Pearson is doubling down on its generative AI integration as it posts a slight bump in its pre-tax profit for 2024.
The education company reported a profit of £510m for 2024, a 3% increase from the year before.
Pearson said the continued roll out of new AI innovations across its portfolio of education products remained a key priority for the year ahead.
The group has been quick to adopt generative AI, in line with government expectations that education be one of the sectors to benefit most from the technology.
Pearson has embedded AI study tools into its digital content for high school students and launched AI-generated assessment tools for teachers for speedier reviews of schoolwork.
It has also launched AI study tools for higher education. According to the company, students using Pearson AI tools are four times more likely to engage in “active studying”.
“The application of innovative technologies, like AI, in our learning experiences, alongside a sharper focus on how we go to market, is building good momentum across our businesses,” said Pearson CEO Omar Abbosh, as he marked the end of his first year in the role.
“We also continue to focus on expanding our presence in the highly attractive Enterprise skills market at a time where Pearson can play an important role in helping bridge the critical skills gap that impacts the economy, workforce and individuals.”
Alongside its 2024 results, Pearson announced an expanded partnership with Amazon Web Services (AWS) to support its roll out of AI tools. Much of Pearson’s digital education products are built on AWS infrastructure, the company plans to increase its use of Amazon’s cloud services to build more AI services.
“Today’s strategic partnership with AWS is another example of how in joining forces with significant industry players we can reach more learners and provide them with the tools they need to succeed,” added Abbosh.
Pearson said following its results, it would commence a £350m share buyback programme.
Shares in Pearson were up as much as 6%, reaching £13.70 on Friday morning. The stock has rocketed 45% over the past year.
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