memberPearson recently released its interim
management statement for the first nine months of 2013. In China, Pearson's
International Education business sustained good momentum in English Language
Please click here
to read the full results for Pearson.
memberPearson and Bertelsmann recently
announced that China's Ministry of Commerce had cleared the planned merger
between Penguin and Random House without conditions.
This follows regulatory approval in the U.S., Europe, Australia, New Zealand,
Canada, and South Africa. The two companies announced their agreement to
combine Penguin and Random House in October 2012 and expect to close the
transaction in July.
Following completion, Bertelsmann will own 53% and Pearson 47% of Penguin
Random House. It will encompass all of Random House and Penguin Group's
publishing units in the U.S., Canada, the U.K., Australia, New Zealand, India,
and South Africa, as well as Penguin's operations in China and Random House's
publishers in Spain and Latin America. Pearson and Bertelsmann believe that the
combined organisation will have a stronger platform and greater resources to
invest in rich content, new digital publishing models, and high-growth emerging
Please click here
to read the full press release by Pearson.
CBI memberPearson recently released its results for 2012, reporting that its International Education business continued to perform strongly in China.
Student enrolments at Wall Street English in China increased 15% to almost 61,000, boosted by good underlying demand and the launch of ten new centres taking the total to 66. The students continued to rapidly acquire high-level English skills, with average grade levels achieved rising by 8% during 2012.
Enrolments at Global Education, Pearson's test preparation services for English language qualifications, increased 16% to more than one million through 73 owned and 372 franchised learning centres.
Please click here to read the full results for Pearson.
CBI memberPenguin recently published its first acquisition of a title in Chinese for the China market, Chinese tennis star Li Na's autobiography "Playing Myself".
The book was published in partnership with CITIC during the London 2012 Olympic Games, followed by a publicity and marketing period in September. Hitting 8th place in the overall bestsellers and 3rd place in non-fiction, the book is the first mainstream bestseller from a foreign trade publisher.
In additional news, Penguin Books China recently finished a six-week design marketing campaign, namely the "The History of Penguin by Design" exhibition in Beijing and Hangzhou and a Penguin pop-up store during the Beijing Design Week.
Featuring first editions and rare illustrations from the U.K., the exhibition drew more than 10,000 visitors and generated over eight million page views and feeds on Weibo. Penguin also set up a pop-up store south of Tiananmen Square, which offered children's story events and activities in English and Chinese, featuring Peter Rabbit, Spot, Flower Fairies, and Angelina Ballerina.
We would like to share with you our monthly briefing for August 2012, which highlights the successes of a number of CBI members in China.
The attached August briefing covers 47 members, including (by alphabetic order): • Arup • Atkins • Benoy • BG Group • Bird & Bird • The BMW Group • Boeing • Burson-Marsteller • The Carlyle Group • Clifford Chance • The Coca Cola Company • CVC Capital Partners • Diageo • DLA Piper • E&Y • Eversheds • Ford Motor Company • Freshfields Bruckhaus Deringer • Fuji Xerox • GE • GSK • Herbert Smith • HSBC • IET • IHG • Invensys • The John Lewis Partnership • J.P. Morgan • KKR • KPMG • Linklaters • Maersk • McDonald’s • Pearson • Penguin • Philips • Pinsent Masons • RBS • Royal Mail Group • Shell • Smith & Nephew • University of Birmingham • University of Liverpool • University of Nottingham • University of Wolverhampton • UPS • Willis
Your feedback and suggestions are most appreciated.
A wide variety of CBI member companies had a successful month in China.
The following our featured in our monthly member update. Please refer to the attachment below for details. And don't forget to let the Beijing team know if your company has something to announce in May!
CBI memberPearson recently announced its preliminary results for 2011, reporting sales up 6% at CER and adjusted operating profit up 12%, reaching £942 million, with growth in all businesses. In developing markets, Pearson reported revenues of US$1 billion, up 24% and now accounting for 11% of Pearson's sales.
In China, Pearson's international education business continued to make significant organic investments in expanding the footprint of Wall Street English. Student enrolments at Pearson's Wall Street English centres in China increased 25% to 53,000, boosted by strong underlying demand and the launch of 11 new centres. Pearson's students continued to rapidly acquire high-level English language skills, with average grade levels achieved by its students rising 11% during 2011.
In December 2011, Pearson also acquired Global Education and Technology Group, a leading provider of test preparation services for students in China who are learning English, for US$155 million in cash. Global Education has approximately 450 (115 owned and 335 franchised) learning centres in 150 cities across China.
CBI memberPenguin, a division of parent company Pearson, achieved record profits despite the toughest trading conditions in a generation, reporting sales of £1.062 billion and operating profit of £113 million, representing underlying growth of 1% and 8%, respectively.
Penguin Chairman and CEO John Makinson said, "This is the most turbulent book market that anyone can remember. In spite of this, we have increased both our sales and our profits. This remarkable achievement has been driven by excellent publishing around the globe, demonstrated by market share growth in our three biggest markets, and innovation in every aspect of our digital publishing."
In China, Penguin launched a new English-language publishing programme in China and achieved its first number one bestseller in English with Midnight in Peking. Through its joint venture partnership with 99 Readers, Penguin published 20 classics in Chinese. In 2012, Penguin will publish its first major acquisition of a title for Chinese publication, international tennis star Li Na's autobiography.
Please click here and here to read the full annual results for Pearson and Penguin, respectively.