Pearson Half Year Report.

[idpickering]

Underlying revenue down 17% on prior year largely due to COVID-19

· Group sales decline largely reflects test centre and school closures in Global Assessment and International. After deterioration from March to May we saw improving sales trends in June.

· Global Online Learning sales grew 5% due to strong enrolments in new and existing schools in Virtual Schools and slight revenue growth in OPM with good growth in continuing programs offset by discontinued programs.

· Global Assessment declined 27% due to the impact of test centre closures in Professional Certification (Pearson VUE), cancellation of spring testing in Student Assessment and school closures impacting Clinical Assessments.

· North American Courseware declined 14% with US Higher Education Courseware declining in line with expectations due to the continuation of trends seen in 2019, and a modest impact from the closure of campus-based bookstores. We saw a weaker performance in courseware in Canada largely as a result of school and bookstore closures.

· International declined 23% due to the disruption in businesses which rely on physical locations including school and test centre closures.

Adjusted operating loss of £(23)m with COVID-19 impact partially offset by cost savings

· Adjusted operating profit declined £167m to a loss of £(23)m (H1 2019: £144m) with a profit impact of c.£140m from COVID-19 trading pressures after cost mitigations. There was an expected trading decline of £20m, with impact from inflation of £15m, other operating factors of £15m, disposals of £14m partially offset by restructuring savings of £35m and FX of £2m.

Strong balance sheet with H1 net debt at £982m (H1 2019: £1,376m) including leases of £662m

· Interim dividend 6.0p (H1 2019: 6.0p).

And later;

Dividends

The dividend accounted for in the six months to 30 June 2020 is the final dividend in respect of 2019 of 13.5p. An interim dividend for 2020 of 6.0p was approved by the Board in July 2020 and will be accounted for in the second half of 2020.

https://www.investegate.co.uk/pearson-p ... 00039508T/

[ExFM]

Later on it says the date of the Dividend:

Dividend. In line with our policy, the Board is declaring an interim dividend of 6.0p (2019: 6.0p) payable on 21 September 2020.

Strangely it doesn't say the XD date.

ExFM

[Itsallaguess]

Strangely it doesn't say the XD date.

The directors are proposing an interim dividend of 6.0p per equity share, payable on 21 September 2020 to shareholders on the register at the close of business on 14 August 2020.

A lot of people search for the word 'dividend' when hunting through these RNS releases, but I always search for the word 'register', as it often gets better results...

Cheers,

Itsallaguess

[idpickering]

Strangely it doesn't say the XD date.

The directors are proposing an interim dividend of 6.0p per equity share, payable on 21 September 2020 to shareholders on the register at the close of business on 14 August 2020.

A lot of people search for the word 'dividend' when hunting through these RNS releases, but I always search for the word 'register', as it often gets better results...

Cheers,

Itsallaguess

I learnt something there Itsallaguess, thanks. I normally search for the word ‘dividends’

Ian.

[tjh290633]

I learnt something there Itsallaguess, thanks. I normally search for the word ‘dividends’

Ian.

It's better to leave the terminal "s" off, Ian.

TJH