ReutersNew.gif Pearson first quarter sales fall on U.S. contract losses Reuters, in Mail Online, London, 29 April 2016 Pearson, the British education company struggling to cope with a downturn in its biggest markets, reported a 4 percent fall in first-quarter underlying sales, hit by the loss of high-profile testing contracts in the United States. Pearson, which sold the Financial Times and its stake in the Economist last year to concentrate on education, said the loss of contracts from states including New York and Texas would be felt in the firm's first-half numbers. The company, which announced another major restructuring earlier this year, said it was however trading in line with the full-year expectations set out in February and was progressing well with its plan to cut jobs and costs. Job loss bloodbath Of the 4,000 employees set to lose their jobs, almost half have been notified. "Pearson has had a solid start to the year, in line with our expectations," Chief Executive John Fallon said. "We are making good progress on our simplification plan and in our work to have a bigger impact on student learning, which will in turn support our future growth." The group, which said it had seen growth in K12 and higher education courseware, said it expected to report a modest adjusted operating profit before restructuring charges at its interim results. Analysts had said the first quarter was a relatively quiet period for Pearson which did not always reflect the likely outcome of the full-year results. (Reporting by Kate Holton, editing by James Davey) From: http://www.dailymail.co.uk/wires/reuters/article-3565118/Pearson-quarter-sal es-fall-U-S-contract-losses.html -- -- You are subscribed. This footer can help you. Please POST your comments to [email protected] or reply to this message. You can visit the group WEB SITE at http://groups.google.com/group/yclsa-eom-forum for different delivery options, pages, files and membership. To UNSUBSCRIBE, please email [email protected] . You don't have to put anything in the "Subject:" field. You don't have to put anything in the message part. All you have to do is to send an e-mail to this address (repeat): [email protected] . --- You received this message because you are subscribed to the Google Groups "YCLSA Discussion Forum" group. To unsubscribe from this group and stop receiving emails from it, send an email to [email protected]. For more options, visit https://groups.google.com/d/optout.
