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Pearson (PSON) shares fell over 5 per cent on the morning the publishing giant announced these full-year results. That reflected a downbeat outlook statement and a 3 per cent dip in adjusted earnings per share last year - although management had flagged-up the bad news in a trading statement last month. Even before factoring in £150m of restructuring costs, new chief executive John Fallon expects profits to be flat this year.