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Pearson Education Group Sales Drop 10% in 2020

Global education group Pearson said the cancellation of school exams and school closures continued to hurt the company even into the latter part of 2020, causing the group’s sales to decline by 10%, even though its numbers were on track to reach lower market expectations.

The company added that the cancellation of examinations and pressure on spending in the educational sector has offset the increased demand for online learning during the year, and said that it expects to announce adjusted operating profit in 2020 in the range of 310-315 million pounds, less than the value of 332 million pounds which analysts had expected last October, before the pandemic crisis caused new public closures, and thus schools closed again.

Pearson has spent the past five years trying to adapt to the new electronic market in a painful process that has led to many risks to profits, but the steps taken to invest in electronic services have put the company in a strong position to confront the pandemic crisis.

During 2020, the company’s global electronic sales increased by 18% due to the huge numbers that joined virtual schools, and the company said that 70% of higher education curricula in the United States were available online last year, they added that its general budget was strong and on its way to saving 50 million pounds of expenses during 2021, and the company will announce its annual results on March 5.

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