Growth through strategic execution
Read our 2024 Annual Report to see how we have driven growth through strategic execution, accelerated the infusion of AI across our offering, expanded our presence in the Enterprise skills market, as well as how we are driving ongoing momentum across our business. As a trusted provider of learning content, assessments and verifications, we are uniquely placed to help bridge the critical skills gap impacting economies, workforces and individuals around the world, and help people realise the life they imagine through learning.
2024 Highlights
Underlying sales growth increase of 3%*
Adjusted operating profit of £600m, an increase year-on-year of 10% on an underlying basis.
Scaled AI across our products and services, enhanced and extended the generative AI tools in our Higher Education courseware, and developed new AI tools in English Language Learning and Virtual Learning.
Signed deals with ServiceNow, Degreed, Microsoft, and AWS to help employees and organisations prepare for the future of work.
Strong cash performance with free cash flow of £490m and completed a multiyear £500m share buyback.
*Taking portfolio adjustments and FX into account and excluding the OPM and strategic review businesses.
Pearson is a strong, trusted business that is well positioned to capitalise on emerging opportunities.
Omar Abbosh,Chief ExecutiveRead the CEO’s letter to shareholders
SALLY JOHNSON,Chief Financial OfficerRead the CFO’s review
Our Strategy in Action
Core
Synergies
Growth Pillars
Core
Assessments & Verification
We built on our strengths in Assessments & Verification by enhancing our AI tools and capabilities, exploring opportunities for geographic and vertical sector expansion, driving cross-selling and assembling dedicated product and sales teams to support key growth initiatives. These efforts were underpinned by our unwavering commitment to maintaining customer trust and delivering a consistently high level of operational excellence.
Synergies
Product Bundling
We reconfigured our incentive schemes to encourage sales teams to bundle products and make it easier for our customers to buy. We bundled solutions for hiring and skill development in the enterprise sector, and assessment products in the US Student Assessment market.
Product Development
We are adopting modern approaches to product design, development, and deployment. This includes platform modernisation, creating common services and data platforms, harmonised tech stacks, and adopting tooling best practices. Our new “Product Excellence” programme provides centralised oversight and governance across the company.
Strategic Partnering
We’ve expanded several relationships, including our recently announced partnerships with Microsoft and AWS, which are set to drive transformative change across our business.
Growth Pillars
Early Careers
We continued to build on our intellectual property and expertise in GED and vocational qualifications, grow our virtual career and technical education offering, and invest in our network of institutional and enterprise partners and launched thought leadership initiatives on the impact of AI and demographic shifts on the future of work.
Enterprise Skilling
We demonstrated our commitment to growth in the Enterprise Skilling space through dedicated efforts to address key enterprise needs, including pre-assessing new employees, identifying high-value skills and aptitudes for Early Careers, creating learning and upskilling pathways. Collaborations with ServiceNow and Degreed, as well as the creation of Faethm’s patented skill proficiency framework, further highlight our commitment to helping enterprises navigate the future of work.