Pearson 2021 Preliminary Results and strategy update
(Unaudited)
|
25 February 2022 Strong
financial performance and building growth
momentum
|
Andy Bird, Pearson's Chief Executive, said:
"2021 has been a year of strong progress with the Group's financial
performance ahead of expectations. This reflects disciplined
management of the business, operational execution, commitment of
colleagues around the world and their ability to successfully
navigate challenging market conditions.
Pearson has been reorganised and refocused with a new purpose to
'add life
to a lifetime of learning' at the heart of everything we do. Our
direct-to-consumer strategy is being driven by Pearson+, which had
2.75 million registered users at the end of 2021, with a strategy
in place to engage more consumers and grow beyond Higher Education.
Pearson is a digital first business, with consumer grade products,
and the momentum across the company underpins our confidence for
further growth in 2022 and beyond."
Underlying sales
growth1 of
8%
● Led by Assessment & Qualifications up 18%,
driven by 19% growth in Professional Certification (VUE) with OnVUE
continuing to benefit from growth in the IT sector. US Student
Assessment grew 17% and Clinical Assessment was up 30% with strong
product launches in the year. Pearson VUE and Clinical Assessment
revenues have now grown in comparison to 2019, showing more than
post-COVID-19 recovery.
● Virtual Learning up 11% due to strong enrolment
growth in Virtual Schools in the prior academic year (2020-21).
Underlying enrolment growth of 7% in Online Program Management
(OPM).
● English Language Learning up 17% due to COVID-19
recovery in both International courseware and Pearson Test of
English (PTE).
● Workforce Skills up 6% with strong growth in GED
and TalentLens.
● Higher Education down 5%, with growth in Canadian
and UK Courseware offset by a 6% decline in US Higher Education
Courseware.
Adjusted operating profit¹ up 33% on an underlying
basis to £385m
●
Driven by operating leverage on revenue growth and
cost savings offsetting cost inflation and investment to accelerate
future growth.
●
Adjusted earnings per share¹ of 34.9p (2020: 28.7p) after an
effective tax rate charge of 20% (2020: 14%) and net interest
charge of £57m (2020: £61m).
Strong cash performance
●
Operating cash inflow¹ increased on a headline basis
from £315m in 2020 to £388m in 2021 due to the
drop-through of increased operating profits and an improvement in
net working capital partially offset by an increase in capital
expenditure.
Balance sheet strength supports investment and increased
shareholder returns
●
Acquisitions of Credly and Faethm to support growth
strategy in Workforce Skills division.
●
Year-end net debt reduced to £350m (2020:
£463m) with leverage at 0.6x (2020: 0.8x).
●
Proposed final dividend of 14.2p (2020: 13.5p), which
equates to a full year dividend of 20.5p (2020:
19.5p).
●
Intention to commence a buyback to repurchase shares
of £350m in 2022.
Statutory results
●
Sales increased 1% to £3,428m (2020:
£3,397m), reflecting underlying performance, portfolio changes
and currency movements.
●
Statutory operating profit was £183m (2020:
£411m). The decrease in 2021 is mainly due to the gain on sale
of PRH recognised in 2020 and restructuring costs in 2021 partially
offset by improved trading profits, reduced intangible charges and
gains on the 2021 business disposals.
●
Net cash generated from operations of £570m
(2020: £450m).
●
Statutory earnings per share of 21.1p (2020:
41.0p).
Significant strategic progress
●
Direct to Consumer: Launched direct to consumer
strategy led by new digital learning service, Pearson+, which
continues to make good progress with 2.75m registered users at the
end of 2021, reflecting a strong uptake from MyLab and Mastering
users, 133k paid subscriptions, and a latest app store rating of
4.8.
●
Higher Education: Pearson's flagship Higher Education
product, Revel, completed the move to incorporate the Pearson
Learning Platform's capabilities, providing enhanced features, and
a new visual design for mobile.
●
Workforce Skills: Acquired Faethm, the workforce AI
and predictive analytics company in September 2021, and in January
2022, Credly, the market leader in digital workforce credentialing,
to further enhance Pearson's Workforce Skills
capabilities.
●
Simplification: The disposal of Pearson's Brazilian
K12 Sistemas business completed on 1 October 2021. Marketing is
progressing well with other businesses under strategic
review.
●
Today, we are announcing the acquisition of Clutch
Prep, an online video-based learning service that will rapidly fuel
Pearson+ with quality original video tutorials.
2022 outlook
●
Confident of further group revenue growth, with
adjusted operating profit, interest and tax expected to be in line
with current market expectations2.
●
Assessment & Qualifications revenue growth of low
to mid-single digits with strong margins maintained.
●
Growth in Virtual Learning with low-single digit
growth in Virtual Schools and high-single digit growth in Online
Program Management (OPM) and further margin expansion through
operational efficiency improvements in OPM.
●
English Language Learning revenue growth of
mid-single digits. Business continues to recover from COVID-19 with
further margin improvement expected.
●
Significant revenue growth in Workforce Skills
underpinned by the acquisitions of Faethm and Credly. Margins will
be break-even as we invest to accelerate growth.
●
Higher Education revenue to decline, but by less than
last year, with margin stabilisation reflecting cost efficiencies.
We expect enrolments to decline, but at a lower rate than in 2021,
although that could improve. We also expect pricing pressure to
continue due to the shift from print to ebooks and Pearson+, and
from bundles to digital only, offset by continued recapture of the
secondary market.
2025 ambition
●
We expect the Group to achieve mid-single digit
revenue CAGR from 2022 to 2025 and for margins to remain relatively
stable in the near term, as we invest to drive growth, improving by
2025 to mid-teens.
|
Segment
|
2021 Revenue (£m)
|
Margins 2021*
|
2022 expectations
|
Revenue CAGR 2022 to 2025
|
Margins 2025*
|
|
Revenue
|
Margins*
|
|||||
Assessment & Qualifications
|
1,204
|
18%
|
Low to
mid-single digit
|
Maintained
|
Low to
mid-single digit
|
Maintained
|
Virtual Learning
|
713
|
4%
|
Low to
mid-single digit
|
Incremental
improvement in Virtual Learning due to OPM
efficiencies
|
Mid-high
single digit
|
Low
double digit
|
English Language Learning
|
238
|
6%
|
Mid-single
digit
|
Improvement
versus 2021
|
Mid-high
single digit
|
Mid-teens
|
Workforce Skills
|
172
|
16%
|
Existing
business: Mid-high single digit
>40%
for Faethm and Credly
|
Break-even
|
2025
revenues more than double 2021
|
Low
double digit
|
Higher Education
|
849
|
9%
|
Down
less than 2021
|
Stabilisation
|
Low to
mid-single digit
|
Mid-teens
|
Strategic review
|
252
|
9%
|
|
|
|
|
Group
|
3,428
|
11%
|
Growth
|
In line
with market expectations
|
Mid-single
digit
|
Mid-teens
|
KPI
|
Objective
|
KPI Measure
|
2021 Actual
|
2020 Actual
|
Digital growth
|
Drive digital revenue growth
|
Underlying growth in Group digital and
digital-enabled sales
|
9%
|
(2)%
|
Virtual Schools US enrolments
|
111k
|
109k
|
||
OPM student enrolments
|
275k
|
245k
|
||
OnVUE volumes
|
3.0m
|
2.1m
|
||
Higher Education US digital registrations
|
11.4m
|
12.3m
|
||
PTE volume
|
436k
|
350k
|
||
Consumer Engagement
|
Create
engaging and personalised consumer
experiences
|
NPS for Connections Academy
|
+62
|
+60
|
NPS for PTE
|
+56
|
+60
|
||
Pearson+ registered users
|
2.75m
|
n/a
|
||
Product Effectiveness
|
Improve the effectiveness of our products to
deliver better outcomes
|
PTE speed of score return
|
1.2 days
|
1.5 days
|
VUE test volumes
|
16.8m
|
12.9m
|
||
VUE Partner retention
|
99%
|
96%
|
||
Higher Education product usage - text units
|
5.4m
|
5.4m
|
||
Investing in Talent
|
Enhance
our employee experience and help employees
progress through learning
|
Number
of employees upskilling or reskilling
|
71%
|
63%
|
Employee
NPS
|
+8
|
+17
|
||
Inclusion & Diversity
|
Build
an inclusive culture and increase diverse
representation
|
% of
diverse candidates in leadership development and mentoring
programmes
|
100% of
programmes have a minimum of 50% diversity
|
n/a
|
% of
diverse candidates in leadership succession plans
|
Women =
72% BIPOC/BAME = 24%
|
n/a
|
||
Sustainability Strategy
|
Achieve
net zero carbon by 2030
|
Progress
against achieving net zero carbon by 2030, as measured through
percentage carbon reduction
|
26% reduction vs 2018 base*
|
25% reduction vs 2018 base*
|
Contacts
|
|
|
Investor Relations
|
Jo
Russell
|
+44 (0)
7785 451 266
|
Media
|
Tom
Steiner
Gemma
Terry
|
+44 (0)
7787 415 891
+44 (0)
7841 363 216
|
Teneo
|
Charles
Armitstead
|
+44 (0)
7703 330 269
|
Virtual event
|
Pearson's full year results hybrid presentation today at 0900
(GMT). Register to receive log in details: https://pearson.connectid.cloud/register
|
|
Notes
|
Financial
Overview
|
|
|
|
|
|
£m
|
2021
|
2020
|
Headline
growth
|
CER
growth*
|
Underlying
growth
|
Business performance
|
|
|
|
|
|
Sales
|
3,428
|
3,397
|
1%
|
7%
|
8%
|
Adjusted
operating profit
|
385
|
313
|
23%
|
33%
|
33%
|
Operating
cash flow
|
388
|
315
|
|
|
|
Adjusted
earnings per share
|
34.9p
|
28.7p
|
|
|
|
Statutory results
|
|
|
|
|
|
Sales
|
3,428
|
3,397
|
|
|
|
Operating
profit
|
183
|
411
|
|
|
|
Profit
for the year
|
160
|
310
|
|
|
|
Net
cash generated from operations
|
570
|
450
|
|
|
|
Basic
earnings per share
|
21.1p
|
41.0p
|
|
|
|
Dividend
per share
|
20.5p
|
19.5p
|
|
|
|
Net
debt
|
(350)
|
(463)
|
|
|
|
£ millions
|
2021
|
2020
|
Headline
growth
|
CER
Growth*
|
Underlying
growth
|
Sales
|
|
|
|
|
|
Assessment
& Qualifications
|
1,204
|
1,082
|
11%
|
18%
|
18%
|
Virtual
Learning
|
713
|
692
|
3%
|
11%
|
11%
|
English
Language Learning
|
238
|
218
|
9%
|
17%
|
17%
|
Workforce
Skills
|
172
|
163
|
6%
|
7%
|
6%
|
Higher
Education
|
849
|
956
|
(11)%
|
(5)%
|
(5)%
|
Strategic
review
|
252
|
286
|
(12)%
|
(9)%
|
1%
|
Total
|
3,428
|
3,397
|
1%
|
7%
|
8%
|
|
|
|
|
|
|
Adjusted operating profit
|
|
|
|
|
|
Assessment
& Qualifications
|
216
|
147
|
47%
|
59%
|
59%
|
Virtual
Learning
|
32
|
29
|
10%
|
28%
|
28%
|
English
Language Learning
|
15
|
1
|
1,400%
|
1,600%
|
1,600%
|
Workforce
Skills
|
27
|
26
|
4%
|
4%
|
8%
|
Higher
Education
|
73
|
93
|
(22)%
|
(15)%
|
(15)%
|
Strategic
review
|
22
|
16
|
38%
|
38%
|
27%
|
Penguin
Random House
|
-
|
1
|
(100)%
|
(100)%
|
-
|
Total adjusted operating profit
|
385
|
313
|
23%
|
33%
|
33%
|
Assessment & Qualifications
In Assessment & Qualifications, revenue increased 18% on an
underlying basis and 11% on a headline basis. Professional
Certification (VUE) revenue was up 19%, with OnVUE continuing to
benefit from growth in the IT sector. US Student Assessment revenue
was up 17% and Clinical Assessment revenue was up 30% with strong
product launches in the year. Pearson VUE and Clinical Assessment
revenues have now grown in comparison to 2019, showing more than
post-COVID-19 recovery. Adjusted operating profit increased 59% in
underlying and 47% in headline terms due to the operating leverage
on revenue growth partly offset by currency movements.
Pearson VUE revenue grew 19% in underlying terms with test volumes
increasing 30% to 16.8m due to COVID-19 recovery, new client
launches and growth in existing programmes. We renewed 99% of our
expiring contract base and fully resumed exam deliveries in our
testing centres. Volumes in OnVUE, Pearson's online proctoring
service, grew 46% to 3m reflecting continuing demand for remote
testing and as a complementary expansion to our test centre-based
delivery options.
In US Student Assessment, revenue increased 17% in underlying terms
due to new contract wins and a return to state testing in 2021,
following 2020 COVID-19-related cancellations.
In Clinical Assessment, revenue increased 30% in underlying terms
due to new product releases and a backlog of demand for mental
health services as in-person assessments resumed and schools
reopened. Revenue growth continued for our digitally delivered
assessments as they have become more widely accepted.
Virtual Learning
Revenue grew 11% on an underlying basis and 3% on a headline basis
reflecting strong enrolment growth in Virtual Schools in the
2020/2021 academic year, with good underlying enrolment growth in
OPM.
Adjusted operating profit grew 28% in underlying terms, due to
operating leverage and efficiency improvements in OPM more than
offsetting the investment in our Virtual Schools' platform and
customer care support, as well as margin impact in OPM due to
discontinued programs. Headline profit grew 10% with good growth in
adjusted operating profit partially offset by currency
movements.
Virtual Schools performed strongly driven by 43% enrolment growth
in new and existing schools for the 2020/2021 academic year. We
opened five new full-time, online partner schools in Florida, Rhode
Island, Colorado, South Carolina, and Oregon. We also announced our
first Connections Academy in the state of Virginia, which begins
enrolment in March 2022, one school in New Mexico moved from a
partner school to district programme. This brings the 2021/2022
total number of partner schools to 47 in 30 states. Enrolments in
the 2021/2022 academic year grew by 2% despite a significant
unwinding of the "covid cohort".
In OPM, we saw good underlying enrolment growth of 7% as Maryville
University extended its OPM partnership for online degrees in the
high-demand field of Nursing through to 2033 and Northeastern
University added a new online master's degree and certificate
programs in Nursing and Healthcare. We ended the year with a total
of 477 programs across 31 partners with the addition of 43 new
programs in North America across 21 partners, and 7 new programs
internationally where underlying enrolments grew by more than
80%.
English Language Learning
In English Language Learning, sales were up 17% on an underlying
basis and 9% on a headline basis due to COVID-19 recovery in both
International courseware and Pearson Test of English (PTE) where
volumes grew 25% compared to 2020.
Adjusted operating profit increased in underlying and headline
terms due to increased revenue.
Workforce Skills
In Workforce Skills, sales were up 6% on an underlying and headline
basis, predominantly driven by strong growth in GED and TalentLens
due to a recovery from COVID-19 and further expansion of their
enterprise sales. GED test volumes increased by 43%, enabled by the
provision of online proctored testing, launched in June 2020, which
grew by 200%. BTEC and Apprenticeship sales grew by 4%, with
strong international growth partially offset by lower growth in the
UK, as registrations declined as a result of COVID-19 disruption
and rebates for exam cancellations continued in 2021.
Adjusted operating profit grew 8% in underlying terms, with strong
flow through of sales growth operating leverage. Headline profits
grew 4% with good underlying growth offset by portfolio
changes.
Higher Education
In Higher Education, sales declined 5% for the full year on an
underlying basis and 11% on a headline basis with growth in
Canadian and UK Courseware more than offset by an underlying 6%
decline in US Higher Education Courseware.
Adjusted operating profit declined 15% in underlying and 22% in
headline terms. This is driven by the combined effects of the
revenue declines and continued investments in our content and
platforms (inclusive of Pearson+).
We saw continued momentum in Inclusive Access where sales to
not-for-profit institutions grew 18% representing 16% of total US
Higher Education Courseware revenue versus 13% last
year.
Strategic review
Sales
in our international courseware local publishing businesses under
strategic review were up 1% on an underlying basis and down 12% on
a headline basis for the full year.
|
|
|
|
|
All figures in £ millions
|
|
2021
|
2020
|
|
|
|
|
|
|
|
|
Operating
profit
|
|
183
|
411
|
Add
back: Cost of major restructuring
|
|
214
|
-
|
Add
back: Intangible charges
|
|
51
|
80
|
Add
back: Other net gains and losses
|
|
(63)
|
(178)
|
Adjusted
operating profit
|
|
385
|
313
|
|
|
|
|
all figures in £ millions
|
note
|
2021
|
2020
|
|
|
|
|
|
|
|
|
Continuing
operations
|
|
|
|
|
|
|
|
Sales
|
2
|
3,428
|
3,397
|
Cost of
goods sold
|
|
(1,747)
|
(1,767)
|
Gross
profit
|
|
1,681
|
1,630
|
|
|
|
|
Operating
expenses
|
|
(1,562)
|
(1,402)
|
Other
net gains and losses
|
2
|
63
|
178
|
Share
of results of joint ventures and associates
|
|
1
|
5
|
Operating
profit
|
2
|
183
|
411
|
|
|
|
|
Finance
costs
|
3
|
(68)
|
(107)
|
Finance
income
|
3
|
42
|
50
|
Profit
before tax
|
4
|
157
|
354
|
Income
tax
|
5
|
3
|
(44)
|
Profit
for the year
|
|
160
|
310
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributable
to:
|
|
|
|
Equity
holders of the company
|
|
159
|
310
|
Non-controlling
interest
|
|
1
|
-
|
|
|
|
|
|
|
|
|
Earnings per share (in pence per
share)
|
|
|
|
Basic
|
6
|
21.1p
|
41.0p
|
Diluted
|
6
|
20.9p
|
41.0p
|
|
|
|
|
all figures in £ millions
|
|
2021
|
2020
|
|
|
|
|
|
|
|
|
Profit
for the year
|
|
160
|
310
|
|
|
|
|
Items
that may be reclassified to the income statement
|
|
|
|
Net
exchange differences on translation of foreign operations -
Group
|
|
(6)
|
(109)
|
Currency
translation adjustment disposed
|
|
4
|
(70)
|
Attributable
tax
|
|
10
|
(13)
|
|
|
|
|
Items
that are not reclassified to the income statement
|
|
|
|
Fair
value gain on other financial assets
|
|
24
|
14
|
Attributable
tax
|
|
(3)
|
(6)
|
Remeasurement of
retirement benefit obligations - Group
|
|
149
|
(23)
|
Attributable
tax
|
|
(61)
|
2
|
Other
comprehensive income / (expense) for the year
|
|
117
|
(205)
|
|
|
|
|
Total
comprehensive income for the year
|
|
277
|
105
|
|
|
|
|
Attributable
to:
|
|
|
|
Equity
holders of the company
|
|
276
|
105
|
Non-controlling
interest
|
|
1
|
-
|
|
|
|
|
all figures in £ millions
|
note
|
2021
|
2020
|
|
|
|
|
|
|
|
|
Property,
plant and equipment
|
|
366
|
515
|
Intangible
assets
|
10
|
2,769
|
2,742
|
Investments
in joint ventures and associates
|
|
24
|
6
|
Deferred
income tax assets
|
|
57
|
32
|
Financial
assets - derivative financial instruments
|
|
30
|
45
|
Retirement
benefit assets
|
|
537
|
410
|
Other
financial assets
|
|
113
|
138
|
Income
tax assets
|
|
97
|
-
|
Trade
and other receivables
|
|
129
|
223
|
Non-current assets
|
|
4,122
|
4,111
|
|
|
|
|
Intangible
assets - product development
|
|
894
|
905
|
Inventories
|
|
98
|
129
|
Trade
and other receivables
|
|
1,257
|
1,118
|
Financial
assets - derivative financial instruments
|
|
2
|
18
|
Income
tax assets
|
|
26
|
-
|
Cash
and cash equivalents (excluding overdrafts)
|
|
937
|
1,097
|
Current assets
|
|
3,214
|
3,267
|
|
|
|
|
Assets
classified as held for sale
|
|
7
|
73
|
Total assets
|
|
7,343
|
7,451
|
|
|
|
|
Financial
liabilities - borrowings
|
|
(1,245)
|
(1,397)
|
Financial
liabilities - derivative financial instruments
|
|
(30)
|
(40)
|
Deferred
income tax liabilities
|
|
(40)
|
(62)
|
Retirement
benefit obligations
|
|
(66)
|
(85)
|
Provisions
for other liabilities and charges
|
|
(7)
|
(8)
|
Other
liabilities
|
|
(95)
|
(80)
|
Non-current liabilities
|
|
(1,483)
|
(1,672)
|
|
|
|
|
Trade
and other liabilities
|
|
(1,256)
|
(1,196)
|
Financial
liabilities - borrowings
|
|
(155)
|
(254)
|
Financial
liabilities - derivative financial instruments
|
|
(4)
|
(12)
|
Income
tax liabilities
|
|
(125)
|
(84)
|
Provisions
for other liabilities and charges
|
|
(40)
|
(25)
|
Current liabilities
|
|
(1,580)
|
(1,571)
|
|
|
|
|
Liabilities
classified as held for sale
|
|
-
|
(74)
|
Total liabilities
|
|
(3,063)
|
(3,317)
|
|
|
|
|
Net assets
|
|
4,280
|
4,134
|
|
|
|
|
Share
capital
|
|
189
|
188
|
Share
premium
|
|
2,626
|
2,620
|
Treasury
shares
|
|
(12)
|
(7)
|
Reserves
|
|
1,467
|
1,324
|
Total
equity attributable to equity holders of the company
|
|
4,270
|
4,125
|
Non-controlling
interest
|
|
10
|
9
|
Total equity
|
|
4,280
|
4,134
|
|
|
|
|
|||||||
|
Equity
attributable to equity holders of the company
|
|
|
|||||||
all figures in £ millions
|
Share
capital
|
Share
premium
|
Treasury
shares
|
Capital
redemption reserve
|
Fair
value reserve
|
Translation
reserve
|
Retained
earnings
|
Total
|
Non-controlling
interest
|
Total
equity
|
|
|
|
|
|
|
|
|
|
|
|
2021
|
||||||||||
At
1 January 2021
|
188
|
2,620
|
(7)
|
18
|
53
|
388
|
865
|
4,125
|
9
|
4,134
|
Profit
for the year
|
-
|
-
|
-
|
-
|
-
|
-
|
159
|
159
|
1
|
160
|
Other
comprehensive income / (expense)
|
-
|
-
|
-
|
-
|
24
|
(2)
|
95
|
117
|
-
|
117
|
Total
comprehensive income / (expense)
|
-
|
-
|
-
|
-
|
24
|
(2)
|
254
|
276
|
1
|
277
|
Equity-settled
transactions
|
-
|
-
|
-
|
-
|
-
|
-
|
28
|
28
|
-
|
28
|
Transfer of gain on
disposal of FVOCI investment
|
-
|
-
|
-
|
-
|
(44)
|
-
|
44
|
-
|
-
|
-
|
Issue
of ordinary shares
|
1
|
6
|
(1)
|
-
|
-
|
-
|
-
|
6
|
-
|
6
|
Buyback
of equity
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Purchase of
treasury shares
|
-
|
-
|
(16)
|
-
|
-
|
-
|
-
|
(16)
|
-
|
(16)
|
Release
of treasury shares
|
-
|
-
|
12
|
-
|
-
|
-
|
(12)
|
-
|
-
|
-
|
Dividends
|
-
|
-
|
-
|
-
|
-
|
-
|
(149)
|
(149)
|
-
|
(149)
|
At
31 December 2021
|
189
|
2,626
|
(12)
|
18
|
33
|
386
|
1,030
|
4,270
|
10
|
4,280
|
2020
|
||||||||||
At 1
January 2020
|
195
|
2,614
|
(24)
|
11
|
39
|
567
|
911
|
4,313
|
10
|
4,323
|
Profit
for the year
|
-
|
-
|
-
|
-
|
-
|
-
|
310
|
310
|
-
|
310
|
Other
comprehensive income / (expense)
|
-
|
-
|
-
|
-
|
14
|
(179)
|
(40)
|
(205)
|
-
|
(205)
|
Total
comprehensive income / (expense)
|
-
|
-
|
-
|
-
|
14
|
(179)
|
270
|
105
|
-
|
105
|
Equity-settled
transactions
|
-
|
-
|
-
|
-
|
-
|
-
|
29
|
29
|
-
|
29
|
Transfer of gain on
disposal of FVOCI investment
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Issue
of ordinary shares
|
-
|
6
|
-
|
-
|
-
|
-
|
-
|
6
|
-
|
6
|
Buyback
of equity
|
(7)
|
-
|
-
|
7
|
-
|
-
|
(176)
|
(176)
|
-
|
(176)
|
Purchase of
treasury shares
|
-
|
-
|
(6)
|
-
|
-
|
-
|
-
|
(6)
|
-
|
(6)
|
Release
of treasury shares
|
-
|
-
|
23
|
-
|
-
|
-
|
(23)
|
-
|
-
|
-
|
Dividends
|
-
|
-
|
-
|
-
|
-
|
-
|
(146)
|
(146)
|
(1)
|
(147)
|
At 31
December 2020
|
188
|
2,620
|
(7)
|
18
|
53
|
388
|
865
|
4,125
|
9
|
4,134
|
|
|
|
|
all figures in £ millions
|
note
|
2021
|
2020
|
|
|
|
|
|
|
|
|
Cash
flows from operating activities
|
|
|
|
Net
cash generated from operations
|
14
|
570
|
450
|
Interest
paid
|
|
(67)
|
(63)
|
Tax
(paid) / received
|
|
(177)
|
2
|
Net
cash generated from operating activities
|
|
326
|
389
|
|
|
|
|
Cash
flows from investing activities
|
|
|
|
Acquisition of
subsidiaries, net of cash acquired
|
11
|
(55)
|
(6)
|
Acquisition of
associates
|
|
(10)
|
-
|
Purchase of
investments
|
|
(4)
|
(6)
|
Purchase of
property, plant and equipment
|
|
(64)
|
(53)
|
Purchase of
intangible assets
|
|
(112)
|
(81)
|
Disposal of
subsidiaries, net of cash disposed
|
12
|
83
|
100
|
Proceeds from sale
of joint ventures and associates
|
12
|
-
|
531
|
Proceeds from sale
of investments
|
12
|
48
|
-
|
Lease
receivables repaid including disposals
|
|
21
|
41
|
Loans
repaid by related parties
|
|
-
|
48
|
Interest
received
|
|
13
|
13
|
Dividends from
joint ventures and associates
|
|
-
|
4
|
Net
cash (used in) / generated from investing activities
|
|
(80)
|
591
|
|
|
|
|
Cash
flows from financing activities
|
|
|
|
Proceeds from issue
of ordinary shares
|
|
6
|
6
|
Buyback
of equity
|
|
-
|
(176)
|
Purchase of
treasury shares
|
|
(16)
|
(6)
|
Proceeds from
borrowings
|
|
-
|
346
|
Repayment of
borrowings
|
|
(167)
|
(230)
|
Repayment of lease
liabilities
|
|
(88)
|
(92)
|
Dividends paid to
company's shareholders
|
|
(149)
|
(146)
|
Dividends paid to
non-controlling interest
|
|
-
|
(1)
|
Net
cash used in financing activities
|
|
(414)
|
(299)
|
|
|
|
|
Effects
of exchange rate changes on cash and cash equivalents
|
|
(8)
|
(2)
|
Net
(decrease) / increase in cash and cash equivalents
|
|
(176)
|
679
|
|
|
|
|
Cash
and cash equivalents at beginning of year
|
|
1,113
|
434
|
Cash
and cash equivalents at end of year
|
|
937
|
1,113
|
all figures in £ millions
|
|
2021
|
2020¹
|
|
|
|
|
|
|
|
|
Sales
|
|
|
|
Assessments &
Qualifications
|
|
1,204
|
1,082
|
Virtual
Learning
|
|
713
|
692
|
English
Language Learning
|
|
238
|
218
|
Workforce
Skills
|
|
172
|
163
|
Higher
Education
|
|
849
|
956
|
Strategic
Review
|
|
252
|
286
|
Total
sales
|
|
3,428
|
3,397
|
|
|
|
|
Adjusted
operating profit
|
|
|
|
Assessments &
Qualifications
|
|
216
|
147
|
Virtual
Learning
|
|
32
|
29
|
English
Language Learning
|
|
15
|
1
|
Workforce
Skills
|
|
27
|
26
|
Higher
Education
|
|
73
|
93
|
Strategic
Review
|
|
22
|
16
|
Penguin
Random House
|
|
-
|
1
|
Total
adjusted operating profit
|
|
385
|
313
|
all figures in £ millions
|
Assessment &
Qualifications
|
Virtual
Learning
|
English
Language Learning
|
Workforce
Skills
|
Higher
Education
|
Strategic
Review
|
Total
|
||||||||||||
|
|
|
|
|
|
|
|
||||||||||||
|
|
2021
|
|
|
|||||||||||||||
Courseware
|
|
|
|
|
|
|
|
||||||||||||
Products
transferred at a point in time
|
44
|
-
|
109
|
-
|
283
|
198
|
634
|
||||||||||||
Products and
services transferred over time
|
14
|
-
|
26
|
-
|
558
|
33
|
631
|
||||||||||||
|
58
|
-
|
135
|
-
|
841
|
231
|
1,265
|
||||||||||||
Assessments
|
|
|
|
|
|
|
|
||||||||||||
Products
transferred at a point in time
|
173
|
-
|
6
|
16
|
-
|
-
|
195
|
||||||||||||
Products and
services transferred over time
|
973
|
-
|
72
|
119
|
-
|
-
|
1,164
|
||||||||||||
|
1,146
|
-
|
78
|
135
|
-
|
-
|
1,359
|
||||||||||||
Services
|
|
|
|
|
|
|
|
||||||||||||
Products
transferred at a point in time
|
-
|
-
|
22
|
-
|
-
|
14
|
36
|
||||||||||||
Products and
services transferred over time
|
-
|
713
|
3
|
37
|
8
|
7
|
768
|
||||||||||||
|
-
|
713
|
25
|
37
|
8
|
21
|
804
|
||||||||||||
|
|
|
|
|
|
|
|
||||||||||||
Total
sales
|
1,204
|
713
|
238
|
172
|
849
|
252
|
3,428
|
||||||||||||
2020¹
|
|
|
|
||||||||||||||||
Courseware
|
|
|
|
|
|
|
|
||||||||||||
Products
transferred at a point in time
|
43
|
-
|
106
|
-
|
313
|
208
|
670
|
||||||||||||
Products and
services transferred over time
|
14
|
-
|
24
|
-
|
630
|
28
|
696
|
||||||||||||
|
57
|
-
|
130
|
-
|
943
|
236
|
1,366
|
||||||||||||
Assessments
|
|
|
|
|
|
|
|
||||||||||||
Products
transferred at a point in time
|
138
|
-
|
3
|
7
|
-
|
-
|
148
|
||||||||||||
Products and
services transferred over time
|
887
|
-
|
61
|
123
|
-
|
-
|
1,071
|
||||||||||||
|
1,205
|
-
|
64
|
130
|
-
|
-
|
1,219
|
||||||||||||
Services
|
|
|
|
|
|
|
|
||||||||||||
Products
transferred at a point in time
|
-
|
-
|
22
|
-
|
-
|
22
|
44
|
||||||||||||
Products and
services transferred over time
|
-
|
692
|
2
|
33
|
13
|
28
|
768
|
||||||||||||
|
-
|
692
|
24
|
33
|
13
|
50
|
812
|
||||||||||||
|
|
|
|
|
|
|
|
||||||||||||
Total
sales
|
1,082
|
692
|
218
|
163
|
956
|
286
|
3,397
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assessments &
Qualifications
|
Virtual
Learning
|
English
Language Learning
|
Workforce
Skills
|
Higher
Education
|
Strategic
Review
|
Penguin
Random House
|
Total
|
|||||||
all figures in £ millions
|
|||||||||||||||
|
|||||||||||||||
|
2021
|
||||||||||||||
Adjusted operating
profit
|
216
|
32
|
15
|
27
|
73
|
22
|
-
|
385
|
|||||||
Cost of
major restructuring
|
(48)
|
(48)
|
(27)
|
(28)
|
(63)
|
-
|
-
|
(214)
|
|||||||
Intangible
charges
|
(13)
|
(25)
|
(3)
|
(7)
|
(2)
|
(1)
|
-
|
(51)
|
|||||||
Other
net gains and losses
|
-
|
-
|
-
|
(2)
|
-
|
65
|
-
|
63
|
|||||||
Operating
profit / (loss)
|
155
|
(41)
|
(15)
|
(10)
|
8
|
86
|
-
|
183
|
|||||||
|
|
|
|
|
|
|
|
|
|||||||
|
20201
|
||||||||||||||
Adjusted operating
profit
|
147
|
29
|
1
|
26
|
93
|
16
|
1
|
313
|
|||||||
Cost of
major restructuring
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||
Intangible
charges
|
(29)
|
(30)
|
(7)
|
(8)
|
(3)
|
(3)
|
-
|
(80)
|
|||||||
Other
net gains and losses
|
-
|
-
|
-
|
-
|
-
|
(2)
|
180
|
178
|
|||||||
Operating
profit / (loss)
|
118
|
(1)
|
(6)
|
18
|
90
|
11
|
181
|
411
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
all figures in £ millions
|
|
2021
|
2020
|
|
|
|
|
|
|
|
|
Net
interest payable
|
|
(57)
|
(61)
|
Net
finance income in respect of retirement benefits
|
|
4
|
6
|
Fair
value re-measurement of disposal proceeds
|
|
6
|
26
|
Net
foreign exchange gains / (losses)
|
|
1
|
(6)
|
Derivatives not in
a hedge relationship
|
|
20
|
(22)
|
Net
finance costs
|
|
(26)
|
(57)
|
|
|
|
|
Analysed
as:
|
|
|
|
Finance
costs
|
|
(68)
|
(107)
|
Finance
income
|
|
42
|
50
|
Net
finance costs
|
|
(26)
|
(57)
|
|
|
|
|
Analysed
as:
|
|
|
|
Net
interest payable reflected in adjusted earnings
|
|
(57)
|
(61)
|
Other
net finance income
|
|
31
|
4
|
Net
finance costs
|
|
(26)
|
(57)
|
|
|
|
|
all figures in £ millions
|
note
|
2021
|
2020
|
|
|
|
|
|
|
|
|
Profit
before tax
|
|
157
|
354
|
Cost of
major restructuring
|
2
|
214
|
-
|
Other
net gains and losses
|
2
|
(63)
|
(178)
|
Intangible
charges
|
2
|
51
|
80
|
Other
net finance income
|
3
|
(31)
|
(4)
|
Adjusted
profit before tax
|
|
328
|
252
|
|
|
|
|
all figures in £ millions
|
|
2021
|
2020
|
|
|
|
|
|
|
|
|
Income
tax benefit / (charge)
|
|
3
|
(44)
|
Tax
benefit on cost of major restructuring
|
|
(47)
|
-
|
Tax
charge on other net gains and losses
|
|
14
|
3
|
Tax
benefit on intangible charges
|
|
(12)
|
(22)
|
Tax
charge on other net finance costs
|
|
6
|
4
|
Tax
amortisation benefit on goodwill and intangibles
|
|
8
|
24
|
Benefit
from change in tax accounting treatment
|
|
(11)
|
-
|
Tax
benefit on UK tax rate change
|
|
(25)
|
-
|
Adjusted
income tax charge
|
|
(64)
|
(35)
|
|
|
|
|
Tax
rate reflected in statutory earnings
|
|
(1.8)%
|
12.5%
|
Tax
rate reflected in adjusted earnings
|
|
19.5%
|
13.7%
|
|
|
|
|
all figures in £ millions
|
|
2021
|
2020
|
|
|
|
|
|
|
|
|
Earnings for the
year
|
|
160
|
310
|
Non-controlling
interest
|
|
(1)
|
-
|
Earnings
attributable to equity holders
|
|
159
|
310
|
|
|
|
|
|
|
|
|
Weighted average
number of shares (millions)
|
|
754.1
|
755.4
|
Effect
of dilutive share options (millions)
|
|
5.0
|
0.0
|
Weighted average
number of shares (millions) for diluted earnings
|
|
759.1
|
755.4
|
|
|
|
|
|
|
|
|
Earnings per share (in pence per
share)
|
|
|
|
Basic
|
|
21.1p
|
41.0p
|
Diluted
|
|
20.9p
|
41.0p
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
all figures in £ millions
|
note
|
Statutory
income statement
|
Cost of
major restructuring
|
Other
net gains and losses
|
Intangible
charges
|
Other
net finance costs
|
Benefit
from change in tax accounting treatment
|
Change
in UK tax rate
|
Tax
amortisation benefit
|
Adjusted
income statement
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
2021
|
|||||||||||||||
Operating
profit
|
2
|
183
|
214
|
(63)
|
51
|
-
|
-
|
-
|
-
|
385
|
|||||||
Net
finance costs
|
3
|
(26)
|
-
|
-
|
-
|
(31)
|
-
|
-
|
-
|
(57)
|
|||||||
Profit
before tax
|
4
|
157
|
214
|
(63)
|
51
|
(31)
|
-
|
-
|
-
|
328
|
|||||||
Income
tax
|
5
|
3
|
(47)
|
14
|
(12)
|
6
|
(11)
|
(25)
|
8
|
(64)
|
|||||||
Profit
for the year
|
|
160
|
167
|
(49)
|
39
|
(25)
|
(11)
|
(25)
|
8
|
264
|
|||||||
Non-controlling
interest
|
|
(1)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(1)
|
|||||||
Earnings
|
|
159
|
167
|
(49)
|
39
|
(25)
|
(11)
|
(25)
|
8
|
263
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||
Weighted
average number of shares (millions)
|
|
|
|
|
754.1
|
||||||||||||
Weighted
average number of shares (millions) for diluted
earnings
|
|
|
|
|
759.1
|
||||||||||||
|
|
|
|
|
|
||||||||||||
Adjusted
earnings per share (basic)
|
|
|
|
|
34.9p
|
||||||||||||
Adjusted
earnings per share (diluted)
|
|
|
|
|
34.6p
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
all figures in £ millions
|
note
|
Statutory
income statement
|
Cost of
major restructuring
|
Other
net gains and losses
|
Intangible
charges
|
Other
net finance costs
|
Tax
amortisation benefit
|
Adjusted
income statement
|
|
|
|
|
|
|
|
|
|
|
2020
|
|||||||
Operating
profit
|
2
|
411
|
-
|
(178)
|
80
|
-
|
-
|
313
|
Net
finance costs
|
3
|
(57)
|
-
|
-
|
-
|
(4)
|
-
|
(61)
|
Profit
before tax
|
4
|
354
|
-
|
(178)
|
80
|
(4)
|
-
|
252
|
Income
tax
|
5
|
(44)
|
-
|
3
|
(22)
|
4
|
24
|
(35)
|
Profit
for the year
|
|
310
|
-
|
(175)
|
58
|
-
|
24
|
217
|
Non-controlling
interest
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Earnings
|
|
310
|
-
|
(175)
|
58
|
-
|
24
|
217
|
|
|
|
|
|
|
|
|
|
Weighted
average number of shares (millions)
|
|
|
755.4
|
|||||
Weighted
average number of shares (millions) for diluted
earnings
|
|
|
755.4
|
|||||
|
|
|
|
|||||
Adjusted
earnings per share (basic)
|
|
|
28.7p
|
|||||
Adjusted
earnings per share (diluted)
|
|
|
28.7p
|
|
|
|
|
all figures in £ millions
|
|
2021
|
2020
|
|
|
|
|
|
|
|
|
Amounts
recognised as distributions to equity shareholders in the
year
|
|
149
|
146
|
|
|
|
|
|
|
2021
|
2020
|
|
|
|
|
|
|
|
|
Average
rate for profits
|
|
1.38
|
1.28
|
Year
end rate
|
|
1.35
|
1.37
|
|
|
|
|
all figures in £ millions
|
|
2021
|
2020
|
|
|
|
|
|
|
|
|
Goodwill
|
|
2,145
|
2,094
|
Other
intangibles
|
|
624
|
648
|
Non-current
intangible assets
|
|
2,769
|
2,742
|
|
|
|
all figures in £ millions
|
|
2021
|
|
|
|
|
|
|
Assessments &
Qualifications
|
|
1,198
|
Virtual
Learning
|
|
395
|
English
Language Learning
|
|
153
|
Workforce
Skills
|
|
223
|
Higher
Education
|
|
68
|
Strategic
Review
|
|
108
|
Total
goodwill
|
|
2,145
|
|
|
|
|
|
|
|
all figures in £ millions
|
|
|
2021
Faethm
|
2021
Other
|
2021
Total
|
2020
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intangible
assets
|
|
|
21
|
6
|
27
|
-
|
Deferred
tax assets
|
|
|
11
|
-
|
11
|
-
|
Trade
and other receivables
|
|
|
1
|
1
|
2
|
-
|
Cash
and cash equivalents (excluding overdrafts)
|
|
|
4
|
-
|
4
|
-
|
Trade
and other liabilities
|
|
|
(4)
|
(1)
|
(5)
|
-
|
Deferred tax
liabilities
|
|
|
(6)
|
-
|
(6)
|
-
|
Net assets acquired
|
|
|
27
|
6
|
33
|
-
|
Goodwill
|
|
|
38
|
5
|
43
|
-
|
Total
|
|
|
65
|
11
|
76
|
-
|
|
|
|
|
|
|
|
Satisfied by:
|
|
|
|
|
|
|
Cash
consideration
|
|
|
49
|
5
|
54
|
-
|
Fair
value of existing interest
|
|
|
6
|
-
|
6
|
|
Contingent
consideration
|
|
|
10
|
6
|
16
|
-
|
Total consideration
|
|
|
65
|
11
|
76
|
-
|
|
|
|
|
|
|
|
Cash flow from acquisitions
|
|
|
|
|
|
|
Cash -
current year acquisitions
|
|
|
(49)
|
(5)
|
(54)
|
-
|
Cash
and cash equivalents acquired
|
|
|
4
|
-
|
4
|
-
|
Deferred
payments for prior year acquisitions
|
|
|
-
|
(4)
|
(4)
|
(6)
|
Acquisition
costs paid
|
|
|
(1)
|
-
|
(1)
|
-
|
Net cash outflow from acquisitions
|
|
|
(46)
|
(9)
|
(55)
|
(6)
|
|
|
|
|
|
all figures in £ millions
|
|
|
2021
|
2020
|
|
|
|
|
|
|
|
|
|
|
Intangible
assets
|
|
|
(3)
|
-
|
Property,
plant and equipment
|
|
|
(48)
|
-
|
Investments
in joint ventures and associates
|
|
|
-
|
(418)
|
Intangible
assets - product development
|
|
|
(6)
|
-
|
Inventories
|
|
|
(2)
|
-
|
Trade
and other receivables
|
|
|
(6)
|
-
|
Cash
and cash equivalents (excluding overdrafts)
|
|
|
(24)
|
-
|
Provisions
for other liabilities and charges
|
|
|
3
|
-
|
Trade
and other liabilities
|
|
|
4
|
-
|
Financial
liabilities - Borrowings
|
|
|
67
|
-
|
Cumulative
translation adjustment
|
|
|
(4)
|
70
|
Net assets disposed
|
|
|
(19)
|
(348)
|
|
|
|
|
|
Cash
proceeds
|
|
|
108
|
531
|
Costs
of disposal including business wind downs
|
|
|
(24)
|
1
|
Gain on disposal
|
|
|
65
|
184
|
|
|
|
|
|
Cash flow from disposals
|
|
|
|
|
Proceeds
- current year disposals
|
|
|
108
|
531
|
Proceeds
- prior year disposals
|
|
|
16
|
105
|
Cash
and cash equivalents disposed
|
|
|
(24)
|
-
|
Costs
and other disposal liabilities paid
|
|
|
(17)
|
(5)
|
Net cash inflow from disposals
|
|
|
83
|
631
|
|
|
|
|
all figures in £ millions
|
|
2021
|
2020
|
|
|
|
|
|
|
|
|
Non-current
assets
|
|
|
|
Derivative
financial instruments
|
|
30
|
45
|
Trade
and other receivables - investment in finance lease
|
|
100
|
112
|
Current
assets
|
|
|
|
Derivative
financial instruments
|
|
2
|
18
|
Trade
and other receivables - investment in finance lease
|
|
15
|
18
|
Cash
and cash equivalents (excluding overdrafts)
|
|
937
|
1,116
|
Non-current
liabilities
|
|
|
|
Borrowings
|
|
(1,245)
|
(1,463)
|
Derivative
financial instruments
|
|
(30)
|
(40)
|
Current
liabilities
|
|
|
|
Borrowings
|
|
(155)
|
(257)
|
Derivative
financial instruments
|
|
(4)
|
(12)
|
Net
debt
|
|
(350)
|
(463)
|
|
|
|
|
all figures in £ millions
|
|
2021
|
2020
|
|
|
|
|
|
|
|
|
Reconciliation
of profit for the year to net cash generated from
operations
|
|
|
|
|
|
|
|
Profit
for the year
|
|
160
|
310
|
Income
tax
|
|
(3)
|
44
|
Depreciation,
amortisation and impairment charges
|
|
408
|
317
|
Net
profit on disposal of businesses
|
|
(65)
|
(184)
|
Other
net gains and losses
|
|
2
|
6
|
Net
loss on disposal of fixed assets
|
|
4
|
2
|
Net
profit on disposal of right of use assets including transfers to
investment in finance lease receivable
|
|
-
|
(6)
|
Net
finance costs
|
|
26
|
57
|
Share
of results of joint ventures and associates
|
|
(1)
|
(5)
|
Net
foreign exchange adjustment
|
|
9
|
(34)
|
Share-based payment
costs
|
|
28
|
29
|
Product
development
|
|
(6)
|
(56)
|
Inventories
|
|
22
|
35
|
Trade
and other receivables
|
|
(71)
|
(1)
|
Trade
and other liabilities
|
|
37
|
(26)
|
Retirement benefit
obligations
|
|
6
|
(1)
|
Provisions for
other liabilities and charges
|
|
14
|
(37)
|
Net
cash generated from operations
|
|
570
|
450
|
|
|
|
|
all figures in £ millions
|
note
|
2021
|
2020
|
|
|
|
|
|
|
|
|
Reconciliation
of net cash generated from operations to closing net
debt
|
|
|
|
|
|
|
|
Net
cash generated from operations
|
|
570
|
450
|
Dividends from
joint ventures and associates
|
|
-
|
4
|
Purchase of
PPE
|
|
(64)
|
(53)
|
Addition of new
right-of-use lease assets
|
|
(30)
|
(61)
|
Net
disposal of right-of-use lease assets including transfers to/from
investment in finance lease receivable
|
|
-
|
18
|
Purchase of
intangible assets
|
|
(112)
|
(81)
|
Add
back: net costs paid for major restructuring
|
|
24
|
38
|
Operating
cash flow
|
|
388
|
315
|
Operating tax
paid
|
|
(60)
|
(10)
|
Net
operating finance costs paid
|
|
(54)
|
(50)
|
Operating
free cash flow
|
|
274
|
255
|
Non-operating tax
(paid) / received
|
|
(117)
|
12
|
Net
costs paid for major restructuring
|
|
(24)
|
(38)
|
Free
cash flow
|
|
133
|
229
|
Dividends paid
(including to non-controlling interest)
|
|
(149)
|
(147)
|
Net
movement of funds from operations
|
|
(16)
|
82
|
Acquisitions and
disposals
|
|
62
|
619
|
Disposal of lease
liabilities
|
|
67
|
-
|
Loans
repaid
|
|
-
|
48
|
Proceeds from issue
of ordinary shares
|
|
6
|
6
|
Buyback
of equity
|
|
-
|
(176)
|
Purchase of
treasury shares
|
|
(16)
|
(6)
|
Other
movements on financial instruments
|
|
20
|
(29)
|
Net
movement of funds
|
|
123
|
544
|
Exchange movements
on net debt
|
|
(10)
|
9
|
Movement
in net debt
|
|
113
|
553
|
Opening
net debt
|
|
(463)
|
(1,016)
|
Closing
net debt
|
13
|
(350)
|
(463)
|
|
PEARSON
plc
|
|
|
Date: 25
February 2022
|
|
|
By: /s/
NATALIE WHITE
|
|
|
|
------------------------------------
|
|
Natalie
White
|
|
Deputy
Company Secretary
|