03:43

Away from retail, Pearson is to pay its £100m final dividend for 2019 to investors and says it will not need to furlough any staff as the global learning company weathers the coronavirus.

John Fallon, the outgoing chief executive of the FTSE100 company, said that the company’s transition to e-learning meant that it was well-positioned for a post-coronavirus world with increased social distancing and remote learning.



He told shareholders this morning:

“When the threat of the pandemic eventually eases, it will be even clearer that the future of learning is increasingly digital.”

The company, which reported a 5% fall in global revenues for the first quarter, is losing £20m to £30m a month as its test centres remain shut.



However, the company has identified £50m in savings this year, and has about £800m in financial facilities at its disposal.



“We are in a strong financial position with a healthy balance sheet, low net debt and good liquidity,” said Fallon, who is taking a temporary 25% pay cut.

Pearson also announced it is to launch UK Learns, an online portal which contains free, digital, skills-based courses to help those whose jobs have been impacted by coronavirus.