Pearson PLC said Wednesday that it expects to report a rise in underlying sales for 2022, and that it finished the year ahead of the board’s expectations.
The FTSE 100 education company
said group underlying sales are expected to be 5% higher on year, with sales at its assessment-and-qualifications division–its largest business–up 8%, and up 24% at its English language learning division.
Adjusted operating profit–a metric which strips out exceptional and other one-off items– is expected at around 455 million pounds ($559.1 million), around 11% higher on year on an underlying basis, the company said.
Adjusted operating profit consensus is GBP444.8 million, taken from FactSet and based on seven analysts’ forecasts.
The company said it was on track to deliver around GBP120 million in cost efficiencies in 2023–with around GBP20 million used to offset inflationary pressures–and that these would be weighted toward the higher education divisions.
“This performance demonstrates focused execution and the ongoing momentum in the business as we continue to implement our new strategy that underpins our future growth,” Chief Executive Andy Bird said.
Write to Anthony O. Goriainoff at [email protected]