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Pearson: 2017 results at top end of guidance

(CercleFinance.com) - Pearson hit the top of of its profit guidance range in 2017, posting adjusted operating profit of 576 million pounds, down from 635 million pounds in 2016.

Total underlying revenues fell 2%, due to a 4% drop in sales in North America.

However, chief executive John Fallon said the British education publisher has made "good progress" in terms of its strategic priorities, with a further simplification of its portfolio.

Pearson completed the sales of Global Education, and a 22% stake in Penguin Random House in 2017 and announced that it had signed an agreement to sell Wall Street English (WSE).

For 2018, the firm said it was confident in making further progress in its strategic priorities and grow underlying profit in 2018, targeting adjusted operating profit of between 520 million pounds and 560 million pounds.

The share was up 3.3% at 727.8 pence in early-morning trading today.

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