By Jess Jones
Pearson has posted a strong first half of the year after it has started to embrace Artificial Intelligence in May.
The London-based publisher said on Monday that it achieved a 56 per cent increase headline growth, with its adjusted operating profit up to £250m.
The listed firm also said there had been 44 per cent underlying growth, compared to the first half of 2022, while its operating cash flow mushroomed to £79m, up from £9m in the same period last year.
Although Virtual Learning sales fell 15 per cent and Higher Education sales declined two per cent, driven by the rise in use of non-mainstream publishers, this was offset by a 44 per cent increase in English Language Learning sales as ‘Pearson Test of English’ copies proved popular.
Chief executive, Andy Bird, said: “Our excellent performance in the first half of 2023 means we are confident of achieving our full year expectations. We have continued to execute well operationally and maintained a sharp focus on delivering efficiencies whilst positioning our portfolio for long-term growth.
“The progress we are making to accelerate our digital journey, increase interconnectivity and leverage our long-standing AI capabilities will enable us to serve an ever-greater number of individuals and enterprises with our trusted, proprietary learning content.”
Pearson have used AI-based features in their English Language Learning product for years, however they have recently added a generative AI tool to Pearson+, a learning hub that offers online study tools.
It said that projects to embed generative artificial intelligence (AI) technology were already “well underway.”
However, Pearson’s share price suffered after US rival Chegg warned generative AI platform ChatGPT was having a negative impact on its business, reporting a seven per cent slump in revenue.
