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Pearson Preliminary FY Adj. Operating Profit Declines; Underlying Revenue Down 10%

Pearson PLC (PSO,PSON.L) reported profit before tax of 354 million pounds for the year ended 31 December 2020 compared to 232 million pounds, prior year. Earnings per share was 41.0 pence compared to 34.0 pence. Adjusted operating profit declined to 313 million pounds from 581 million pounds. Excluding the impact of FX and portfolio changes, underlying adjusted operating profit was down 40%. Adjusted earnings per share was 28.7 pence compared to 57.7 pence.

Fiscal year sales from continuing operations decreased 12% to 3.40 billon pounds from 3.87 billion pounds, last year. Underlying revenue declined 10%.

For 2021, the Group expects year on year revenue growth, with adjusted operating profit to be in line with current market expectations.

The Board proposed a final dividend of 13.5 pence, flat year on year, which results in an overall dividend of 19.5 pence. This will be payable on 7 May 2021.

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