(Alliance News) - Pearson PLC on Wednesday said it delivered a strong financial performance in 2023, and is "well-positioned for 2024 and beyond".
The London-based publisher of educational materials said it delivered underlying group sales growth of 5% for 2023 from GBP3.84 billion in 2022, excluding businesses wound down following a strategic review and its online programme management business arm. Pearson sold its OPM platform to private equity firm Regent last year.
Pearson expects to report adjusted operating profit of around GBP570 million to GBP575 million for 2023, representing an increase of over 30% from GBP456 million the prior year.
Pearson said its "strong full year performance" was mainly thanks to its Assessment & Qualifications and English Language Learning divisions. A&Q sales were up 7% year-on-year from GBP1.44 billion, while ELL sales surged by 30% from GBP321 million "with all three segments contributing to this growth".
Looking ahead, Pearson believes it "remains robust" thanks to a "strong 2023 cash performance", less than GBP800 million in net debt, and a "strong balance sheet".
Pearson intends to announce its full-year results on March 1, and to provide a strategic and business update in July alongside its interim results.
Shares in Pearson were down 2.3% at 957.40 pence in London on Wednesday.
By Emma Curzon, Alliance News reporter
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Pearson (PSON)