Pearson Half Year Report

Andy Bird, Chief Executive said: “Pearson has made good strategic, operational and financial progress in the first half of 2021 leading to healthy revenue and profit growth in the period. This reflects a strong rebound from 2020 with encouraging momentum in the underlying business. We are pleased to declare an interim dividend of 6.3p for our shareholders.

“Today we have reached a significant milestone in our direct-to-consumer strategy with the launch of our new college app, Pearson+. This will provide learners with the accessible, flexible and affordable resources they need for success. It also enables us to create direct relationships with learners and to continue to engage with them as they move into their careers.”

“Whilst there’s still much to do in the second half, with the key back to school selling season ahead of us and notwithstanding ongoing COVID-related uncertainty in some of our major markets, we are moving with pace and purpose and we remain on track to meet current market expectations.”

Underlying revenue up 17% to £1,597m
· Global Online Learning up 25% driven by strong growth in US Virtual Schools; modest growth in OPM with good underlying growth offset by discontinued programs.
· Global Assessment grew 34% with growth across all divisions, following the closure of test centres and schools and exam cancellations in 2020.
· North American Courseware up 2%, driven by a recovery in Canada which more than offset a 2% decline in US Higher Education Courseware.
· International grew 8% with growth in courseware, clinical assessment and PTE following school, bookstore and test centre closures last year.

Statutory results
· Sales increased 7% to £1,597m (2020: £1,492m) reflecting underlying performance, partially offset by portfolio changes and currency movements.
· Statutory operating profit £9m in H1 2021 (H1 2020: £107m), with the decrease due to the profit on disposal of Penguin Random House in 2020 and restructuring costs in 2021 partially offset by improved trading and reduced intangible charges.
· Statutory EPS 2.3p (H1 2020: 6.3p).
details at: https://otp.tools.investis.com/clients/uk/pearson1/rns/regulatory-story.aspx?cid=1433&newsid=1495739

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