LONDON (Reuters), -Global education firm Pearson stated it would offer a share buyback of 350 million pounds ($470 million) after it saw demand for its assessment and qualification services. This was to help it reach 2021 goals and achieve medium-term growth.

British business, which tried to stabilize its operations after traditional textbook models were destroyed by digital sales in 2015, reported 2021 adjusted operating profits in line of recently updated forecasts. The company also said that it expects stable growth.

The statement added that the group would achieve a mid-single-digit revenue CAGR between 2022 and 2025. Margins will remain stable as the company invests in growth to improve by 2025 to the mid-teens.

British-based company reports 2021 profit of $385 million ($516million)

British-based company endured turbulent times, driven by the demand for online education services. The pandemic was exacerbated by cancellation of exams, and ended last year when Omicron, tight U.S. labor market, prevented students from enrolling in community college.

It was founded by Andy Bird, a former Disney executive.

The company’s Assessment and Qualification division saw an 18% underlying growth in sales for 2021, including virtual learning rising 11% and English learning increasing 17%.

Inflation was down by 5% in its higher education division. This is often a source of profit warnings. However, there were growths in UK Courseware and Canada, offset by a decline in Higher Education Courseware in the USA. The company said that it expects the revenue of this division to decrease in 2022, but less than last year.

($1 = 0.7455 pounds)