Pearson Releases its 2023 Annual Results - Overall Performance Exceeds Expectations, and Continues to Strengthen its Digital Products
LONDON, April 2, 2024 /PRNewswire/ -- Pearson, the world's leading learning company, has recently announced its financial results for the fiscal year 2023, showcasing impressive growth and strategic advancements. Under the purpose of "Add life to a lifetime of learning" and the company's strategy, the company delivered outstanding performance, with adjusted operating profit reaching £573 million, representing a remarkable 31% year-on-year increase compared to 2022. The adjusted operating profit margin also saw a significant rose from 11.9% to 15.6%, driven by increased sales and successful cost efficiency initiatives.
Omar Abbosh, Chief Executive of Pearson, expressed confidence in the company's future, stating, "2023 was another year of strong operational and financial performance, with results surpassing initial expectations once again, driven by our Assessment & Qualifications and English Language Learning businesses. Pearson is a strong company with excellent market potential, people committed to our mission, and a purpose that genuinely helps communities. Pearson is well positioned today, providing a stable platform for continued growth that can benefit from the inflection point we see with the development of AI. I am optimistic about the opportunities this advancement in technology brings. We have an exciting future ahead of us.
Driving Future Growth and Digital Innovation
Pearson has successfully integrated artificial intelligence technology into its educational products and services, revolutionizing the learning experience for users worldwide. Through AI-driven English language assessment, Pearson ensures faster and more accurate evaluations, maintaining fairness and objectivity in examinations. In 2023, we won recognition for the Pearson Test of English for Canadian Student Direct Stream and economic immigration visa applications. This grants access to the full potential of the Canadian market. In February 2024, Pearson opened bookings for PTE Core for Canadian economic immigration visa applications. With over 400 PTE test centres globally, Pearson remains committed to providing accessible and reliable English language assessment solutions across 118 countries and regions.
Pearson's Workforce Skills segment achieved significant growth in 2023, The underlying sales of the vocational qualification business increased by 10%, while the workforce solutions business achieved a 13% increase in underlying sales. In addition, Pearson's customer base in the field of workforce skills has continued to grow, currently having 1,547 corporate clients, an increase of 3% compared to last year, demonstrating a promising development trend.
Establishing a Strong Presence in China
In response to technological innovations in various industries, Pearson has tailored customized learning solutions for the Chinese market. By integrating English language proficiency, vocational skills training, and qualifications services, Pearson is strategically positioned to support the development of high-skilled talent in China and beyond.
"With a solid financial foundation and global expertise, we are actively leveraging advanced digital technologies to empower education and learning," said Joe Lam, Executive Director of Pearson China. "We are committed to creating a series of innovative products and services that cater to the constantly evolving educational environment in China. The Chinese market has always been an integral part of Pearson's global strategy, and we are confident in the long-term development of our business in China. At the same time, we will continue to deepen our collaboration with Chinese partners to meet the diverse needs of the market and jointly promote the continuous progress of education."
About Pearson
At Pearson, our purpose is simple: to add life to a lifetime of learning. We believe that every learning opportunity is a chance for a personal breakthrough. That's why our c. 18,000 Pearson employees are committed to creating vibrant and enriching learning experiences designed for real-life impact. We are the world's leading learning company, serving customers in nearly 200 countries with digital content, assessments, qualifications, and data. For us, learning isn't just what we do. It's who we are. Visit us at pearsonplc.com.
SOURCE Pearson
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