|
||||
19 April 2022
Pearson plc
("Pearson")
Pearson's OPM contract with ASU to end in 2023 - no change to Group
guidance
|
||||
LONDON, 19 APRIL 2022: Pearson,
the world's leading learning company, today announces that its
Online Program Management (OPM) partnership with Arizona State
University (ASU) will end in June 2023 and reiterates existing
Group financial guidance.
Over the last 10 years, the ground-breaking collaboration between
Pearson and ASU has helped the university enhance and expand its
online learning services and resources. Together, ASU and Pearson
share a deep commitment to making an impact on the lives of
learners and this highly successful partnership has helped tens of
thousands of students to reach their potential by obtaining a
college degree.
The profit impact of the contract termination will be modest in
2022 and 2023 and will be offset thereafter through eliminating
related costs and re-directing investment across our strategic
growth opportunities. There is no change to the Group financial
guidance for 2022 that we laid out at our preliminary results in
February this year and our medium-term Group level guidance is also
unchanged. We continue to expect to achieve mid-single digit Group
revenue CAGR from 2022 to 2025 and for Group margins to remain
relatively stable in the near term, as we invest to drive growth,
improving by 2025 to mid-teens.
This announcement contains inside information.
---ENDS---
|
||||
Contacts
|
|
|
|
|
Investor Relations
|
Jo Russell
James Caddy
|
+44 (0) 7785 451 266
+44 (0) 7825 948 218
|
|
|
Media
|
Tom Steiner
Gemma Terry
|
+44 (0) 7787 415 891
+44 (0) 7841 363 216
|
|
|
Teneo
|
Charles Armitstead
|
+44 (0) 7703 330 269
|
|
|
Forward looking statements
Except for the historical information contained herein, the matters
discussed in this statement include forward-looking statements. In
particular, all statements that express forecasts, expectations and
projections with respect to future matters, including trends in
results of operations, margins, growth rates, overall market
trends, the impact of interest or exchange rates, the availability
of financing, anticipated costs savings and synergies and the
execution of Pearson's strategy, are forward-looking statements. By
their nature, forward-looking statements involve risks and
uncertainties because they relate to events and depend on
circumstances that will occur in future. They are based on numerous
assumptions regarding Pearson's present and future business
strategies and the environment in which it will operate in the
future.
There are a number of factors which could cause actual results and
developments to differ materially from those expressed or implied
by these forward-looking statements, including a number of factors
outside Pearson's control. These include international, national
and local conditions, as well as competition. They also include
other risks detailed from time to time in Pearson's publicly-filed
documents and you are advised to read, in particular, the risk
factors set out in Pearson's latest annual report and accounts,
which can be found on its website (plc.pearson.com). Any
forward-looking statements speak only as of the date they are made,
and Pearson gives no undertaking to update forward-looking
statements to reflect any changes in its expectations with regard
thereto or any changes to events, conditions or circumstances on
which any such statement is based. Readers are cautioned not to
place undue reliance on such forward-looking
statements.
|
||||
|
|
|
|
|
|
PEARSON
plc
|
|
|
Date: 19
April 2022
|
|
|
By: /s/
NATALIE WHITE
|
|
|
|
------------------------------------
|
|
Natalie
White
|
|
Deputy
Company Secretary
|