Pearson has reported a pre-tax loss of £2.6bn for 2016, the biggest in its history, after a slump at its US education operation.
The world’s largest education publisher, which in January saw almost £2bn wiped from its stock market value
after issuing its fifth profit warning in two years, reported the
record loss after taking a £2.55bn non-cash charge for “impairment of
goodwill reflecting trading pressures” in its North American businesses...
...The profit warning was prompted by the collapse of its US higher
education business, which is struggling with a decline in textbook sales
and the transition to digital learning. The US business accounts for
two-thirds of Pearson’s revenues and profits...
https://www.theguardian.com/business/2017/feb/24/education-publisher-pearson-loss-us-penguin-random-house?CMP=share_btn_tw
Grief counselors anyone?
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