Pearson "Completed Our Intense Two Year Restructuring"; Names PRH's Williams CFO

Publishers Lunch

Pearson announced preliminary annual results Friday morning, with sales of £4.874 billion down 4 percent (but up 2 percent on a constant-exchange-rate basis) and higher operating profit of £720 million -- with lower restructuring charges but a higher tax rate, leaving earnings down to 66.7 pence per share, compared to 70.1 pence per share a year ago. Those results were in line with their "trading update" from earlier this year. Chief executive John Fallon declared, "We've completed our intense two year restructuring and reinvestment programme and performed well competitively despite some challenging market conditions." The company forecast improved adjusted earnings per share of between 75 pence and 80 pence in 2015 as they "return to more normal levels of restructuring expenditure."

Announced separately this morning, Penguin Random House cfo Coram Williams will return to London to take over as CFO at Pearson this summer. Penguin Random House ceo Markus Dohle wrote to employees, "Coram has been a highly trusted and respected partner for all of us at Penguin Random House during this transformative time, and although I am personally sad to see him go, I am very happy for him as he takes this exciting next step in his career." He noted, "A successor for Coram's responsibilities will be announced in due course."