Pearson FY24 Profit Rises, Lifts Dividend, Plans GBP 350 Mln Buyback; Sees FY25 Inline With Market

(RTTNews) - Pearson Plc (PSO, PSON.L), a British education services provider, on Friday reported that its fiscal 2024 profit before tax grew to 510 million pounds from last year's 493 million pounds.

Earnings per share were 63.5 pence, up from 52.7 pence a year ago. Adjusted earnings per share were 61.1 pence, compared to 57.7 pence last year.

Sales, meanwhile, dropped to 3.55 billion pounds from last year's 3.67 billion pounds. Underlying Group sales growth was 3%, excluding OPM3 and the Strategic Review businesses.

Further, Pearson proposed a final dividend for 2024 of 16.6 pence, bringing the total dividend for the year to 24.0 pence, up 6 percent from last year. The final 2024 dividend, subject to approval at the forthcoming AGM, will be paid on May 9 to shareholders who are on the register of members at close of business on March 21.

In addition, the Board approved a 350 million pounds share buyback programme in order to return capital to shareholders.

Looking ahead, for fiscal 2025, the company projects positive outlook for underlying Group sales growth and adjusted operating profit, in line with market expectations.

Pearson further reiterated medium term guidance for mid-single digit underlying sales growth CAGR and sustained margin improvement that will equate to an average increase of 40 basis points per annum.

In addition, Pearson announced the appointment of Sharon Hague, currently Managing Director of our US Student Assessment and UK & International Qualifications businesses, as the new President of English Language Learning, effective March 2025.

Hague will become a member of the Pearson Executive Leadership team, reporting to CEO Omar Abbosh. Gio Giovannelli, current President of English Language Learning, has decided to leave Pearson following a thorough transition.

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