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Pearson cuts profit outlook and dividend as U.S. market slumps

Reuters - UK Focus

LONDON, Jan 18 (Reuters) - Troubled British education publisher Pearson (Xetra: 858266 - news) cut its profit outlook for the next two years and said it would have to reset its 2017 dividend due to an "unprecedented" decline in its North American business.

Pearson, which has issued a string of profit warnings in recent years due to weakness in the U.S. and volatility in emerging markets, said it expected to deliver operating profit in line with guidance for 2016 due to a cost cutting programme.

But the slowdown in its markets meant it now sees 2017 underlying profitability around 180 million pounds ($222.1 million) lower than it had expected in early 2016. It has withdrawn its operating profit goal for 2018 and said it would have to "rebase" its dividend from 2017 onwards. ($1 = 0.8103 pounds) (Reporting by Kate Holton, editing by James Davey)