Pearson trading in line with expectations, chairman to step down

LONDON (ShareCast) - Publishing and education group Pearson (Xetra: 858266 - news) said it was in line to meet its full-year expectations after a solid start to the year. The FTSE 100 group said sales in the first quarter of 2015 rose 5% year-on-year, boosted by a strong dollar.

Ongoing sales were flat at constant exchange rates compared with the corresponding period 12 months ago, while excluding exceptional items, sales fell 1% to £900m on a reported basis.

The London-listed company reiterated guidance for full year adjusted earnings per share of between 75p and 80p this year, up from 66.7 in 2014.

Pearson , which owns the Financial Times, proposed a final dividend of 34p, bringing the total dividend to 51p for 2014, a 6% increase year-on-year.

Meanwhile, the group chairman Glen Moreno has announced he will step down from the board in the next twelve months after more than nine years in the role. A successor has not yet been identified.

Pearson shares were up 0.86% to 1,414.00p at 08:04 on Friday.