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Pearson PLC on Wednesday said it delivered a strong financial performance in 2023, and is ‘well-positioned for 2024 and beyond’. The London-based publisher of educational materials said it delivered underlying group sales growth of 5% for 2023 from £3.84 billion in 2022, excluding businesses wound down following a strategic review and its online programme management business arm. Pearson sold its OPM platform to private equity firm Regent last year. Pearson expects to report adjusted operating profit of around £570 million to £575 million for 2023, representing an increase of over 30% from £456 million the prior year. Pearson said its ‘strong full year performance’ was mainly thanks to its Assessment & Qualifications and English Language Learning divisions. A&Q sales were up 7% year-on-year from £1.44 billion, while ELL sales surged by 30% from £321 million ‘with all three segments contributing to this growth’. Looking ahead, Pearson believes it ‘remains robust’ thanks to a ‘strong 2023 cash performance’, less than £800 million in net debt, and a ‘strong balance sheet’. Pearson intends to announce its full-year results on March 1, and to provide a strategic and business update in July alongside its interim results. Shares in Pearson were down 2.3% at 957.40 pence in London on Wednesday. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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