(43)
|
37
|
5
|
-
|
5
|
102
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of shares (millions)
|
|
|
|
775.6
|
|||||
Weighted
average number of shares (millions) for diluted
earnings
|
|
|
|
776.1
|
|||||
|
|
|
|
|
|||||
Adjusted earnings per share (basic)
|
|
|
|
13.2p
|
|||||
Adjusted
earnings per share (diluted)
|
|
|
|
13.1p
|
|
|
|
|
|
|
|
|
|
|
all figures in £ millions
|
note
|
Statutory
income statement
|
Cost of
major restructuring
|
Other
net gains and losses
|
Intangible
charges
|
Other
net finance costs
|
Impact
of GMP equalisation
|
Tax
amortisation benefit
|
Adjusted
income statement
|
|
|
|
|
|
|
|
|
|
|
2018
half year
|
|||||||||
Operating
profit
|
2
|
233
|
24
|
(207)
|
57
|
-
|
-
|
-
|
107
|
Net
finance costs
|
3
|
(31)
|
-
|
-
|
-
|
5
|
-
|
-
|
(26)
|
Profit
before tax
|
4
|
202
|
24
|
(207)
|
57
|
5
|
-
|
-
|
81
|
Income
tax
|
5
|
(13)
|
(6)
|
15
|
(14)
|
(1)
|
-
|
3
|
(16)
|
Profit
for the period
|
|
189
|
18
|
(192)
|
43
|
4
|
-
|
3
|
65
|
Non-controlling
interest
|
|
(1)
|
-
|
-
|
-
|
-
|
-
|
-
|
(1)
|
Earnings
|
|
188
|
18
|
(192)
|
43
|
4
|
-
|
3
|
64
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of shares (millions)
|
|
|
|
779.0
|
|||||
Weighted
average number of shares (millions) for diluted
earnings
|
|
|
|
779.6
|
|||||
|
|
|
|
|
|||||
Adjusted
earnings per share (basic)
|
|
|
|
8.2p
|
|||||
Adjusted
earnings per share (diluted)
|
|
|
|
8.2p
|
|
|
|
|
|
|
|
|
|
|
all figures in £ millions
|
note
|
Statutory
income statement
|
Cost of
major restructuring
|
Other
net gains and losses
|
Intangible
charges
|
Other
net finance costs
|
Impact
of GMP equalisation
|
Tax
amortisation benefit
|
Adjusted
income statement
|
|
|
|
|
|
|
|
|
|
|
2018
full year
|
|||||||||
Operating
profit
|
2
|
553
|
102
|
(230)
|
113
|
-
|
8
|
-
|
546
|
Net
finance costs
|
3
|
(55)
|
-
|
-
|
-
|
31
|
-
|
-
|
(24)
|
Profit
before tax
|
4
|
498
|
102
|
(230)
|
113
|
31
|
8
|
-
|
522
|
Income
tax
|
5
|
92
|
(37)
|
(31)
|
(18)
|
(6)
|
(2)
|
29
|
27
|
Profit
for the period
|
|
590
|
65
|
(261)
|
95
|
25
|
6
|
29
|
549
|
Non-controlling
interest
|
|
(2)
|
-
|
-
|
-
|
-
|
-
|
-
|
(2)
|
Earnings
|
|
588
|
65
|
(261)
|
95
|
25
|
6
|
29
|
547
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of shares (millions)
|
|
|
|
778.1
|
|||||
Weighted
average number of shares (millions) for diluted
earnings
|
|
|
|
778.7
|
|||||
|
|
|
|
|
|||||
Adjusted
earnings per share (basic)
|
|
|
|
70.3p
|
|||||
Adjusted
earnings per share (diluted)
|
|
|
|
70.2p
|
|
|
|
|
|
all figures in £ millions
|
|
2019
|
2018
|
2018
|
|
|
half
year
|
half
year
|
full
year
|
|
|
|
|
|
Amounts
recognised as distributions to equity shareholders in the
period
|
|
101
|
93
|
136
|
|
|
|
|
|
|
|
2019
|
2018
|
2018
|
|
|
half
year
|
half
year
|
full
year
|
|
|
|
|
|
Average
rate for profits
|
|
1.29
|
1.38
|
1.34
|
Period
end rate
|
|
1.27
|
1.32
|
1.27
|
|
|
|
|
|
all figures in £ millions
|
|
2019
|
2018
|
2018
|
|
|
half
year
|
half
year
|
full
year
|
|
|
|
|
|
Intangible
assets
|
|
-
|
72
|
168
|
Deferred income tax
assets
|
|
-
|
86
|
98
|
Trade
and other receivables
|
|
-
|
33
|
25
|
Non-current
assets
|
|
-
|
191
|
291
|
|
|
|
|
|
Intangible assets
– pre-publication
|
|
-
|
239
|
242
|
Inventories
|
|
-
|
58
|
55
|
Trade
and other receivables
|
|
-
|
119
|
60
|
Current
assets
|
|
-
|
416
|
357
|
|
|
|
|
|
Total
assets
|
|
-
|
607
|
648
|
|
|
|
|
|
Other
liabilities
|
|
-
|
(335)
|
(371)
|
Non-current
liabilities
|
|
-
|
(335)
|
(371)
|
|
|
|
|
|
Trade
and other liabilities
|
|
-
|
(183)
|
(202)
|
Current
liabilities
|
|
-
|
(183)
|
(202)
|
|
|
|
|
|
Total
liabilities
|
|
-
|
(518)
|
(573)
|
|
|
|
|
|
Net
assets
|
|
-
|
89
|
75
|
|
|
|
|
|
all figures in £ millions
|
|
2019
|
2018
|
2018
|
|
|
half
year
|
half
year
|
full
year
|
|
|
|
|
|
Goodwill
|
|
2,189
|
2,156
|
2,111
|
Other
intangibles
|
|
873
|
911
|
898
|
Non-current
intangible assets
|
|
3,062
|
3,067
|
3,009
|
|
|
|
|
|
all figures in £ millions
|
|
2019
|
2018
|
2018
|
|
|
half
year
|
half
year
|
full
year
|
|
|
|
|
|
Trade
payables
|
|
(234)
|
(205)
|
(311)
|
Sales
return liability
|
|
(90)
|
(122)
|
(173)
|
Accruals
|
|
(356)
|
(375)
|
(397)
|
Deferred
income
|
|
(398)
|
(304)
|
(387)
|
Other
liabilities
|
|
(265)
|
(284)
|
(287)
|
Trade
and other liabilities
|
|
(1,343)
|
(1,290)
|
(1,555)
|
|
|
|
|
|
Analysed
as:
|
|
|
|
|
Trade
and other liabilities – current
|
|
(1,209)
|
(1,173)
|
(1,400)
|
Other
liabilities – non-current
|
|
(134)
|
(117)
|
(155)
|
Total
trade and other liabilities
|
|
(1,343)
|
(1,290)
|
(1,555)
|
|
|
|
|
|
all figures in £ millions
|
note
|
2019
|
2018
|
2018
|
|
|
half
year
|
half
year
|
full
year
|
|
|
|
|
|
Non-current
assets
|
|
|
|
|
Derivative
financial instruments
|
|
59
|
72
|
67
|
Trade
and other receivables – investment in finance
lease
|
|
184
|
-
|
-
|
Current
assets
|
|
|
|
|
Derivative
financial instruments
|
|
2
|
-
|
1
|
Trade
and other receivables – investment in finance
lease
|
|
30
|
-
|
-
|
Cash
and cash equivalents (excluding overdrafts)
|
|
417
|
330
|
568
|
Non-current
liabilities
|
|
|
|
|
Borrowings
|
|
(1,869)
|
(1,069)
|
(674)
|
Derivative
financial instruments
|
|
(46)
|
(58)
|
(36)
|
Current
liabilities
|
|
|
|
|
Borrowings
|
|
(141)
|
(33)
|
(46)
|
Derivative
financial instruments
|
|
(12)
|
(17)
|
(23)
|
Net
debt
|
|
(1,376)
|
(775)
|
(143)
|
|
Level
2
|
---Level
3---
|
Total
fair value
|
|
all figures in £ millions
|
Derivatives
|
FVOCI
investments
|
FVTPL -
Other
receivables
|
|
2019
half year
|
||||
|
|
|
|
|
Investments in
unlisted securities
|
-
|
118
|
-
|
118
|
Other
receivables
|
-
|
-
|
181
|
181
|
Derivative
financial instruments
|
61
|
-
|
-
|
61
|
Total
financial assets held at fair value
|
61
|
118
|
181
|
360
|
|
|
|
|
|
Derivative
financial instruments
|
(58)
|
-
|
-
|
(58)
|
Total
financial liabilities held at fair value
|
(58)
|
-
|
-
|
(58)
|
|
|
|
|
|
2018
half year
|
||||
|
|
|
|
|
Investments in
unlisted securities
|
-
|
86
|
-
|
86
|
Other
receivables
|
-
|
-
|
-
|
-
|
Derivative
financial instruments
|
72
|
-
|
-
|
72
|
Total
financial assets held at fair value
|
72
|
86
|
-
|
158
|
|
|
|
|
|
Derivative
financial instruments
|
(75)
|
-
|
-
|
(75)
|
Total
financial liabilities held at fair value
|
(75)
|
-
|
-
|
(75)
|
|
|
|
|
|
2018
full year
|
||||
|
|
|
|
|
Investments in
unlisted securities
|
-
|
93
|
-
|
93
|
Other
receivables
|
-
|
-
|
-
|
-
|
Derivative
financial instruments
|
68
|
-
|
-
|
68
|
Total
financial assets held at fair value
|
68
|
93
|
-
|
161
|
|
|
|
|
|
Derivative
financial instruments
|
(59)
|
-
|
-
|
(59)
|
Total
financial liabilities held at fair value
|
(59)
|
-
|
-
|
(59)
|
|
|
|
|
|
|
|
|
|
|
all figures in £ millions
|
|
2019
|
2018
|
2018
|
|
|
half
year
|
half
year
|
full
year
|
|
|
|
|
|
Investments
in unlisted securities
|
|
|
|
|
At
beginning of year
|
|
93
|
77
|
77
|
Exchange
differences - OCI
|
|
-
|
2
|
3
|
Additions
|
|
7
|
5
|
13
|
Fair
value movements - OCI
|
|
18
|
2
|
8
|
Disposals
|
|
-
|
-
|
(8)
|
At
end of period
|
|
118
|
86
|
93
|
|
|
|
|
|
all figures in £ millions
|
|
2019
|
2018
|
2018
|
|
|
half
year
|
half
year
|
full
year
|
|
|
|
|
|
Reconciliation
of profit for the period to net cash used in / generated from
operations
|
|
|
|
|
|
|
|
|
|
Profit
for the period
|
|
48
|
189
|
590
|
Income
tax
|
|
(35)
|
13
|
(92)
|
Depreciation,
amortisation and impairment charges
|
|
158
|
123
|
253
|
Net
profit on disposal of businesses
|
|
(6)
|
(207)
|
(230)
|
Charges
relating to GMP equalisation
|
|
-
|
-
|
8
|
Net
loss / (profit) on disposal of fixed assets
|
|
2
|
6
|
(85)
|
Disposal of right
of use assets held under leases
|
|
(12)
|
-
|
-
|
Net
finance costs
|
|
24
|
31
|
55
|
Share
of results of joint ventures and associates
|
|
(18)
|
(15)
|
(44)
|
Net
foreign exchange adjustment
|
|
4
|
8
|
28
|
Share-based payment
costs
|
|
14
|
19
|
37
|
Pre-publication
|
|
(24)
|
(13)
|
(37)
|
Inventories
|
|
(58)
|
(19)
|
(10)
|
Trade
and other receivables
|
|
1
|
(16)
|
(15)
|
Trade
and other liabilities
|
|
(227)
|
(241)
|
35
|
Retirement benefit
obligations
|
|
2
|
(4)
|
(9)
|
Provisions for
other liabilities and charges
|
|
10
|
(5)
|
63
|
Net
cash (used in) / generated from operations
|
|
(117)
|
(131)
|
547
|
|
|
|
|
|
all figures in £ millions
|
note
|
2019
|
2018
|
2018
|
|
|
half
year
|
half
year
|
full
year
|
|
|
|
|
|
Reconciliation
of net cash used in / generated from operations to closing net
debt
|
|
|
|
|
|
|
|
|
|
Net
cash (used in) / generated from operations
|
|
(117)
|
(131)
|
547
|
Dividends from
joint ventures and associates
|
|
15
|
66
|
117
|
Less:
re-capitalisation dividends from PRH
|
|
-
|
(51)
|
(50)
|
Purchase of
PPE
|
|
(38)
|
(33)
|
(74)
|
Acquisition of new
right-of-use lease assets
|
|
(6)
|
-
|
-
|
Proceeds from sale
of PPE
|
|
-
|
-
|
128
|
Disposal of
right-of-use lease assets
|
|
14
|
-
|
-
|
Purchase of
intangible assets
|
|
(57)
|
(80)
|
(130)
|
Add
back: net costs paid for / (proceeds from) major
restructuring
|
|
60
|
27
|
(25)
|
Operating
cash flow
|
|
(129)
|
(202)
|
513
|
Operating tax
paid
|
|
(8)
|
(8)
|
(43)
|
Net
operating finance costs paid
|
|
(31)
|
(18)
|
(22)
|
Operating
free cash flow
|
|
(168)
|
(228)
|
448
|
Net
(cost paid for) / proceeds from major restructuring
|
|
(60)
|
(27)
|
25
|
Free
cash flow
|
|
(228)
|
(255)
|
473
|
Dividends paid
(including to non-controlling interest)
|
|
(101)
|
(93)
|
(137)
|
Net
movement of funds from operations
|
|
(329)
|
(348)
|
336
|
Acquisitions and
disposals
|
|
(150)
|
94
|
92
|
Re-capitalisation
dividends from PRH
|
|
-
|
51
|
50
|
Loans
(advanced) / repaid
|
|
(10)
|
46
|
46
|
New
equity
|
|
3
|
3
|
6
|
Buyback
of equity
|
|
-
|
(153)
|
(153)
|
Purchase of
treasury shares
|
|
(40)
|
-
|
-
|
Other
movements on financial instruments
|
|
(10)
|
1
|
(6)
|
Net
movement of funds
|
|
(536)
|
(306)
|
371
|
Exchange movements
on net debt
|
|
(9)
|
(37)
|
(82)
|
Movement
in net debt
|
|
(545)
|
(343)
|
289
|
Opening
net debt
|
|
(143)
|
(432)
|
(432)
|
Adjustment on
initial application of IFRS 16
|
|
(688)
|
-
|
-
|
Closing
net debt
|
15
|
(1,376)
|
(775)
|
(143)
|
|
PEARSON
plc
|
|
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Date: 26
July 2019
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By: /s/
NATALIE WHITE
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Natalie
White
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Deputy
Company Secretary
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