Pearson to post estimate-busting annual profits
By Frank Prenesti
Date: Wednesday 18 Jan 2023
(Sharecast News) - Pearson on Wednesday said it would report better-than-expected annual profit, driven by a strong sales rise across most of its divisions.
The educational publisher said it now expected an adjusted operating profit of about £455m for 2022, up 11% and ahead of expectations, on an underlying sales increase of 5%.
Pearson's English language learning products and tests operations grew 24%, while its assessment business increased 8%. There was a less than expected 4% fall in higher education sales, driven by a decline in enrolments and a loss of adoptions to non-mainstream publishers including open educational resources partially offset by improved pricing.
It is now on track to deliver approximately £120m of cost efficiencies in 2023, weighted to its Higher Education business, some £20m of which will be used to offset inflationary pressures.
Reporting by Frank Prenesti for Sharecast.com
Email this article to a friend
or share it with one of these popular networks:
You are here: news
10 Lower Thames St,
London EC3R 6EN