Last checked at 3 Dec 2020 07:00
3 December 2020
Full-year trading update
Resilient 2020 performance
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/ 2014. For the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055
RM plc ("RM"), a leading supplier of technology and resources to the education sector, today issues a trading update for the financial year ended 30 November 2020.
The Board expects full year results to be ahead of prior expectations. Improved trading in Q3 continued during Q4 as UK education establishments remained open during regional and national lockdowns. Whilst COVID-19 has impacted some new business development, RM has won new contracts to deliver end-to-end digital assessments and school cloud solutions.
The year-end net debt position is expected to be below £5m (2019: £15m).
David Brooks, Chief Executive of RM, said:
"We expect the current uncertainty to continue into 2021, with the short-term impact of COVID-19 on education buying patterns and the level of schools exams to be taken, continuing to be difficult to predict.
However, the increased focus on ensuring education systems can deliver through the pandemic, the resilience RM has shown in 2020 and the longer-term shift to digital enablement in education, means RM remains well placed to make progress."
The Group's preliminary results for the period ended 30 November 2020 will be released in early February 2021.
Contacts:
RM plc
David Brooks, Chief Executive Officer 08450 700 300
Neil Martin, Chief Financial Officer
Headland Consultancy (PR adviser to RM)
Stephen Malthouse (smalthouse@headlandconsultancy.com) 07734 956201
Chloe Francklin (cfrancklin@headlandconsultancy.com) 07834 974624
Notes to Editors:
RM provides market-leading products and services to educational institutions, exam bodies and international governments which improve, simplify and support education and learning.
The education sector is transforming, and RM is well positioned to capitalise on this through its three divisions:
· RM Resources is the established provider of education resources for early years, primary schools and secondary schools across the UK and to 80 countries internationally.
· RM Results is a leading provider of assessment software, supporting exam awarding bodies, universities and governments worldwide to digitise their assessment delivery.
· RM Education is a market-leading supplier of ICT software, technology and services to UK schools and colleges.