By Simon Zekaria
LONDON--Pearson PLC (PSON.LN) Friday said its chief financial
officer, Robin Freestone, is stepping down before the end of next
year, as it reiterated its full-year guidance on higher sales.
The U.K.-based publisher and education specialist said earnings
per share before exceptional items is expected between 62 pence and
67 pence in 2014. Nine-month sales rose 1% at constant exchange
rates, it added.
Sales in North America on the same basis rose 2%. Profit figures
weren't disclosed.
The company said it is booking restructuring costs of
approximately 50 million pounds ($80 million) in 2014, returning to
"normal levels" of restructuring in 2015.
"We are performing well competitively through a period of change
and in difficult markets. We still expect those markets to start to
stabilize next year and then return to growth in future years,"
said Chief Executive John Fallon.
Pearson, which generates about 60% of its revenue in the U.S.,
is restructuring to sharpen its focus on higher-growth
economies.
Pearson is a major player in North America's education industry,
publishing school textbooks and producing educational software for
teachers and pupils. However, the business, particularly in the
more-profitable college sector, is under pressure from digital
schoolbooks, online learning and tablet computers.
The company also owns high-profile consumer titles such as the
Financial Times newspaper.
News Corp. (NWS) which owns Dow Jones & Co., publisher of
The Wall Street Journal, competes with Pearson's publishing,
business-news and education divisions.
Mr. Freestone, who said he would like to step down before the
end of 2015 to explore a range of other interests, joined Pearson
in 2004 as deputy chief financial officer and became chief
financial officer in June 2006.
"I feel that eight years as CFO is long enough for anyone to
play this type of role. I am focused now on delivering our
financial commitments in 2014 and developing our 2015 plans,
supporting Pearson and my board colleagues in their search for a
successor, and facilitating the arrival and induction of that
person. After that I look forward to beginning a new phase of my
career," Mr Freestone said in a statement.
Pearson shares closed Thursday at 1169 pence, valuing the
company at GBP9.58 billion.
Write to Simon Zekaria at simon.zekaria@wsj.com
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