Pearson 2021 Preliminary Results

Andy Bird, Pearson’s Chief Executive, said: “2021 has been a year of strong progress with the Group’s financial performance ahead of expectations. This reflects disciplined management of the business, operational execution, commitment of colleagues around the world and their ability to successfully navigate challenging market conditions.

Pearson has been reorganised and refocused with a new purpose to ‘add life to a lifetime of learning’ at the heart of everything we do. Our direct-to-consumer strategy is being driven by Pearson+, which had 2.75 million registered users at the end of 2021, with a strategy in place to engage more consumers and grow beyond Higher Education. Pearson is a digital first business, with consumer grade products, and the momentum across the company underpins our confidence for further growth in 2022 and beyond.”

Statutory results
• Sales increased 1% to £3,428m (2020: £3,397m), reflecting underlying performance, portfolio changes and currency movements.
• Statutory operating profit was £183m (2020: £411m). The decrease in 2021 is mainly due to the gain on sale of PRH recognised in 2020 and restructuring costs in 2021 partially offset by improved trading profits, reduced intangible charges and gains on the 2021 business disposals.
• Net cash generated from operations of £570m (2020: £450m).
• Statutory earnings per share of 21.1p (2020: 41.0p).
details at: https://plc.pearson.com/sites/pearson-corp/files/pearson/investors/results-presentations/pearson-2021-full-year-results–press-release.pdf