Pearson shares surge after jump in sales
Shares in publishing group Pearson surged today after the firm said underlying sales had jumped seven per cent in the last quarter.
In a trading update on the three months through September, Pearson chiefs said it had been “another good quarter” despite a slump in higher education sales which offset an “outstanding result” in English Language Learning and a good performance in its Virtual Learning, Workforce Skills and Assessment & Qualifications divisions.
Pearson said it was on track to hit profitability targets and doubled down on guidance for the full year. Shares in the firm surged over 8.5 per cent to a three year high.
The firm’s chief Andy Bird said he was “pleased with the continuing momentum” and the firm had widened its profit margins in the past quarter.
“We believe Pearson is well positioned for the future, and we are confident of being able to navigate the challenging macroeconomic environment,” he said.
“We are making strong progress in creating a digital learning ecosystem which can serve many more people across their lifetime of learning. This will lead to better outcomes for our learners and also deliver value for our shareholders and wider stakeholders.”
Bosses said they were on track to deliver “at least £100m of efficiencies” next year which will “accelerate improved margin expectations from 2025 to 2023”.