Last checked at 21 May 2014 07:00
21st May 2014
RM plc
Trading update
RM plc, the educational IT and resources group, is today issuing the following Trading Update.
As RM approaches its half year end of 31 May 2014, the Board of RM is pleased to report that operational and financial performance has been strong over the first five months of the financial year to 30 November 2014.
As expected 2014 is a year of transition for the Education Technology division, following the decision announced in October 2013 to end the manufacture and sale of personal computing devices. Due to good execution of the restructuring plan it is now anticipated that the Education Technology division will be profitable in the first half of 2014, with higher hardware revenues, better inventory realisations and lower costs than planned.
Both the Assessment and Data Services and Education Resources divisions are growing organically with good margins.
As a consequence, adjusted operating profit for the 6 months ending 31 May 2014 is anticipated to be higher than the comparable period last year, notwithstanding the restructuring of Education Technology referred to above. The Board expects that the Group's seasonal bias of profits towards the second half of the financial year will be much less pronounced than last year, but nevertheless now anticipates that adjusted operating profit for the year to 30 November 2014 will be materially higher than its previous expectations.
RM will release its interim results in early July 2014.
Contacts:
RM plc 08450 700 300
David Brooks, Chief Executive Officer
Iain McIntosh, Chief Financial Officer
FTI Consulting 02037 271 000
Sophie McMillan / Tracey Bowditch