Proactive Investors - Pearson PLC (LON:PSON) has raised operating guidance after third-quarter revenue grew, boosted by particularly strong performances in Pearson VUE and Pearson Test of English.
The FTSE 100-listed firm said underlying group revenue rose 5% in the third quarter and it now expects full-year operating profit between £570 million to £575 million, £20 million more than its previous guidance.
Assessment & Qualifications revenue was up 8%, largely driven by a strong performance in Pearson VUE with good growth in IT and healthcare, alongside the commencement of new contracts.
Virtual Learning revenue decreased 20%, Higher Education revenue was down 5% and English Language Learning revenue increased 34%.
Pearson said it had also started a £300 million share buyback programme.
Andy Bird, chief executive, said: “This third quarter performance illustrates the continuing momentum across our businesses, led by Pearson VUE and Pearson Test of English.
“We've received positive initial feedback from our Generative AI tools and are evolving our AI capabilities to create further opportunities to maximise the potential of our trusted, proprietary content and data sets,” he added.
Bird is stepping down shortly, and Pearson confirmed that Omar Abbosh will assume the role of chief executive on 8 January 2024.