The company logo is displayed outside the offices of Pearson in London, Britain August 4, 2017. REUTERS/Neil Hall

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LONDON, Feb 25 (Reuters) – Global education group Pearson has announced it will launch a 350 million pound ($470 million) share buyback after demand for assessment and qualification services left it will have made it possible to achieve the objectives for 2021 and to set medium-term growth objectives.

The British company, which has been battling to stabilize business since digital sales and second-hand deals wiped out its traditional textbook model in 2015, released adjusted operating profit for 2021 in line with recently updated forecasts. and said it expects steady growth ahead.

He added: “We expect the group to achieve a single-digit revenue CAGR from 2022 to 2025 and margins to remain relatively stable in the near term as we invest to drive growth, improving from 2025 through mid-teens.”

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The British company reported profit of 385 million pounds ($516 million) in 2021 and said it had recorded further revenue growth in 2022 and profit in line with current market expectations of 416 million pounds.

The UK company endured a turbulent pandemic, fueled by demand for online learning services, hit by canceled exams and stalled late last year when Omicron and a tight US labor market deterred students to enroll in community colleges.

Under former Disney executive Andy Bird, it has sought to broaden its approach beyond traditional education outlets, selling directly to consumers through its Pearson+ app and to businesses looking to train staff.

Its assessment and certification division saw underlying sales growth of 18% in 2021, with virtual learning up 11% and English language learning up 17%.

Its higher education division, often the source of earnings warnings, posted underlying sales down 5% as growth in Canadian and UK courseware was offset by a 6% drop in courseware higher education in the United States. He said he expects division revenue to decline in 2022, but less than last year.

($1 = 0.7455 pounds)

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Reporting by Kate Holton; Editing by Alistair Smout

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