David BurrowsUK-based publisher and education specialist Pearson, reports group underlying revenue up 10% for the nine months to end of September.
Virtual Learning revenue grew 14% reflecting strong enrolment growth in Virtual Schools in the 2020/21 school year and flat revenue in Online Program Management with underlying growth offset by discontinued programs
However, Higher Education revenue was down 7% as growth in international courseware was offset by a decline in US Higher Education Courseware.
English Language Learning revenue grew 15% with strong growth in Pearson Test of English (PTE) and courseware following test centre and school closures in 2020
Workforce Skills revenue grew 5% due mainly to growth in GED and Talent Lens following COVID-19 impacts in 2020. Assessment & Qualifications revenue grew 24% with a strong performance across Pearson VUE, School Assessment and Clinical Assessment
Revenue in businesses held under Strategic Review grew 7% driven by a COVID-19 recovery in courseware and a phasing benefit in school purchases in South Africa in third quarter 2021.
US learning app launch
The company said its new US learning app, Pearson+, launched in late July, was progressing well with over 2 million registered users, and an App store rating of 4.7.
Pearson said it remained on track to deliver adjusted operating profit for full-year 2021 in line with market expectations.
Commenting on the latest numbers, Andy Bird, Pearson Chief Executive said: "We are encouraged with our strategic, financial and operational progress, despite the continuing effects of COVID-19 in some markets and its impact on enrolments in the back-to-school period. At this important stage of the year, we are on track to meet market expectations for the full year.
He added: "Pearson+ has made a promising start following its launch in late July with over 2m registered users and a strong response from students, faculty and authors. This is a significant step for Pearson, strengthening our direct-to-consumer offer that will underpin our drive for sustainable growth over the coming years. The growing pace and momentum in Pearson reinforces our confidence going forward."
The Pearson group saw its share price fall slightly in early market trading – down 2.19% to 713p.
