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Pearson in talks to sell U.S. K12 business, hits 2017 profit target

Reuters
FILE PHOTO: The company logo is displayed outside the Pearson offices in London, Britain August 4, 2017. REUTERS/Neil Hall/File Photo

LONDON (Reuters) - Educational publisher Pearson said on Friday it was in talks with potential buyers to sell its K12 school business in the United States, as it reported 2017 adjusted operating profit at the top end of its guidance.

The British company is restructuring after issuing a string of profit warnings sparked by the cost of moving to digital from paper textbooks, repeatedly knocking investor confidence and forcing it to cut thousands of jobs.

It said on Friday its profit was 576 million pounds, down 9 percent but above its recently upgraded range of 570 million to 575 million pounds, due to a lower tax rate. It also reiterated its forecasts for 2018.

(Reporting by Kate Holton, Editing by Paul Sandle)