UK publisher axes 3 000 more jobs
British publisher Pearson on Friday axed an extra 3 000 jobs in an ongoing cost-cutting drive aimed at combatting weak demand after a series of gloomy profit warnings.
The 3 000 job cuts at the British publishing house, Pearson, which comprise roughly ten percent of the group's global workforce, were announced in a first-half results statement.
Pearson also lowered its interim shareholder dividend by 72% to five pence a share.
The latest cutbacks, which will run from 2017-2019 as part of efficiency plans launched in May, will generate annual cost savings of £300 million (US$395 million, 333 million euros).
“We will reduce Pearson's employee headcount by approximately 3 000 full time equivalent employees,” it said in the statement on Friday.
The group had already removed 4 000 jobs in a radical restructuring in early 2016. Pearson, which faces chronic financial difficulties, is attempting to reposition itself towards the education and digital markets as it moves away from the traditional publishing business. In January, the company issued a gloomy profit warning and last month it sold almost half its stake in Penguin Random House to joint venture partner Bertelsmann.-Nampa/AFP
Pearson also lowered its interim shareholder dividend by 72% to five pence a share.
The latest cutbacks, which will run from 2017-2019 as part of efficiency plans launched in May, will generate annual cost savings of £300 million (US$395 million, 333 million euros).
“We will reduce Pearson's employee headcount by approximately 3 000 full time equivalent employees,” it said in the statement on Friday.
The group had already removed 4 000 jobs in a radical restructuring in early 2016. Pearson, which faces chronic financial difficulties, is attempting to reposition itself towards the education and digital markets as it moves away from the traditional publishing business. In January, the company issued a gloomy profit warning and last month it sold almost half its stake in Penguin Random House to joint venture partner Bertelsmann.-Nampa/AFP
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