Pearson 2019 results

   

£m 2019 2018 HEADLINE GROWTH CER GROWTH UNDERLYING GROWTH
BUSINESS PERFORMANCE
Sales 3,869 4,129 (6)% (9)% 0%
Adjusted operating profit 581 546 6% 4% 6%
Operating cash flow 418 513      
Adjusted earnings per share 57.8p 70.3p      
Dividend per share 19.5p 18.5p      
Net Debt (1,016) (143*)      
STATUTORY RESULTS
Sales 3,869 4,129      
Operating profit 275 553      
Profit for the year 266 590      
Cash generated from operations 480 547      
Basic earnings per share 34.0p 75.6p      
Segment Business units Revenue drivers Longer term revenue outlook
Global Online Learning OPM, Virtual Schools
  • Growth driven by enrolments
  • Mid-single digit growth
  • Mid to high-single digit
Global Assessment Pearson VUE, US Student Assessment, US Clinical Assessment
  • Growth in Pearson VUE, stabilisation in US Student Assessment
  • Low to mid-single digit growth
  • Low to mid-single digit
International English, Core and Growth excluding online learning.  Includes UK Student Assessment & Qualifications
  • Growth driven by English, UK student Assessment and Qualifications partially offset by loss of NCT
  • Low to mid-single digit growth
  • Low to mid-single digit
North American Courseware US Higher Education Courseware, Canadian Courseware
  • Similar trends to 2019 with continued declines in print and modest growth in digital
  • Stabilisation, then growth
£ millions 2019 2018 HEADLINE GROWTH CER GROWTH UNDERLYING GROWTH
SALES
North America 2,534 2,784 (9)% (13)% (3)%
Core 838 806 4% 4% 5%
Growth 497 539 (8)% (7)% 4%
Total Sales 3,869 4,129 (6)% (9)% 0%
ADJUSTED OPERATING PROFIT
North America 361 362 0% (6)% (3)%
Core 92 57 61% 67% 58%
Growth 63 59
7% 7% 24%
Penguin Random House 65 68 (4)% (1)% (1)%
Total adjusted operating profit 581 546 6% 4% 6%
all figures in £ millions 2019 2018
Operating profit 275 553
Add back: Cost of major restructuring 159 102
Add back: Intangible charges 163 113
Add back: Other net gains and losses (16) (230)
Add back: UK pension GMP equalisation - 8
Adjusted operating profit 581 546