Educational publisher Pearson has revealed a dip in sales for the past six months, but said it will utilise advances in artificial intelligence (AI) to help drive growth.
The FTSE 100 firm also told shareholders it saw a slight increase in profits for the period.
The company hailed a “solid” performance over the first half of 2024 amid “operational progress” across the business.
Pearson held firm on its sales and profit guidance for the year as a result.
The group said it sees opportunities to improve growth by addressing pressure for skills driven by Baby Boomers quitting the workforce and leaving shortages.
It also said it would look to “increasingly powerful AI models” amid changing skills requirements in the world of work.
Chief executive Omar Abbosh said: “Significant demographic shifts and rapid advances in AI will be important drivers of growth in education and work over the coming years, and this plays to Pearson’s strengths as a trusted provider of learning and assessment services.
“We are implementing plans across all of our businesses that will see us deliver better products and services with greater efficiency.
“We’re also focusing on opportunities to progressively build our presence in materially larger and higher growth markets in which we are well positioned to succeed, with a particular focus on early careers and enterprise skilling.”
It came as Pearson revealed on Monday that sales slipped to £1.75 billion for the half-year to June 30, from £1.88 billion in the same period a year earlier.
The firm’s assessment and qualifications arm saw sales improve by 2% for the half-year.
Meanwhile, it saw a 1% drop in its virtual schools business driven by contract losses, while higher education sales were 2% lower.
However, it benefited from an 11% jump in English Language learning sales.
Pearson also revealed that adjusted operating profits grew by 4% to £250 million for the period.
This article was written by Henry Saker-Clark from The Independent and was legally licensed through the DiveMarketplace by Industry Dive. Please direct all licensing questions to legal@industrydive.com.