By Simon Zekaria
LONDON-- Pearson PLC on Friday appointed a new financial chief,
as the U.K. publisher posted a lower full-year profit following a
restructuring.
The company said it has appointed Coram Williams, chief
financial officer of book publisher Penguin Random House--a joint
venture in which Pearson has a 47% stake--as its new CFO. Mr.
Williams will start the role on Aug. 1, replacing Robin Freestone,
whose departure was announced last year.
Pearson, which publishes the Financial Times newspaper, said its
2014 net profit fell to GBP470 million ($725 million) from GBP538
million the prior year. Adjusted operating profit, before
restructuring charges, fell 5% to GBP720 million, in line with
company forecasts. Adjusted earnings per share fell to 66.7 pence
from 70.1 pence, also in line with previous guidance.
It expects to report adjusted earnings per share of between 75
pence and 80 pence in 2015, in line with its previous guidance.
Sales fell 4% to GBP4.87 billion, in line with market
forecasts.
Pearson generates about 60% of its sales in North America and
three-quarters of its revenue from education.
"We've completed our intense two year restructuring and
reinvestment [program] and performed well competitively despite
some challenging market conditions," said Chief Executive John
Fallon.
Pearson proposed a fiscal-year dividend of 51 pence a share, up
6% from a year earlier.
News Corp, which owns Dow Jones & Co., publisher of The Wall
Street Journal, competes with Pearson's book publishing,
business-news and education divisions.
Pearson shares closed Thursday at 1,396 pence, valuing the
company at GBP11.5 billion. The stock has risen 17% so far this
year.
Write to Simon Zekaria at simon.zekaria@wsj.com
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