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Pearson: stock up after annual results

( - Pearson shares are up over 1% in a flat London market today, after the company announced underlying sales growth of 5% and adjusted operating profit of around 455 million pounds (up 11% on an underlying basis), beating its expectations.

Good results in English language learning, e-learning, workforce skills, assessment and qualifications, were offset by an expected, although reduced decline in higher education, the British educational publishing group said.

After a year of strategic and operational progress, it says that it is on track to achieve around 120 million pounds of cost efficiencies in 2023, primarily in higher education, of which 20 million pounds will be used to offset inflationary pressures.

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