Pearson meets forecasts with 31% rise in operating profit

Credit: REUTERS/NEIL HALL

Adds CEO quote in paragraphs 2-3, outlook in paragraph 4

LONDON, March 1 (Reuters) - British education company Pearson PSON.L met market expectations by reporting 2023 operating profit of 573 million pounds ($724 million), up 31% on an underlying basis, underpinned by a strong demand for English language courses.

Chief Executive Omar Abbosh, who took over in January, said Pearson was well positioned for continued growth, including an inflection point with the development of AI.

"I am optimistic about the opportunities this advancement in technology brings," he said on Friday.

Pearson said it expected its underlying sales growth and profit this year would be in line with current market expectations, which forecast 3.7% growth on the top line growth and adjusted operating profit of 621 million pounds.

($1 = 0.7917 pounds)

(Reporting by Paul Sandle; Editing by Alistair Smout)

((paul.sandle@thomsonreuters.com; +44 20 7542 6843; Reuters Messaging: paul.sandle.thomsonreuters.com@reuters.net))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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