Home » News and Views » Pearson Abandons Profit Goal After Unprecedented Collapse in North America

Pearson Abandons Profit Goal After Unprecedented Collapse in North America

Pearson PSON failed to stop the rot as its year end approached and Quarter 4 produced further unprecedented decline in its North American higher education business. Net revenue fell by 30% leading to an annual decline of 18% for the full year, again an unprecedented collapse. Despite this profits for 2016 are still expected to be in line but the operating profit goal for 2018 has been abandoned because of the continuing challenges and uncertainty in the North American market. From 2017 dividends are to be rebased.

MITIE Group MTO warns of underperformance in the cleaning division, a board meeting this week which lasted for two days whilst it considered the company’s problems and management changes which are now being implemented. Delays and deferrals by clients have added to the problems and means that income expected early in the year, will now be deferred until quarter 2017. Underlying operating profit for the year to 31st March is expected to fall to between 60 – 70m. pounds

Premier Foods PFD has been forced to issue a profit warning after weak third quarter sales which were down by 1% even after a strong December which saw a rise of 4.5%. Mince pies led the way with a 17% surge. With quarter 4 expected to see sales below expectations as a result of the continuance of challenging conditions, trading profit for the full year is now expected to be down by 10%.

FDM Group FDM Anticipates that results for the year to the end of December will be ahead of expectations, following a strong second half, combined with favourable exchange rates. 2016 revenue grew by over 34% on a constant currency basis.

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