(Alliance News) - Pearson PLC on Tuesday revealed growth across all its divisions as it reaffirmed its full-year guidance.
Pearson is a London-based publisher of digital and virtual learning materials for both higher education institutions and professionals.
Underlying sales growth was 5% in its third-quarter, comprised of growth across all of its divisions. The third quarter represented an improvement on the first and second quarters, as growth was 3% in the year-to-date.
Shares in Pearson were up 3.7% at 1,111.50 pence on Tuesday morning in London. The wider FTSE 100 index was up just 0.4%.
Assessment & Qualifications underlying sales growth was 6% in the third quarter with Workforce Skills matching this pace. In the first nine months, growth was 3% for Assessment & Qualifications but the same 6% for Workforce Skills.
English Language Learning reported a 2% underlying sales increase, slowing dramatically from 7% in the year-to-date, as institutional performance sales were down in the third quarter as they shifted to the fourth quarter.
Virtual Learning and Higher Education both realised a 4% underlying improvement in sales, with Higher Education returning to growth following the implementation of operational and business changes over the last 18 months. In the year to date, Virtual Learning sales remain down 4% and Higher Education sales are flat.
Pearson said it expects adjusted operating profit, underlying sales growth and its interest and tax outlook for 2024 to remain in line with market expectations. For adjusted operating profit, this is GBP598 million, which would be up from GBP573 in 2023 and GBP456 million in 2022.
Chief Executive Omar Abbosh said: "Pearson is delivering on the three priorities for 2024 that I identified at the start of the year. First, our focus on operational and financial performance has driven growth across all divisions this quarter and we are on track to meet full-year expectations.
"Second, we are accelerating our AI capabilities across the business and starting to see the commercial benefit. Third, expanded enterprise relationships with companies such as ServiceNow demonstrate progress on our intention to expand in workforce learning."
By Christopher Ward, Alliance News reporter
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