Pearson FY profits jump on strong demand for English courses

1st Mar 2024 07:39

(Sharecast News) - UK educational publisher Pearson said it expected 2024 earnings to be in line with expectations after reporting a rise in annual profits driven by strong demand for its English language courses and extending its share buyback by £200m.

Pre-tax profit rose to £493m from £323m, although sales fell to £3.67bn from £3.8bn. Operating profit of jumped by 31% to £573m on an underlying basis.

New chief executive Omar Abbosh, who took over in January, said Pearson was well positioned for continued growth, including an inflection point with the development of AI.

"I am optimistic about the opportunities this advancement in technology brings," he said.

Underlying sales growth and profit this year was forecast to be in line with current market expectations, with sales growth of 3.7% and adjusted operating profit of £621m.

Reporting by Frank Prenesti for Sharecast.com