LONDON Oct 17 Pearson, the world's
biggest education company, reiterated its full-year outlook on
Monday after cost cuts helped it counter worse-than-expected
trading in the third quarter.
In a key update for investors, Pearson said nine-month
organic sales fell by 7 percent, maintaining the declines
recorded in the first half of the year due to weak demand for
courseware in its North American higher education business.
Analysts had expected a nine-month fall of 5 percent.
Pearson said the pressures on the courseware business had
however shown signs of improvement in September and October.
Combined with cost cuts, this enabled the group to reiterate
its forecast of adjusted operating profit of between 580 million
pounds and 620 million pounds ($720-$771 million).
($1 = 0.8042 pounds)
(Reporting by Kate Holton, Editing by Paul Sandle)