Pearson, the owner of the Financial Times, offered a more bullish assessment than expected of its US education business, saying that its investments in digital teaching tools and rising college enrolments were allowing it to grow in spite of strained state budgets.

Shares in the group closed 12 per cent or 73p higher at 679p as it said it still expected full year earnings of 57.7p a share or more in spite of “tough” market conditions, which it said “may stay that way”.