British publishing group Pearson raised its full-year outlook again today, saying it now expected adjusted earnings per share to be up 10% due to growth in its US College and Financial Times units.
The educational technology provider and Penguin Books owner said it had raised its guidance despite the uncertain macroeconomic outlook after posting a 7% rise in sales in the first nine months on constant exchange rates.
Sales at Penguin were up 5%, the education business was up 7% and the Financial Times group was up 11%, with the latter boosted by strong demand for its print, digital subscriptions and growth in advertising. Overall adjusted operating profits were up 15%.
'The end of the year is a key selling season in education and consumer publishing, and both businesses face tough comparables in the fourth quarter of 2010,' the group said.
'However, we are trading ahead of previous guidance and we now expect full year adjusted earnings per share to increase by approximately 10%,' it added.
