Pearson Aims to Match or Beat 2008 Earnings in '09

Pearson Educational Measurement Includes Iowa City Operations

Publishing group Pearson posted a 24 percent rise in 2008 adjusted earnings per share thanks to a strong performance at its educational unit, and said it expected to either match or better that in 2009.

The owner of the world's largest educational publishing business, the Financial Times group and Penguin books, reiterated on Monday its caution about the economic environment but said it would pay a dividend up 7 percent at 33.8 pence.

"We don't expect economic conditions to improve any time soon, but we do expect our company to remain hardy and aggressive," Chief Executive Marjorie Scardino said in a statement.

Pearson had said in January it expected to report headline earnings growth of about 20 percent for 2008, which would result in adjusted EPS of 56.0 pence. The 24 percent rise gave it adjusted EPS of 57.7 pence.

"Based on current exchange rates and market conditions, we would expect to achieve full-year adjusted earnings at or above the 2008 level of 57.7 pence per share," it said.

Pearson reported that 2008 underlying sales rose 8 percent at constant exchange rates to 4.8 billion pounds, beating the average analyst forecast of 4.69 billion pounds in a Reuters Estimates poll of 17 analysts.