British publisher Pearson forecast a return to earnings growth after two years of restructuring, helped by improved fortunes in North America where falls in college enrolments have started to ease.
Pearson, the world leader in educational publishing, beat forecasts for several years around the turn of the decade.
This was before it embarked on a restructuring programme to increase its focus on the faster growth areas of digital services and emerging markets to complement its core US education division.
The group now expects significant earnings growth in 2015, its first increase since 2011, and to then build on that momentum in the years ahead, chief executive John Fallon said.
"As I said when we started this process two years ago, we would emerge a faster growing, more cash generative and leaner company, and I feel more confident of that than ever," he said.
Pearson, the 171-year-old company which also owns the Financial Times newspaper, reported adjusted earnings per share of 66.7 pence in 2014.
That was marginally better than a forecast of 66 pence given in January and the company reiterated a forecast of 75-80 pence EPS in 2015.
Looking at its different geographical divisions, North America, worth 61% of group revenue, posted a 5% rise in underlying adjusted operating profit.
Within its important US Higher Education unit, total college enrolments fell 1.3%, a slight decrease on the 1.9% drop recorded in 2013.
Fallon said enrolments traditionally increased during the early years of a recession and then fall as the economy recovered and jobs materialised. It then tends to stabilise and grow again, which is what Pearson is expecting now.
The group also said today that Coram Williams, CFO of its Penguin Random House book joint venture, would take over as chief finance officer from August 1, replacing Robin Freestone.
