Pearson on Track for Growth as Virtual Learning Demand Soars in 2023
Pearson Reports Strong First-Half Performance and Positive Outlook
LONDON, July 31 (Reuters) - British education company Pearson said on Friday it was on track to meet 2026 guidance, helped by strong growth in its virtual learning division, and as demand rises for its AI study tools in U.S. higher education.
Financial Highlights for the First Half of 2023
For the first-half, Pearson posted underlying group revenue up 4% to £1.78 billion ($2.39 billion), and group adjusted operating profit up 14% to £276 million after last year's outcome was impacted by an impairment charge.
CEO Statement on Strategic Progress
"We have delivered a good first-half performance and executed well against our strategy, with a focus on driving operational improvements while innovating to build learning and assessment experiences," CEO Omar Abbosh said.
Guidance and Divisional Performance
2026 Financial Guidance
Pearson's 2026 guidance is for mid-single digit underlying revenue growth and adjusted operating profit of £640 million to £685 million.
Virtual Learning and Other Divisions
Virtual Learning Division Growth
The company said its virtual learning division, which provides online teaching services and technology, grew revenue 19% in the first six months of the year, while its assessment and qualifications units performed well and demand for U.S. courseware was solid.
Currency Exchange Rate
($1 = 0.7436 pounds)
Reporting Credits
(Reporting by Sarah Young, Editing by Paul Sandle)
