Pearson PLC - London-based provider of digital and virtual learning programmes and materials - Appoints Citigroup Global Markets Ltd to run the company's GBP200 million share buyback programme. The programme will commence following completion of Pearson's current GBP300 million buyback, expected by Thursday next week. The company says it has so far repurchased GBP288 million worth of shares at a price of 928p each as part of this programme, launched in February. All repurchased shares will be cancelled.
The follows the publication of Pearson's annual report on Friday morning, in which the company announced the GBP200 million increase to the ongoing buyback as a result of "the strength of our free cash flow". Pearson's free cash flow rose 74% to GBP387 million in 2023, up from GBP222 million in 2022.
Current stock price: 989.00 pence per share, up 3.0% in London on Friday morning.
12-month change: up 6.6%
By Hugh Cameron, Alliance News reporter
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Pearson (PSON)