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Pearson PLC on Friday said its underlying quarterly sales rose, and its performed ahead of its expectations overall. The London-based education publisher also launched a £300 million share buyback. The stock was up 3.2% at 881.60 pence each in London on Friday morning. Pearson reported underlying sales growth of 6% for the first quarter of the year. This was driven by growth of volumes in its Pearson Vue exam business, particularly within the nursing and IT certification sectors, the company said. Pearson noted that the figure excludes its online programme management business, for which it has entered an agreement to sell to private equity firm, Regent. The strongest underlying growth was seen in its English Language Learning arm, which grew by 66%. The company has made progress in executing its strategic priorities, which includes portfolio reshaping seen in the sale of OPM and its acquisition of Personnel Decisions Research Institutes LLC for $190 million. Looking ahead, Pearson said its performance is in line with or ahead of expectations across all division. It remains on track to achieve its 2023 guidance, which includes achieving underlying sales growth of low to mid-single digits. It is also on track to deliver £120 million cost efficiencies and intends to start a buyback programme to repurchase £300 million shares in the second half of the year. Chief Executive Officer Andy Bird said: ‘This ongoing momentum is testament to our increasingly interconnected, consumer-focused, and innovative approach alongside relentless commercial execution. We delivered double-digit sales growth in our enterprise facing businesses, reflecting our strategy to address the upskilling and reskilling opportunity around the world. ‘Our continuing outperformance and the proven resilience of our business underpins our confidence of delivering on our financial expectations for the full year and over the medium term,’ he added. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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