Pearson sees workforce skills training boosting growth
Adds CEO comments in paragraphs 3-5, 9-10, shares in paragraph 11
By Paul Sandle
LONDON, July 29 (Reuters) -British education company Pearson PSON.L said opportunities to help train the nurses and teachers of the future and to deploy AI to help students study would underpin an acceleration in growth beyond 2025.
Chief Executive Omar Abbosh, who joined early this year, set out his strategy alongside first-half results that showed sales rose 2% on an underlying basis and adjusted operating profit rose 4% to 250 million pounds ($321.75 million).
"Assessments and verification are at the core of our business and will continue to be so," he said on Monday.
In the medium term - beyond the company's current forecasts for this year and next - he said there were opportunities for compelling growth in early careers training and enterprise skills.
"There are already thousands of unfilled roles in key professions such as nursing or teaching in both the U.S. and the UK," he said. "And there's strong demand for talent sourcing, up-skilling and certification."
Pearson said it expected to meet forecasts for the full year, which currently stand at 3.7% growth in organic revenue and adjusted operating profit of 621 million pounds.
For 2025, it expects to achieve an adjusted operating margin of 16%-17%.
Beyond 2025, the strategy would deliver mid-single digit revenue growth and a 40 point margin improvement, including investments, Chief Financial Officer Sally Johnson said.
Abbosh said he was "very happy" with Pearson's portfolio of businesses, which includes virtual learning, higher education, English language learning and workforce skills as well as assessment and qualifications.
He said he would look at acquisitions, but he liked organic growth "a lot".
Shares in Pearson, which have risen 13% in the last eight weeks, were trading down 2.75% at 0941 GMT.
($1 = 0.7770 pounds)
Editing by Kylie MacLellan; Editing by Kirsten Donovan
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