Pearson PLC announces a proposed final dividend of 13.5p (2019: 13.5p), which equates to a full year dividend of 19.5p (2019: 19.5p).
Other financial highlights include:
- Underlying revenue declined 10%.
- Global Online Learning up 18% reflecting increased demand for virtual learning.
- Global Assessment 14% lower, and International down 19%.
- North American Courseware down 13%, with US Higher Education Courseware in line with pre-COVID expectations.
Performance in line with revised expectations post COVID-19; with adjusted operating profit of £313m (2019: £581m)
- Adjusted earnings per share of 28.7p (2019: 57.8p) after an effective tax rate charge of 13.7% (2019: 16.5%).
Strong balance sheet and cash performance
- Operating cash flow of £315m (2019: £418m) with a conversion rate of 101% reflects lower profit partially offset by good working capital management.
- Year-end net debt reduced to £463m (2019: £1,016m) with leverage at 0.8x (2019: 1.3x).