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9 months ago
Cost cuts help Pearson to reiterate targets amid tough trading
October 17, 2016 / 6:15 AM / 9 months ago

Cost cuts help Pearson to reiterate targets amid tough trading

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LONDON, Oct 17 (Reuters) - Pearson, the world's biggest education company, reiterated its full-year outlook on Monday after cost cuts helped it counter worse-than-expected trading in the third quarter.

In a key update for investors, Pearson said nine-month organic sales fell by 7 percent, maintaining the declines recorded in the first half of the year due to weak demand for courseware in its North American higher education business.

Analysts had expected a nine-month fall of 5 percent.

Pearson said the pressures on the courseware business had however shown signs of improvement in September and October.

Combined with cost cuts, this enabled the group to reiterate its forecast of adjusted operating profit of between 580 million pounds and 620 million pounds ($720-$771 million). ($1 = 0.8042 pounds) (Reporting by Kate Holton, Editing by Paul Sandle)

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