Business
Pearson Interim Results 2024
Pearson Interim Results 2024.
About this update from Pearson Plc
[{"type":"text","content":"\n\nPearson Interim Results for the six months to 30th June 2024 (Unaudited)\n\n\n\n\n29th July 2024\n\n\nSolid H1 financial performance; No change to 2024 and 2025 guidance; Beyond 2025, expect to grow at mid-single digits with expanding adjusted operating margins\n\n\n\n\n \nFinancial Highlights\n\n\n\n\n£m\n\n\nH1 2024\n\n\nH1 2023\n\n\n\n\n\n \n£m\n\n\nH1 2024\n\n\nH1 2023\n\n\n\n\nBusiness performance\n\n\n \n\n\n\n\n\n\n\n\nStatutory results\n\n\n\n\n\n\n\n\n\n\nSales\n\n\n1,754\n\n\n1,879\n\n\n\n\n\nSales\n\n\n1,754\n\n\n1,879\n\n\n\n\nAdjusted operating profit\n\n\n250\n\n\n250\n\n\n\n\n\nOperating profit\n\n\n219\n\n\n219\n\n\n\n\nOperating cash flow\n\n\n129\n\n\n79\n\n\n\n\n\nProfit for the period\n\n\n158\n\n\n187\n\n\n\n\nFree cash flow\n\n\n27\n\n\n (50)\n\n\n\n\n\nNet cash generated from operations\n\n\n185\n\n\n106\n\n\n\n\nAdjusted earnings per share \n\n\n25.6p\n\n\n25.6p\n\n\n\n\n\nBasic earnings per share\n\n\n23.1p\n\n\n26.1p\n\n\n\n\n \nHighlights\n \n\n\n\n\n· \n\n\nUnderlying Group sales growth1 of 2%, excluding OPM2 and the Strategic Review3 businesses with each segment performing broadly in line with our expectations.\n\n\n\n\n· \n\n\nUnderlying adjusted operating profit growth1 of 4% to £250m.\n\n\n\n\n· \n\n\nStrong free cash flow performance up £77m to £27m.\n\n\n\n\n· \n\n\n£500m share buyback substantially complete and raised interim dividend by 6%, while balance sheet remains robust.\n\n\n\n\n· \n\n\nRemain on track to deliver on FY24 expectations and reiterate guidance out to 2025.\n\n\n\n\n· \n\n\nBeyond 2025, Pearson is positioned to deliver mid-single digit underlying sales CAGR and sustained margin improvement that will equate to an average increase of 40 basis points per annum by continuing to drive performance in the core business, executing synergies and expanding into adjacent markets.\n\n\n\n\n \nOmar Abbosh, Pearson's Chief Executive, said:\n\"Since joining Pearson at the start of the year, I have led a comprehensive review of our business and the markets in which we operate. This process has only reinforced my conviction in the potential of Pearson and the vital role we play ...