Pearson sees 25% surge in demand for programmes in its Global Online Learning division
Pearson, the education company, announced that robust demand for online learning courses enabled a 5% increase in its underlying revenue growth for the three months up to 31 March.
The FTSE 100 company also said via a trading update that it expects its revenue and profits to grow in 2021.
Pearson has adapted its marketing strategy by defining itself as a consumer-facing group, providing skills and training beyond its schools and college remit.
There was a 25% surge in demand for programmes in its Global Online Learning division, as people from across the world signed up for courses at virtual schools.
Only last week, Sidney Taurel, chair of Pearson, said he would step down after a row with shareholders ensued over the decision to pay chief executive Andy Bird a £7.2m sign on bonus.
Andy Bird, commented on the group’s start to the year: “It’s been a good start to the year for Pearson, delivering 5% sales growth in the quarter. This is despite a longer period of disruption from COVID-19 in the quarter compared to last year. I’d like to thank colleagues for their ongoing dedication and hard work,” Bird.
“We are building pace and momentum. We are making good strategic progress in our ongoing shift to digital, we are in the advanced stages of preparation for the forthcoming launch of our new college app and our organisational redesign is on track.”
“We continue to expect to deliver revenue and profit growth in 2021 and for our performance to be in line with our 2021 outlook as we benefit from improving trading conditions as COVID-19 restrictions ease. We are focused on executing our new strategy and believe that it will create sustainable and significant value for all of Pearson’s stakeholders.”
Pearson was initially badly impacted by the pandemic as restrictions forced schools to close, while exams were also cancelled, causing its profit to fall by 40%.