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Market Cap: £7.39b

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Pearson to post estimate-busting annual profits

Wed, 18th Jan 2023 07:41

(Sharecast News) - Pearson on Wednesday said it would report better-than-expected annual profit, driven by a strong sales rise across most of its divisions.

The educational publisher said it now expected an adjusted operating profit of about £455m for 2022, up 11% and ahead of expectations, on an underlying sales increase of 5%.

Pearson's English language learning products and tests operations grew 24%, while its assessment business increased 8%. There was a less than expected 4% fall in higher education sales, driven by a decline in enrolments and a loss of adoptions to non-mainstream publishers including open educational resources partially offset by improved pricing.

It is now on track to deliver approximately £120m of cost efficiencies in 2023, weighted to its Higher Education business, some £20m of which will be used to offset inflationary pressures.

Reporting by Frank Prenesti for Sharecast.com