Pearson's (PSON) transformation from print publisher to digital content and services specialist may finally be paying off. Strip out currency effects and the sale of deal intelligence business Mergermarket, and the education specialist's operating profits rose 8 per cent to £720m.
That reflected constant-currency sales growth of 2 per cent, driven by rising sales of digital services and the £505m cash-and-debt acquisition of Brazilian school conglomerate Grupo Multi. Pearson also completed a two-year restructuring programme. Net restructuring costs were two-thirds lower, at £44m, and the group expects to realise £45m in cost savings this year.