Pearson PLC (PSO) Q1 2020 Earnings Call Transcript

Pearson PLC (PSO) Q1 2020 Earnings Call Transcript

We are performing in line with the framework we set out on March 23, and we are reducing costs in the businesses most affected to help offset some of the impact.. As we deal with the pandemic, Pearson is in a strong financial position with a healthy balance sheet, low net debt and good liquidity.. We are redeploying, not furloughing, colleagues who can't currently do their regular job to where we see biggest customer needs and opportunities.. And also looking beyond the pandemic, we do see further opportunities to make Person a simpler, more efficient company, bringing further significant cost savings next year.. Covering each segment firstly, Global Online Learning revenue grew 6%, driven by good growth in enrollments in our virtual school.. Global Assessment revenue declined 3% due to the closure of testing centers since mid-March in our Professional Certification business, along with a decline in Clinical Assessment, given school closures, offset by growth in Student Assessment.. We estimate that the financial impact to professional assessment closures will be to reduce operating profit on average by approximately GBP20 million for each month the centers remain closed.. We expect to open test centers in a phased approach and a test