National education company sees 55 per cent drop in profits

A national education company has today announced that it saw a 55 per cent drop in statutory profit in 2019.

Pearson, which publishes textbooks for learners from primary school to mature students, reported that its yearly profit for last year was £266m – a £324m drop from 2018’s £590m.

The company said that the decrease was due to portfolio changes and restructuring costs.

It said that in 2020 it will focus on its digital strategy, and that it is already “by revenue, by far the world’s leading digital learning company”.

John Fallon, chief executive said: “With 76 per cent of the company already growing strongly, and all parts of Pearson profitable, we are a simpler and more efficient company, completely focused on empowering people to progress through a lifetime of learning.

“The future of learning will be increasingly digital and we have built, by revenue, by far the world’s leading digital learning company.

“We’ve also built the platform by which we can lead the next generation of digital learning, with an exciting pipeline of new products and services all built around the things that learners care most about - experience, outcomes and affordability.

“As we benefit from further efficiencies from the investments we have made and deploy our strong balance sheet, Pearson is now well placed, in time, to grow in a profitable and sustainable way.”