Pearson reports 30% profit increase from PRH in 2015
In the UK, Pearson has reported that its share of operating profit from Penguin Random House (PRH) was up 30% in 2015 compared to the previous year, reports Publishers Weekly. Pearson, which owns 47% of PRH, recorded an adjusted operating profit of £90m (A$175m) from PRH, up from £69m (A$134m) in 2014. Bertelsmann, which owns 53% of the company, will release its financial reports next month. The profit gain was attributed to ‘operating efficiencies’ from tighter integration of Random House and Penguin. Pearson didn’t disclose PRH’s revenue, but noted that it had ‘hundreds’ of bestsellers across its territories, including Grey (E L James) and The Girl on the Train (Paula Hawkins). Pearson’s total revenue in 2015 dropped 2% to £4.47bn (A$8.7bn), with an operating loss of £404m (A$785m), compared to an operating profit of £348m (A$676m) in 2014.
Category: International news