Shares in Pearson (PSON) have jumped almost 10% to £9.64 after the educational publisher said that underlying sales were up 7% in the first nine months of the year. Pearson also said that trading was in line with analyst expectations for the full year.

Much of the strong performance was driven by English Language Learning where sales were up 28%. The lifting of travel restrictions in most of the world has boosted travel and immigration, and hence demand for English language courses. The only downside for Pearson was higher education sales, which were down 4%. But even that fall was in line with expectations.

Looking ahead, education is arguably a fairly resilient business area in a recession. As some people lose jobs, they may wish to invest in educating themselves to get a better job. On the other hand, some of those people may prefer to use second-hand textbooks rather than the latest virtual courses from Pearson.

After today’s rise, Pearson’s share price has soared 60% this year. But even now, the shares don’t look expensive. They’re on a dividend yield of over 2% and the company has a strong balance sheet. The big question is how resilient education will be in the recession that has probably already started.

Monday 24 October 2022's biggest UK stock market risers and fallers