British publisher Pearson Plc (PSON.L,PSO), in a trading update, Monday said it expects to report lower adjusted earnings per share for full-year 2012, but sees 'good' revenue growth at constant exchange rates. The company noted that market conditions remained weak, as expected, in its key fourth-quarter selling season for higher education, consumer publishing and corporate advertising.
For 2012, the publisher of the Financial Times expects adjusted earnings of about 84 pence per share. Operating profit for the year is expected to be nearly 935 million pounds, broadly unchanged at constant exchange rates.
In 2011, adjusted earnings were 86.5 pence per share and the company had posted operating profit of 1.23 billion pounds. Sales in the year were 5.86 billion pounds.
The company said its 2012 results will reflect absence of a profit contribution from sale of FTSE International, comprising 20 million pounds of operating profit and 2.2 pence of earnings per share. The results will also reflect impact of radically-changed trading environment for Pearson in Practice, which led to the recent decision to plan to exit the business, Pearson added.
Earlier this month, Pearson announced that it intends to exit its UK adult training business, Pearson in Practice, and is therefore entering into a consultation period with Pearson in Practice staff. In October 2012, Pearson had initiated a comprehensive review of Pearson in Practice in response to a radically changing trading environment.
The company is scheduled to report its preliminary results for 2012 on February 25.
PSON.L is currently trading at 1,189 pence, down 49 pence or 3.96 percent, on a volume of 1.53 million shares on the LSE.
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