UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of April 2007
PEARSON plc
(Exact name of registrant as specified in its charter)
N/A
(Translation of registrant's name into English)
80 Strand
London, England WC2R 0RL
44-20-7010-2000
(Address of principal executive office)
Indicate by check mark whether the Registrant files or will file annual reports
under cover of Form 20-F or Form 40-F:
Form 20-F X Form 40-F
Indicate by check mark whether the Registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934
Yes No X
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This Report includes the following documents:
1. A press release from Pearson plc announcing AGM Statement
27 April 2007
PEARSON: AGM TRADING UPDATE
Pearson is today providing the following trading update at its Annual General
Meeting.
Pearson reported record results in 2006 and our good trading has continued in
the early part of 2007. We have performed well in the major school textbook
adoptions; continued to roll out our innovative online learning and assessment
platforms in Higher Education; published a string of bestsellers in Penguin; and
achieved steady growth in both advertising and circulation at FT Publishing.
We are trading in line with expectations for 2007 and expect to achieve good
underlying earnings growth, cash conversion ahead of our 80% threshold, and a
further increase in return on invested capital. As always, our sales and profits
will be concentrated in the second half of the year.
Our expectations for the full year remain:
- School to achieve underlying sales growth in the 4-6% range with
margins improving;
- Higher Education sales to grow in the 3-5% range with stable margins;
- Professional revenues to be broadly level with margins improving;
- Penguin margins to improve further, as our publishing investment and
efficiency programmes continue to bear fruit;
- Financial Times Group profit to grow strongly with our cost measures,
integration actions and revenue diversification pushing margins into double
digits at FT Publishing. IDC revenues to grow in the 6-9% range with net income
growth in the high single-digits to low double-digits (headline growth under US
GAAP).
Marjorie Scardino, chief executive, said: "We've achieved strong growth with a
consistent strategy: leading content, services and technology to make it more
valuable, international expansion and ongoing efficiency measures. Those
advantages, and our solid start to the year, make us confident that 2007 will be
another good year for Pearson."
Pearson generates about two-thirds of its sales in the US and each five cent
change in the average GBP:$ exchange rate for the full year would have an impact
of approximately 1p on adjusted earnings per share. The average GBP:$ exchange
rate was GBP1:$1.84 in 2006 and GBP1: $1.96 in the first quarter of 2007.
For more information:
Luke Swanson/ Simon Mays-Smith/ Deborah Lincoln + 44 (0) 20 7010 2310
Note: growth rates are stated on an underlying basis, excluding portfolio
changes and currency movements.
Pearson's AGM takes place today at the Queen Elizabeth II Conference Centre,
Broad Sanctuary, London SW1P 3EE at 12 noon.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
PEARSON plc
Date: 27 April 2007
By: /s/ STEPHEN JONES
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Stephen Jones
Deputy Secretary