In its trading update for 2012, Pearson said it expects Penguin revenue for the last year to be about flat with 2011, excluding the impact of exchange rates. Pearson said Penguin had “a good fourth-quarter publishing performance and traded in line with our expectations in its key selling season.”

The update had little to say on when the Penguin merger with Random House might be completed, saying approvals by different governments make the timing “uncertain.” Pearson did say that when the deal is done, a “significant restructuring” will be needed to “demerge Penguin from Pearson and integrate it with Random House.” Pearson provides Penguin with a variety of backoffice functions that will now be taken over by Penguin Random House.