Operator
Good morning, everyone and welcome to Pearson s Full Year Results. Today, we will host a presentation followed by a Q&A session. Please, can you use the chat function, the platform to input your question during the presentation.
And with that, we will start the presentation.
Andy Bird
[Video Presentation]
Hi, everyone. I m Andy Bird, Pearson s Chief Executive. Thank you for joining us today. As we ve all experienced the world has changed and the world of learning has changed. We are witnessing a significant shift in what, how and where we learn. And today, I m going to lay out our strategy for Pearson to embrace this change and grow our business. A number of us have met already and I m looking forward to speaking with and hopefully, even meeting more of you in the coming weeks and months.
Pearson 2020 Preliminary Results and strategy update (Unaudited)
Resilience despite COVID-19 challenges. Repositioning Pearson for sustainable growth.
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Highlights
Underlying revenue declined 10%.
Global Assessment 14% lower, and International down 19%.
North American Courseware down 13%, with US Higher Education Courseware in line with pre-COVID expectations.
Performance in line with revised expectations post COVID-19;
with adjusted operating profit of £313m (2019: £581m)
Adjusted earnings per share of 28.7p (2019: 57.8p) after an effective tax rate charge of 13.7% (2019: 16.5%).
Strong balance sheet and cash performance
Operating cash flow of £315m (2019: £418m) with a conversion rate of 101% reflects lower profit partially offset by good working capital management.