Strong nine month results with continued operational and strategicmomentum - Group on track for full year expectations
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Group underlying sales up 7%. Full year sales and adjusted operating profit expectations reaffirmed.
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Strong trading performance with an outstanding result in English Language Learning and a good performance in Virtual Learning, Workforce Skills and Assessment & Qualifications, offset by an expected decline in Higher Education.
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Delivering strategic progress; reshaping our portfolio and increasing interconnectivity between divisions to unlock synergies and lifelong learning potential.
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On track to deliver at least £100m of efficiencies in 2023 which will accelerate improved margin expectations from 2025 to 2023.
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Assessment & Qualifications sales grew 12% with good performances in Clinical Assessment due to a continued focus on health and wellness, as well as US Student Assessment and UK & International Qualifications, as exam timetables continue to normalise after COVID-19 disruption.
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Virtual Learning sales increased 5% underpinned by a good performance in Virtual Schools. Online Program Management (OPM) grew 3% with slower enrolment growth than anticipated when we entered the year.
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Higher Education sales were down 4% with US Higher Education Courseware sales declining 4%, consistent with our expectations. Pearson+ is performing well with robust growth versus prior year Fall semester. 17 study channels are live and engagement to date has been encouraging.
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English Language Learning sales increased 28%, with strong growth in Pearson Test of English volumes as global mobility continues to improve with border re-openings. English Courseware delivered sales growth across most international markets offset by the ongoing impact of the reforms in China.
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Workforce Skills sales grew 9%. Sales in our Performance business, which includes BTEC and Apprenticeships, grew well. Sales in our Transformation business, which includes Credly and Faethm, as well as GED and TalentLens, grew strongly.
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Strategic review sales grew 20% due to the phasing of orders within our South African business. Following the completion of the disposals of ourinternational courseware local publishing businesses in Europe, French-speaking Canada and Hong Kong these businesses are no longer included in our underlying sales measure.
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£350m share buyback continuing, with over £240m of shares repurchased as of 30th September 2022.
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Pearson remains on track to deliver group sales and adjusted operating profit consensus expectations for FY22.
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Underlying growth for the third quarter and nine months ended 30th September compared to the equivalent period in 2021.
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Sales
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Q3
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Nine months
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Assessment & Qualifications
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7%
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12%
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Virtual Learning
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9%
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5%
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Higher Education
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(4)%
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(4)%
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English Language Learning
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36%
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28%
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Workforce Skills
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20%
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9%
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Sub-total
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7%
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7%
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Strategic review
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20%
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Total
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7%
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Investor Relations
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Jo Russell
James Caddy
Gemma Terry
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+44 (0) 7785 451 266
+44 (0) 7825 948 218
+44 (0) 7841 363 216
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Teneo
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Charles Armitstead
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+44 (0) 7703 330 269
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Virtual event
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Pearson's 2022 nine month trading update online presentation taking place today at 0830 (BST). Register to receive log in details:https://pearson.connectid.cloud/register |
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Pearson plc published this content on 24 October 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 October 2022 10:49:02 UTC.