[Images courtesy of www.pearson.com and www.penguin.com]
CBI member Pearson 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 member Penguin, 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.
