Sales 'level' for Pearson at nine-month point

Pearson has reported sales level in underlying terms for the first nine months of 2014, with Penguin Random House performing "well" in the third quarter. 

Meanwhile chief financial officer Robin Freestone is to stand down after eight years in his role, the company said.

In its interim management statement, released today (24th October), Pearson said its revenues were up 1% year-on-year at constant exchange rates, and level in underlying terms, across the nine-month period. In headline terms, revenues declined 6%, "reflecting the strength of sterling against the US dollar and key emerging market currencies."

Chief executive John Fallon said: "Overall, we are performing well competitively through a period of change and in difficult markets. We still expect those markets to start to stabilise next year and then return to growth in future years. Our restructuring programme is on track and our momentum in digital, services and emerging market education is building, which will drive a leaner, more cash generative, faster growing business from 2015."  

Of Penguin Random House, the only information released was that it had performed "well" in the third quarter, with the integration of the company's businesses "progressing well and ..on track to deliver benefits in 2015 and beyond."

Meanwhile c.f.o. Robin Freestone is to step down before the end of 2015, after 10 years with Pearson, including eight as c.f.o., "to explore a range of other interests". He said: "I feel that eight years as CFO is long enough for anyone to play this type of role.  I am focused now on delivering our financial commitments in 2014 and developing our 2015 plans, supporting Pearson and my board colleagues in their search for a successor, and facilitating the arrival and induction of that person."

Fallon said Freestone had been "instrumental in helping to reshape Pearson as a more global, digital and service-oriented business serving millions of learners and customers around the world." He added: "I have enjoyed working closely with Robin over the last decade and have benefited greatly from his wise counsel, as well as his financial leadership."