Pearson shares fall as Covid-19 hurts US college enrolments

Covid-19 cases and a tight labour market hit US enrolments and sent the education group's shares to their lowest since JanuaryThe company logo is displayed outside the Pearson offices in London on August 4 2017. REUTERS/NEIL HALL

Pearson said it remained on course for its full-year targets, however, as demand for Virtual Learning and English Language Learning helped sales to rise by 14% and 15% respectively. “We are left with a slight sense of ‘what might have been’: had enrolments been more robust, we would surely have been talking about consensus upgrades,” analysts at Citi said. They rate Pearson a ‘Buy’.

Having been buffeted by rental markets and second-hand options for once-expensive textbooks, Pearson has embarked on a direct-to-consumer strategy offering unlimited access to content to provide more reliable subscription revenues.

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