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Pearson Upgrades Outlook For 2010 After Strong First Half

By Lilly Vitorovich Of DOW JONES NEWSWIRES LONDON -(Dow Jones)- Pearson PLC (PSON.LN) Monday upgraded its outlook for 2010 as the publisher reported better-than-expected first-half results, underpinned by the strong performance of its education and publishing operations. While market conditions remain uncertain and growth is expected to slow in the second-half due to tough comparables, Pearson, which generates about 60% of its total earnings and sales from its vast education operations, forecast adjusted earnings of approximately 70 pence a share for the year, up from 65.4 pence a year earlier. The guidance takes into account the earnings impact from the sale of its 61% stake in Interactive Data Corp. "The 2010 finish line isn't yet in sight, but this is as good a start to our year as I've seen. That boosts our confidence in the full year, enabling us to brighten our outlook and raise our guidance," Chief Executive Marjorie Scardino said. "We've invested consistently in global and digital education and information and that's helping every part of Pearson grow strongly, even in uncertain markets. We're also able to accelerate that change as we part company with Interactive Data and put the proceeds to work in the world's leading learning company," she added. Adjusted operating profit from continuing operations--one of the figures tracked by U.K. analysts--jumped sharply to GBP178 million for the six months ended June 30, beating market expectations of GBP97 million, underpinned by strong growth across all its businesses. That compares with GBP84 million a year earlier. Pearson, which also publishes the Financial Times newspaper and Penguin books, has been clear about its strategy to expand its education business in Asia, Africa and Latin America. Since the sale of its 61% stake in IDC for around $2 billion before tax in May, the group has bought two businesses, Melorio PLC (MLO.LN) for GBP99.3 million and Sistema Educacional Brasileiro's learning systems business for GBP326 million. Pearson declared an interim dividend of 13 pence a share, up 7% from 12.2 pence a year earlier. Pearson shares closed at 973 pence Friday, valuing the group at GBP7.79 billion. -By Lilly Vitorovich, Dow Jones Newswires; 44-0-207 842 9290; lilly.vitorovich@dowjones.com

Stock News for Interactive Data (IDC)
DateTimeHeadline
07/26/201002:51:30Pearson Upgrades Outlook For 2010 After Strong First Half
05/10/201009:56:13Interactive Data 1Q Profit Falls 7.6%; Revenue Increases
05/04/201010:03:21MARKET SNAPSHOT: Euro-zone Fears Rattle U.S. Stocks; Pfizer Climbs
05/04/201004:24:15Pearson Agrees To Sell Interactive Data Stake For Around $2 Billion
05/04/201004:09:26Pearson Sells 61% Stake In Interactive Data For $33.86/Share
04/30/201003:22:44CORRECT: Pearson 1Q Revenue Up 7%; Sees Profit Growth
04/30/201002:52:22Pearson 1Q Revenue Up 7%; Sees Profit Growth
04/12/201014:16:32Sale Of Pearson's IDC Unit Edges Toward Next Round - Sources
03/29/201019:39:14KKR, CVC Team Up To Bid For Pearson's IDC - Source
03/24/201015:14:31Apax Partners Out Of Auction For Pearson's IDC -Source
03/01/201013:27:35Pearson Short-Lists 4 Bids In 2nd Round Of IDC Sale - Sources
03/01/201002:52:01Pearson Posts Strong Earnings, Upgrades Dividend, Outlook Upbeat
02/19/201010:22:16Pearson's IDC Sale Set To Move Into Second Round - Sources
01/15/201003:06:06Pearson Says IDC Is Reviewing Options

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