By Pearson, the leading FTSE 100 education company, has reported a 5% increase in underlying sales for 2023, surpassing the board’s upgraded expectations. The company is optimistic about its prospects in 2024 and beyond.
Robust Sales Performance:
- Pearson’s assessment-and-qualifications division, its largest business segment, experienced a significant sales boost of 7%.
- The English language learning division demonstrated remarkable growth, with sales surging by an impressive 30%.
Positive Profit Outlook:
- Adjusted operating profit, which is considered Pearson’s preferred profitability measure and excludes exceptional and one-off items, is projected to range between £570 million ($720.3 million) and GBP575 million.
Strong Revenue Growth:
- Excluding the online program management and strategic review businesses, Pearson anticipates revenue growth for the year to be at the higher end of the low to mid-single digit range previously guided for.
Chief Executive Officer Omar Abbosh expressed satisfaction with the company’s performance, stating, “Pearson saw strong strategic and operational progress in 2023 leading to financial performance ahead of our initial expectations. The group is well positioned to seize growth opportunities and deliver long-term future value for all of our stakeholders.”
Retaining original information from Najat Kantouar.
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