Pearson recently announced a significant increase in pretax profit for the full-year 2023, even though sales were lower than the previous year. The company revealed its plans to further enhance the share buyback program by £200 million ($252.5 million).
Financial Performance Overview
- Pretax Profit: GBP493 million for the year ended Dec. 31, up from GBP323 million in the prior year
- Group Sales: GBP3.67 billion compared to GBP3.84 billion in the same period last year
- Divisional Performance:
- Sales in the assessment-and-qualifications division increased by 7%
- English language learning division saw a growth of 30%
- Adjusted Operating Profit: GBP573.0 million, a significant improvement from GBP456 million
- Dividend: Final dividend declared at 15.7 pence per share, marking a 6% increase from the previous year and totaling 22.7 pence for the full year
Expansion Plans and Share Buyback Program
In April 2023, Pearson announced a share buyback program worth GBP300 million to benefit shareholders. The company now intends to extend this program by an additional GBP200 million.
CEO's Perspective
CEO Omar Abbosh expressed satisfaction with the strong operational and financial performance in 2023, attributing the success to the positive results in assessment and qualifications, as well as English Language Learning businesses. He emphasized the company's commitment to generating value for shareholders through consistent cash generation and strategic investments.
Overall, Pearson's solid financial results and growth strategies reflect its resilience and focus on delivering value to stakeholders in a competitive market landscape.
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