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Pearson hints at full-year gain from currency
July 29, 2016 / 6:41 AM / a year ago

Pearson hints at full-year gain from currency

July 29 (Reuters) - Pearson Plc, the world’s biggest education company that is struggling with a downturn, said it could potentially surpass its previous full-year adjusted operating profit guidance, if current currency exchange rates persisted.

The company said its earnings per share guidance range, before the cost of restructuring, would increase by about 4 pence if rates stayed where they were. Pearson earlier expected to earn between 50 pence and 55 pence for the full year.

Pearson reported adjusted operating profit of 15 million pounds ($20 million) for the first half ended June 30, down from 54 million pounds a year earlier.

Hurt by declines in assessment revenue in the United States and the UK, underlying sales fell 7 percent in the six months to 1.886 billion pounds, compared with a company-provided consensus of a fall of 5 percent. ($1 = 0.7591 pounds) (Reporting by Esha Vaish in Bengaluru and Kate Holton in London; Editing by Gopakumar Warrier)

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