Pearson reiterates outlook after strong demand boosts profit
Reuters
Published Jul 31, 2023 07:19
Updated Jul 31, 2023 07:36
LONDON (Reuters) -Global education group Pearson (LON:PSON) said it was on course to hit annual and mid-term targets after demand for English language learning, exams and qualifications helped it to beat market expectations with 44% growth in profit in its first half.
The British group on Monday posted adjusted operating profit of 250 million pounds ($321 million) for the six months to the end of June, with just under 60 million pounds of that coming from a cost savings programme.
Sales related to English learning and tests both jumped, with test volumes up 76%, and it expects to see further growth from that unit in Canada, while assessment and qualifications sales for the healthcare and I.T. sectors also rose.
Pearson said it was on track to meet consensus forecasts for adjusted operating profit to come in at 568 million pounds, helped by the remainder of its cost saving programme, ongoing strong demand for English tests and growth in Pearson+ subscriptions for higher education.
($1 = 0.7784 pounds)
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Written By: Reuters
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