LONDON--Pearson PLC (PSON.LN), the U.K.-based publisher and
education specialist, Friday posted a rise in first-quarter sales
and said its longstanding chairman Glen Moreno is stepping
down.
The company said sales in the first three months of the year
rose 5% year-over-year, boosted by the strength of the U.S. dollar.
Ongoing sales were level at constant exchange rates compared with
the same period a year earlier. Excluding exceptional items and on
a reported basis, sales fell 1% to GBP900 million ($1.35
billion).
It continues to expects to report full-year adjusted earnings
per share of between 75 pence and 80 pence in 2015, up from 66.7
pence this year.
"Pearson has had a solid start to the year, in line with our
expectations," said Chief Executive John Fallon.
The group proposed a final dividend of 34 pence, giving a total
dividend of 51 pence for 2014, up 6% year-over-year.
Pearson said Mr. Moreno, after more than nine years as chairman,
intends to leave the company in the next 12 months. Pearson said it
will select his successor, without providing a time frame.
Pearson makes more than three-quarters of its revenue from
education, including textbooks and software for teachers and
students in schools and higher education, with 60% of total group
sales coming from North America.
Shares closed Thursday at 1,402 pence, valuing the company at
GBP11.5 billion.
News Corp. (NWS) which owns Dow Jones & Co., publisher of
The Wall Street Journal, competes with Pearson's publishing,
business-news and education divisions.
--Write to Simon Zekaria at simon.zekaria@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires