Pearson PLC (LSE:PSON)’s revenues rose by 10% in the first nine months of 2021, though chief executive Andy Bird said college enrolments and schools continue to be affected by coronavirus disruption.
Higher education division sales dropped by 7%, which the group attributed to a decline in enrolments, particularly in community colleges, following a surge in COVID-19 infections in the key back to school period, and a strengthening of the US labour market.
Print-based products also continued to decline, though the rate has slowed said the FTSE 100 group.
Bird added that its new tuition app Pearson+ had made a ‘promising start’ following its launch in late July with over 2mln registered users and a strong response from students, faculty and authors.
“This is a significant step for Pearson, strengthening our direct-to-consumer offer that will underpin our drive for sustainable growth over the coming years.”
In its other divisions, Virtual learning and English tuition revenues rose by 14% and 15% respectively, with assessment up 24%.
“At this important stage of the year, we are on track to meet market expectations for the full year,” Bird added.
