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Pearson reports 7% Q1 profit growth, compared to 8% for the previous full year

The company claims that the growth was driven by its assessment and English language Learning division, while sales in its higher education unit, long the source of profit warnings, were down 5%, unchanged from 2021.

The British company has recently rejected a private equity takeover after showing signs of stabilisation.
The British company has recently rejected a private equity takeover after showing signs of stabilisation.

Education group Pearson reported underlying sales growth of 7% in the first quarter, compared with 8% for the previous full year. The company repeated its full-year profit guidance on Friday and said its effective tax rate would be below market expectations, giving it a solid start to the year.

The British company has recently rejected a private equity takeover after showing signs of stabilisation. The company claims that the growth was driven by its assessment and English language learning division, while sales in its higher education unit, long the source of profit warnings, were down 5%, unchanged from 2021.

The British company also said the statute of limitations on several tax provisions had lapsed, leading to a one-off impact in 2022 that will reduce its effective tax rate from current market expectations of around 21% to 15 to 17%.

Analysts at Citi said the first-quarter growth was ahead of its forecasts, and the tax announcement would lead to an around 20% upgrade on 2022 earnings per share.

With inputs from Reuters.

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