Pearson: guidance reiterated; cost savings plan underway.
(CercleFinance.com) - Pearson said that it has made good progress in its strategic priorities over the first half of the year and is maintaining its guidance for 2017.
The British publisher said it will reduce headcount by approximately 3,000 positions as part as a 300 million pound cost efficiency programme for 2017-2019, the details of which it unveiled today.
The company plans to generate cost savings from next year, with around 70 million pounds in 2018, an additional 130 million pounds in 2019 and the remaining 100 million pounds in 2020.
Pearson also reiterated its guidance, expecting adjusted operating profit of between 546 million pounds and 606 million pounds this year.
Firs-half adjusted operating profit improved to 107 million pounds, from 15 million pounds one year ago, already reflecting savings from the restructuring program and the strength of the US dollar against the pound sterling.
Firs-half sales rose 1% to 2 billion pounds in underlying terms, primarily due to higher gross sales in North American higher education courseware, and good growth in Wall Street English language courseware.
Pearson shares are currently up 3.6% at 693.5 pence in London.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
The British publisher said it will reduce headcount by approximately 3,000 positions as part as a 300 million pound cost efficiency programme for 2017-2019, the details of which it unveiled today.
The company plans to generate cost savings from next year, with around 70 million pounds in 2018, an additional 130 million pounds in 2019 and the remaining 100 million pounds in 2020.
Pearson also reiterated its guidance, expecting adjusted operating profit of between 546 million pounds and 606 million pounds this year.
Firs-half adjusted operating profit improved to 107 million pounds, from 15 million pounds one year ago, already reflecting savings from the restructuring program and the strength of the US dollar against the pound sterling.
Firs-half sales rose 1% to 2 billion pounds in underlying terms, primarily due to higher gross sales in North American higher education courseware, and good growth in Wall Street English language courseware.
Pearson shares are currently up 3.6% at 693.5 pence in London.
Copyright (c) 2017 CercleFinance.com. All rights reserved.