The publisher of textbooks said that it expected operating profits of between £500 million and £580 million this year, below analysts’ forecasts AlamyInvestors reacted with dismay to a warning from Pearson that this year’s profits would probably fall well shy of expectations. The publisher, which has struggled with the painful transition to digital books and learning tools, expects to turn an operating profit of between £500 million and £580 million this year. Analysts at Numis, the City stockbroker, had been looking for something closer to £620 million. The shares tumbled 49½p, or 8 per cent, to 569½p this morning, having touched their lowest levels since the autumn of 2008 earlier in the session. Adding to Pearson’s woes was the departure of its chief financial officer, Coram Williams, who is leaving only a few weeks…

Source: The Times January 16, 2020 12:00 UTC