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 2003
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
25 April 2003
AGM: Trading Update
Pearson, the international media company, is today providing an update on
current trading at its Annual General Meeting.
Pearson generates most of its revenues and almost all of its profits in the
second half of the year. The increased economic uncertainty caused by the war in
Iraq has had an impact on current trading, especially at our business
newspapers, where advertising revenues have fallen significantly in recent
weeks. At this stage our other businesses are progressing in line with our
expectations and outperforming their markets.
The outlook for our major businesses is:
Pearson Education's profits are expected to benefit from growth in our school
and college publishing businesses, reduced losses from our internet and
corporate training operations and lower integration costs.
In our School business (27% of Pearson's total revenues in 2002) we are
performing well in the major US state adoptions and we expect to grow ahead of
the market this year. A number of states are finalising their budgets, which
will shape the overall size of the market this year and may mean some purchases
are deferred into the second half.
Our Higher Education business (18% of revenues) has made a good start to the
year and continues to grow faster than its market. We are benefiting from a
strong publishing schedule, positive enrolment trends and our lead in custom
publishing and in technology.
Our Professional education operations (18% of revenues) are benefiting from a
strong pipeline of government contracts but will be affected, as expected, by
the absence of the one-off TSA contract and by the continued recession in
technology publishing.
At the FT Group (17% of revenues), advertising revenues at our business
newspapers have deteriorated significantly in the last month. Advertising
revenues at the Financial Times newspaper are down 18% in the year to date and
the outlook remains uncertain. If advertising continues at the levels we've seen
in the year to date, FT Group profits would be lower than current market
expectations but still ahead of last year.
At the Penguin Group (19% of revenues), profits are expected to benefit from
continued progress at Dorling Kindersley and another strong publishing schedule,
which this year is more heavily weighted to the second half of the year.
Pearson will report its interim results on 28 July 2003.
Ends
Note to editors
Pearson's AGM takes place today at the Queen Elizabeth II Conference Centre,
Broad Sanctuary, London SW1P 3EE at 12 noon.
For more information Luke Swanson + 44 (0) 20 7010 2313
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: 25 April 2003
By: /s/ STEPHEN JONES
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Stephen Jones
Deputy Secretary