FINANCIAL Times owner Pearson has reported 2014 profits in line with forecasts and appointed a new finance director to see the group through to what it hopes will be a return to its glory days after two years of painful restructuring.
Pearson, the 171-year-old world leader in education, reiterated its pledge to return to earnings growth in 2015 as it posted 2014 adjusted operating profit of £720 million, up five per cent on an underlying basis.
Adjusted earnings per share for 2014 came in at 66.7 pence, slightly better than a forecast of 66 pence given in January and the group reiterated that it expected this to grow to between 75 and 80 pence in 2015, in what would be the first rise since 2011.
Liberum analysts said the outlook was largely known however and that the shares may weaken following a recent strong run.
Having expanded rapidly for years, Pearson spent 2013 and 2014 restructuring to increase its focus on the faster growth areas of digital services and emerging markets to complement its core U.S. education division.
"We've completed our intense two year restructuring and reinvestment programme and performed well competitively despite some challenging market conditions," said chief executive John Fallon.
Of its different geographical divisions, North America, worth 61 per cent of group revenue, posted a five per cent rise in underlying adjusted operating profit.
The group said Coram Williams, from its Penguin Random House book joint venture, would take over as chief finance officer from August 1,
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