Pearson reports "solid" start to the year

Friday 25 April 2014 11.54
Pearson's headline sales fall 6% in the first quarter due to currency impact
Pearson's headline sales fall 6% in the first quarter due to currency impact

Education group Pearson said it made a "solid" start to the year, although the strength of the pound against the dollar and some currencies in emerging markets caused headline sales to fall 6% in the first quarter. 

The British group also owns the Financial Times newspaper.

It said that sales at constant exchange rates, excluding its Penguin publishing arm which it has merged with Random House and the disposal of Mergermarket, increased by an underlying 1% to £900m. 

Pearson said the impact of the strong pound and restructuring charges would result in first-half adjusted earnings per share (EPS) falling on a year ago.

But it would still come in between 62 pence and 67 pence for the full year, the company added.