(Sharecast News) - Publishing company Pearson said on Monday that underlying sales were up 7% in the third quarter, leading the group to reaffirm its full-year sales and adjusted operating profit expectations.
Pearson said assessment and qualifications sales grew 12%, with good performances in clinical assessment due to a continued focus on health and wellness, while virtual learning sales increased 5% year-on-year, underpinned by a solid performance from its virtual schools unit.
English language learning sales increased by 28%, workforce skills sales grew by 9% and strategic review sales shot up by 20%. Higher education sales, on the other hand, dropped 4%, consistent with expectations.
Pearson, which reiterated its full-year guidance for £416.0m in adjusted operating profits, also highlighted that its £350.0m share buyback was continuing, with over £240.m of shares repurchased as of 30 September.
Chief executive Andy Bird said: "This has been another good quarter for Pearson and I am pleased with the continuing momentum the business is demonstrating through our sharp focus on delivery. We are executing well on our plan for accelerated margin improvement.
"We believe Pearson is well positioned for the future, and we are confident of being able to navigate the challenging macroeconomic environment."
Reporting by Iain Gilbert at Sharecast.com
Pearson (PSON)