Penguin books
Pearson recently sold its stake in Penguin Random House. Reuters

Multinational publishing and educational company Pearson reported a 6% year-on-year increase in sales during the first quarter of 2017.

Revenues in the company's North American division grew by 7% on a year-on-year basis. However, the increase was offset by flat revenue growth from India and the Middle East due to business exits within the region.

The London-based entity has undergone two significant restructuring initiatives with over £650m ($841m) saved in cost cutting measures over the past four years.

The initiatives have allowed the company to identify an opportunity in further reshaping the cost base within the digital business division. Pearson intends to invest up to £750m per annum in its digital business.

Pearson intends to save a further £300m in costs by the end of 2019.

"Though the bulk of our sales come later in the year, our first quarter trading is encouraging and in line with expectations" said John Fallon, Chief Executive of Pearson.

"We are creating a leaner Pearson, equipped to innovate and win in digital education. The measures we are announcing today build on the work completed last year and will allow us to further simplify our portfolio, reduce costs and accelerate our digital transformation."

Pearson has an unchanged outlook for 2017 with the annual operating profit projected between a range of £570m and £630m.