Pearson PLC

PSON: XLON (GBR)
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Two Steps Forward, One Step Back for Narrow-Moat Pearson in First Half

The first half of the year has been mixed for narrow-moat Pearson. Organic revenue was up 6% and operating profit up 22% as a rebound in certain areas of the business, affected by lockdowns in 2021, saw a full, uninterrupted period of growth. With management’s guidance for the full year unchanged, we are comfortable with our forecasts for the period and reiterate our GBX 960 fair value estimate. We view the current share price as attractive.

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