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(Sharecast News) - Publishing company Pearson said on Monday that it had delivered a "strong financial performance" in the six months ended 30 June, leading the group to reiterate guidance for the full year.
Pearson said underlying sales had grown 6% to £1.78bn during the first half of the year, while adjusted operating profits surged £33.0m to £160.0m, principally driven by an "encouraging" trading performance, FX benefits, and property savings.
Operating profits came to £148.0m, up from £9.0m a year earlier, while statutory earnings per share shot up from 2.3p to 17.5p. Net cash generated from operations dropped from £79.0m to £53.0m.
The FTSE 100-listed group also highlighted that its £350.0m share buyback was progressing, with over £165.0m of shares repurchased as of 29 July.
Chief executive Andy Bird said: "Pearson has delivered another encouraging financial performance in the first half of the year. We continue to make excellent strategic and operational progress, with momentum across the business.
"Our focus on delivery and execution remains and full-year 2022 expectations are reaffirmed. In addition, the more integrated platform we are building across the company is creating efficiencies, underpinning our new guidance for accelerated margin improvement. We have a robust balance sheet which, together with our cash generation, will support continued investment in growth and create value for our shareholders."
Reporting by Iain Gilbert at Sharecast.com
