Pearson H1 FY14 results – cost savings promised, but no growth committment yet

Markets took a little time to appreciate the current cyclical and structural squeeze on profitability, but eventually got the message. So far, that message is pain today as the group invests to extend is leadership in digital learning through a protracted cyclical downswing in its main markets followed by jam tomorrow as these measures yield […]

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Pearson disappoints (again) and resorts to the old trick of dropping the adj tax rate

Pearson:   Another update (Jan trading statement) and another slippage in underlying expectations as US educational markets continue to decline and with even the 70p per share FY13 guidance relying on some exceptional massaging of the ‘adjusted’ tax rate.  Without an early turn in this market cycle and Pearson’s own internal investment programme unlikely to deliver […]

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WPP Q3 – still on track to beat FY13 guidance, albeit discounted by markets and valuation

WPP’s Q3 revenue numbers today were solid, but with few real surprises. Year on year organic revenue growth of +5.0% maintained the similar rate already reported for July while also being slightly ahead of rivals Omnicom and Publicis.  Scanning the numbers being reported there are four main points that stand out. 1) UK organic revenue […]

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