March 23, 2020 / 7:38 AM / 14 days ago

Pearson halts buyback, sees up to 35 mln pound hit to profit from virus

March 23 (Reuters) - British publisher Pearson said on Monday it would halt share buybacks as it predicted a 25 million pounds to 35 million pounds hit to operating profit this year due to the coronavirus-driven closure of many of its academic testing centres.

“To date, we have seen test cancellations which impact our 2020 operating profit by around £15m after mitigating actions. We believe there is risk of further state test cancellations which could have a similar impact on profit,” the company said. (Reporting by Tanishaa Nadkar in Bengaluru; Editing by Aditya Soni)

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