Pearson Makes "A Good Start" to 1999 Trading

Speaking at today’s annual general meeting, Pearson plc’s chairman, Sir Dennis Stevenson, made a brief statement on current trading. He said:

"Pearson has made a good start to the year. We are pleased with the performance of Pearson Education which, following the recent acquisition of the Simon & Schuster businesses, is on track to meet expectations in 1999. Across the company, much of our profit is earned in the second half of the year and, at this stage, all our businesses are trading very much in line with projections."

Sir Dennis also announced that Lord Burns will next week join the board of Pearson plc, as a non executive director. Sir Dennis said: "Terry Burns has a wealth of knowledge and experience in both the financial and educational worlds which will greatly help the board’s thinking as we drive the next stages in Pearson’s continuing growth."

Lord Burns was the UK Government’s chief economic adviser from 1980 until 1991 and Permanent Secretary of HM Treasury from 1991 until last year. He spent 15 years at the London Business School, where he held various research and teaching posts before becoming Professor of Economics.

Notes

Terry Burns was Permanent Secretary at HM Treasury from 1991 until 1998 and its chief economic adviser from 1980 until 1991. Before joining the Treasury, in a 15 year career at the London Business School, he held a variety of research and teaching posts, becoming Director of its Centre for Economic Forecasting in 1977 and Professor of Economics in 1979. He joined the House of Lords in July 1998 and is a member of its select committee on the monetary policy committee of the Bank of England and chairman of its financial services and markets joint committee.

He is a non executive director of Legal & General Group plc and a director of Queens Park Rangers football club. He holds a number of academic and other posts, including President, Society of Business Economists and Vice President of the Royal Economic Society. He is also a Governor of the Royal Academy of Music.

Under the rules on the acceptance of outside appointments by Crown servants, Lord Burns applied for permission to accept this appointment. The Prime Minister, on the advice of the Advisory Committee on Business Appointments, approved the application unconditionally.

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