As part of its report on first half results for 2014, Pearson said that it booked adjusted operating profit of 18 million pounds for its 47% stake in Penguin Random House compared to 28 million pounds in the first six months of 2013. The report noted that the 2014 figure reflects a change in the way it accounted for PRH as well as currency fluctuations and integration charges.
In written comments, Pearson said PRH “performed well in the first half of 2014” driven by a strong performance by its children’s publishing operations around the world. In the U.S., John Green’s The Fault in Our Stars sold over 4 million copies in the first half of the year, while sales of his backlist sold another 1.45 million copies. Tie-in titles to the movie Frozen sold 3.7 million copies in the period.
Pearson said the integration of the two businesses “is progressing well and is on track to deliver net benefits in 2015 and beyond.”
Bertelsmann, which owns 53% of PRH, will report its first half results at the end of August.
