Pearson profits ‘on track’ as strong sterling hits sales

PearsonPearson says it is on track to meet its forecasts for its full-year profits although a rise in the value of sterling dampened its sales in the first three months of 2014.

Pearson, which has seen its shares fall 22 per cent this year after cutting forecasts twice, said in a trading statement on Friday ahead of its annual meeting that its headline revenues declined 6 per cent year-on-year in the first quarter “due to the strength of sterling against the US dollar and key emerging market currencies”.

However, at constant exchange rates, sales at Pearson, which owns the Financial Times, rose 2 per cent to £900m.

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