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Pearson Q1 Underlying Sales Up 7%

Pearson Plc (PSON.L), a British publishing and education company, reported that its first quarter underlying sales grew by 7%.

Assessment & Qualifications sales grew 22% with growth across all areas.

Virtual Learning sales increased 3% underpinned by strong retention rates in Virtual Schools and growth in OPM.

English Language Learning sales increased 18%, with growth in Pearson Test of English volumes weighted to first-quarter from borders re-opening and improving global mobility.

Workforce Skills sales grew 9% (excluding acquisitions) driven by ongoing growth in BTEC, GED and TalentLens.

Higher Education sales were down 5% due to expected declines in US Higher Education reflecting the continued decline in enrolments and courses per enrolment combined for the 2021/22 academic year.

Sales in businesses under strategic review decreased 11%.

The company said it remains on track to deliver on our 2022 financial expectations and medium term guidance.

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