Pearson upbeat after strong third quarter
By Abigail Townsend
Date: Tuesday 29 Oct 2024
(Sharecast News) - Educational publisher Pearson reiterated its full-year outlook on Tuesday, after an uptick in quarterly sales.
Updating on trading, the blue chip said sales rose 4% in the third quarter and by 2% in the year to date. Underlying sales growth, which strips out businesses under strategic review, was 5% and 3% respectively over the two periods.
Driving the uplift was a 6% jump in sales in Pearson's core assessment and qualifications division, and in workforce skills. Sales strengthened 4% in virtual learning and by 4% in higher education.
As a result, the learning specialist said it remained on track to meet full-year guidance, with 2024 group underlying sales growth, adjusted operating profit, interest and tax outlook all in line with market expectations.
Omar Abbosh, chief executive, said: "Pearson is delivering on the three priorities for 2024 that I identified at the start of the year.
"Our focus on operational and financial performance has driven growth across all division, and we are on track to meet our full-year expectations."
He added that the firm was accelerating AI capabilities across the business, and was already starting to see commercial benefit of the technology.
Roddy Davidson, analyst at Shore Capital, said: "We are pleased to note the improving performance, momentum and reassuring nature of the accompanying outlook comments.
"It is also encouraging to see signs that the group's growth strategy is gaining traction."
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