(Alliance News) - Pearson PLC on Monday posted a sales hike in its first-quarter, though the educational publisher noted it saw more Covid-19 pain at the start of 2021 than it did a year earlier.
Pearson only began to be gripped by Covid-19 disruption towards the end of the first-quarter of 2020. This time around however, virus restrictions were in place throughout all of the period.
Despite this, sales rose 5% annually on an underlying basis during the first quarter of the year. Pearson posted 25% growth in its Global Online Learning unit and a 1% hike in North American Courseware. In Global Assessment and International, sales fell 2%.
"It's been a good start to the year for Pearson, delivering 5% sales growth in the quarter. This is despite a longer period of disruption from Covid-19 in the quarter compared to last year. I'd like to thank colleagues for their ongoing dedication and hard work," Chief Executive Andy Bird said.
"We continue to expect to deliver revenue and profit growth in 2021 and for our performance to be in line with our 2021 outlook as we benefit from improving trading conditions as Covid-19 restrictions ease. We are focused on executing our new strategy and believe that it will create sustainable and significant value for all of Pearson's stakeholders."
Back in March, the company set out a new digital-focused strategy, amid a market shift to online learning. Pearson will now gear its efforts towards "digital learning, addressing the workforce skills gap and meeting the growing demand for dependable accreditation and certification", CEO Bird said at the time.
It will soon have five business division: Virtual Learning, Higher Education, English Language Learning, Workforce Skills and Assessment & Qualifications. The new divisional structure will be implemented in the second half of 2021.
Under the new structure, first-quarter sales at Virtual Learning were 26% higher, Pearson noted. It underlines a shift towards online learning amid Covid-19.
"We are building pace and momentum. We are making good strategic progress in our ongoing shift to digital, we are in the advanced stages of preparation for the forthcoming launch of our new college app and our organisational redesign is on track," Bird added.
By Eric Cunha; ericcunha@alliancenews.com
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Pearson (PSON)