Pearson Interim Results for the Six Months to 30th June 2020 (Unaudited)

Highlights:
*Underlying revenue down 17% on prior year largely due to COVID-19
*Group sales decline largely reflects test centre and school closures in Global Assessment and International. After deterioration from March to May we saw improving sales trends in June.
*Global Online Learning sales grew 5% due to strong enrolments in new and existing schools in Virtual Schools and slight revenue growth in OPM with good growth in continuing programs offset by discontinued programs.
*Global Assessment declined 27% due to the impact of test centre closures in Professional Certification (Pearson VUE), cancellation of spring testing in Student Assessment and school closures impacting Clinical Assessments.
*North American Courseware declined 14% with US Higher Education Courseware declining in line with expectations due to the continuation of trends seen in 2019, and a modest impact from the closure of campus-based bookstores. We saw a weaker performance in courseware in Canada largely as a result of school and bookstore closures.
*International declined 23% due to the disruption in businesses which rely on physical locations including school and test centre closures.

Statutory results:
*Sales decreased by 18% or £337m in headline terms due to trading and disposals partially offset by FX.
*Statutory operating profit from continuing operations was £107m in the first half of 2020 (H1 2019: £37m) with adjusted operating profit impact offset by profit on disposal of Penguin Random House and reduced restructuring costs.
details at: https://www.pearson.com/news-and-research/announcements/2020/07/pearson-2020-half-year-results.html

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