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magazinePearson shares on a roll after profit guidance upgrade and hiring a new CEO
Shares in education media group Pearson (PSON) have been in a rising trend since August, up 19% to 968p as investors reappraise the company’s prospects.
Helping to sustain the upward share price movement was a well-received trading update on 30 October where the company upgraded its full-year operating profit guidance by £20 million to a new range of £570 million to £575 million and started a new £300 million share buyback programme.
Omar Abbosh will become the company’s new chief executive on 8 January 2024, taking over from Andy Bird who has been in the role for the past three years. With a background in the technology sector and currently working for Microsoft (MSFT:NASDAQ), Abbosh is expected to accelerate Pearson’s efforts to embrace technology to improve the way it delivers services to customers.
Pearson has already received positive feedback from its use of generative artificial intelligence and plans to do more in this space.
For example, it recently launched a beta version of AI study tools to help students better learn and understand challenging subjects.
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