- £350 million share buyback underway
- Group underlying sales up 1% for first quarter
- On track for full year 2025
Shares in Pearson (PSON) fell over 3% to £11.35 in early trading despite the education group saying it was on track to meet full year 2025 guidance.
The company reported a 1% increase in first quarter underlying group sales to the end of March with ‘growth expected to accelerate in the second half of the year.’
The group confirmed the £350 million share buyback was underway with £65 million repurchased to 30 April.
WHAT DID THE CEO SAY?
Omar Abbosh, Pearson CEO said: ‘We are confident of delivering on our expectations for the year given our clear path to achieving stronger growth in the second half, whilst we recognise the heightened uncertainties around the global economy.
Financial and operating performance in our smallest quarter was in line with our plans and we continue to build AI (artificial intelligence) enhanced offerings across the business and make progress on our Enterprise initiatives.’
Pearson said it had won new business in its Enterprise Learning & Skills division from the UK Ministry of Defence and relaunched the company’s brand to ‘embrace the future of learning.’
