February 24, 2017 / 7:15 AM / 5 months ago

Pearson posts full-year 2.3 billion pound loss

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LONDON, Feb 24 (Reuters) - Pearson, the global education company battling a collapse in demand in its biggest market, posted a 2016 statutory loss of 2.3 billion pounds ($2.9 billion) after writing down the value of the business.

Pearson, which has issued five profit warnings in four years, took an impairment of goodwill of 2.5 billion pounds. The group reported 2016 adjusted operating profit of 635 million pounds, down 21 percent on the year but slightly better than expected.

Net debt increased to 1.1 billion pounds, from 654 million pounds the year before.

$1 = 0.7965 pounds Reporting by Kate Holton, Editing by Paul Sandle

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