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Pearson and Relx: a tale of two publishers

Pearson and Relx: a tale of two publishers

Pearson’s (PSON) numbers for 2019 had been foreshadowed within a disappointing January trading update. But that didn’t stop its shares from sinking further on results day – hitting their lowest price since 2003. At issue is the academic publisher’s turbulent transition towards becoming a digital learning company, laid bare by the performance of its US higher education courseware business. Here, significant declines in print – namely textbooks – have dragged down modest revenue growth in online products, while masking improvements in all other parts of the broader group.

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