Yahoo Finance Pearson shares fall despite higher profit expectations
Shares in struggling education publisher Pearson fell this morning as it revealed another drop in revenues due to its struggling US textbook business.
The FTSE 100 firm said it expected adjusted operating profits of between £600m and £605m in the full-year, towards the top end of guidance of between £575m and £606m issued in October.
But underlying revenues dropped 2pc due to a 4pc decline in its North America business, which sent its shares down 5.9pc to 676p in early trading.
Pearson has been selling off media assets, including the Financial Times and the Economist as it focuses on improving its core education business. It also sold English teaching businesses Wall Street English and Global Education last year.
John Fallon, chief executive, said: "We made good progress in 2017 on the simplification of our portfolio, the strengthening of our balance sheet and delivered results at the top end of guidance."
He added: “Our restructuring programme is on track and our 2017 performance has set us up well to make further progress against our strategic priorities and grow profit in 2018."
