PSON’s interims contain no major surprises, but we have revised our forecasts to reflect the patchy trading performance, a mixed outlook and the FT Group disposal (a positive initiative). The result is FY15E EPS and DPS reductions of 4%/1%, respectively. We remain cautious on PSON’s trading outlook, the execution difficulties implied by digital evolution in the global learning market and the possibility of contract losses in N. America. We have trimmed our TP from 1,179p to 1,131p
24 Jul 2015
Interim results
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Interim results
Pearson PLC (PSON:LON) | 994 -6 (-0.1%) | Mkt Cap: 6,795m
- Published:
24 Jul 2015 -
Author:
Roddy Davidson -
Pages:
4
PSON’s interims contain no major surprises, but we have revised our forecasts to reflect the patchy trading performance, a mixed outlook and the FT Group disposal (a positive initiative). The result is FY15E EPS and DPS reductions of 4%/1%, respectively. We remain cautious on PSON’s trading outlook, the execution difficulties implied by digital evolution in the global learning market and the possibility of contract losses in N. America. We have trimmed our TP from 1,179p to 1,131p