Full year sales up five per cent at Pearson

Full year sales rose five per cent at constant exchange rate to 6.1bn pounds at education and publishing company Pearson.

In its unaudited preliminary results for 2012, the company reported that adjusted operating profit was 1.0% higher than in previous year at £936m.

Adjusted earnings per share were 84.2p, compared to 86.5p in 2011. Operating cash flow was £788m compared to £983m in 2011.

The dividend was increased by 7.0% to 45p.

Geographical performancePearson reported that North American Education revenues were up 2.0% in a year when US School and Higher Education publishing revenues declined by 10% for the industry as a whole.

International Education revenues were up 13% with emerging market revenues up 25%.

FT Group revenues rose 4.0% with the Financial Times' total paid print and online circulation up to 602,000. Digital subscriptions exceeded print circulation for the first time.

Penguin revenues increased 1.0%, with strong publishing performance and eBooks now 17% of sales.

John Fallon, Chief Executive Officer of Pearson, said: "Pearson has a sound, successful strategy. Now we are significantly accelerating its implementation.

"Trading conditions are tough and structural changes mean many of our traditional publishing activities are under pressure. But the underlying demand for effective education remains immensely powerful and our developing world and digital services businesses have real scale and momentum.

MF