Pearson reiterates 2016 guidance

Pearson has reiterated its 2016 guidance and said its 2018 goals are unchanged.

"Our competitive performance is good and our growth and simplification plan is on-track," the company said in a statement.

"Our markets have been challenging but we are managing discretionary costs tightly.

"Our guidance remains based on our current portfolio of businesses and exchange rates on 31 December 2015.

"If current exchange rates persist until the end of 2016 the earnings per share guidance range will increase by approximately 4.5p to 54.5-59.5p."

CEO John Fallon said:

"Our competitive performance remains strong in a tough market. We have achieved more than 90% of the growth and simplification restructuring programme we announced in January.

"While market conditions continue to be challenging, particularly in higher education, thanks to tight cost management we are on track to deliver our guidance this year, and to achieve our long term growth goal."