Pearson January Trading Update (Unaudited)
Key highlights for the 12 months: *Group sales declined by 10% and we expect to report adjusted operating profit in the range of £310m-£315m at an average USD:GBP exchange rate of 1.28; with portfolio changes, inflation and the trading impact of COVID-19 partially offset by restructuring savings. *Global Online Learning sales grew 18% due to strong enrolments in new and existing schools in Virtual Schools and good sales growth in Online Program Management (OPM), with growth in continuing programs partially offset by discontinued programs. *Global Assessment sales declined 14%, reflecting the impact of test centre closures during the lockdowns in H1 in Professional Certification, with pent up demand in the second half partly moderated by Q4 lockdowns. Cancellation of Spring testing impacted US Student Assessment and school closures impacted US Clinical Assessment. *North American Courseware declined 13% with US Higher Education Courseware revenue down 12%, with good growth in digital registrations and eBooks and a further decline of higher priced package and print sales. At the end of 2020, over 70% of US Higher Education Courseware revenue was digital. *International declined 19% due to school and test centre closures and the continuing impact of COVID-19 on public and private spending on courseware and assessments.