Five Year Summary

	1994	1995	1996	1997
Sales
Continuing operations	1,260	1,484	1,830	2,011	2,251
Discontinued operations	290	346	356	282	144
	1,550	1,830	2,186	2,293	2,395
Profits *
FT Group	54	68	89	108	114
Pearson Education	44	23	60	60	(34)
The Penguin Group	35	26	(73)	58	46
Pearson Television	68	65	40	26	61
Cedar Fair	7	10	16	–	–
Lazard	30	40	41	43	42
Continuing operations	238	232	173	295	229
Discontinued operations	33	35	16	33	21
Operating profit	271	267	189	328	250
Operating profit before
goodwill and other items	271	267	289	328	389
Profit/(loss) on sale of fixed
assets and investments	27	123	(14)	23	142
Profit/(loss) on sale of businesses and associates	15	6	229	(180)	276
Profit before interest	313	396	404	171	668
Net interest payable*	(15)	(31)	(37)	(42)	(39)
Loan stock redemption premium	–	–	(10)	–	–
Profit before taxation	298	365	357	129	629
Taxation	(74)	(93)	(109)	(89)	(188)
Profit after taxation	224	272	248	40	441
Equity minority interests	(1)	(11)	(8)	(2)	(4)
Profit for the financial year	223	261	240	38	437
Earnings per equity share **	40.4p	47.1p	42.8p	6.6p	74.1p
Diluted earnings per equity share	39.9p	46.4p	42.5p	6.4p	73.3p
Adjusted earnings per equity share ***	34.1p	28.8p	30.6p	34.9p	42.0p
Dividends per equity share	15.0p	16.5p	18.0p	19.5p	21.0p

*FRS9 ‘Associates and Joint Ventures’ has been adopted and, accordingly, prior year figures have been restated to reflect associates’ interest in net interest payable.
**FRS14 ‘Earnings Per Share’ has been adopted and, accordingly, prior year figures have been restated.
***Adjusted in accordance with note 9. Other items comprise a £100m charge for Penguin improper accounting in 1996 and Year 2000 costs of £7m and integration costs of £120m in 1998.

	1994	1995	1996	1997
Capital employed
Net assets	1,052	856	393	156	1,084
Deferred tax and other provisions	234	134	189	212	273
Net debt	146	63	430	707	2,279
	1,432	1,053	1,012	1,075	3,636
Share statistics
Equity shares – weighted average**	551.4m	554.1m	560.6m	572.8m	589.8m
Share price – year end	555p	624p	750p	791p	1193p
Share price – high	725p	684p	760p	849p	1193p
Share price – low	554p	543p	601p	665p	757p
Average number employed
Continuing operations	10,761	12,540	13,741	14,526	15,579
Discontinued operations	6,454	6,882	6,206	3,780	2,821
	17,215	19,422	19,947	18,306	18,400

** FRS14 ‘Earnings Per Share’ has been adopted and, accordingly, prior year figures have been restated.