Pearson reports strong quarter as it announces £300m share buyback

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Pearson has reported a 20 per cent slowdown in its virtual learning unit as it attempts to pivot to become a tech-first company.
Pearson has reported a 20 per cent slowdown in its virtual learning unit as it attempts to pivot to become a tech-first company.

Educational publisher Pearson said the start of the year has been strong, with results ahead of expectations in the initial months.

The company reported sales had grown by 2 per cent across the business, but excluding a unit that it has agreed to sell and the hit from running a strategic review, sales were up 6 per cent, it said.

“Pearson has had a strong start to the year with results ahead of our expectations,” said chief executive Andy Bird.

“We delivered double-digit sales growth in our enterprise-facing businesses, reflecting our strategy to address the upskilling and reskilling opportunity around the world.

“With our new talent investment platform on track to be launched later this year, this progress reinforces our belief that partnerships with enterprises will be a strong driver of future growth.”

The business announced plans to launch a £300 million share buyback programme in the second half of the year.

Earlier this year  Pearson said sales of its textbooks and virtual learning offerings were boosted by increased demand for online learning, among adults and schools.

Press Association