Business
Preliminary Results for the year ended 30 Novem...
Preliminary Results for the year ended 30 Novem....
About this update from Rm Plc
[{"type":"text","content":"\n \n\n\nRM plc (RM.)\n\n\n\nRM plc: Preliminary Results for the year ended 30 November 202229-March-2023 / 07:00 GMT/BST\n\n \n\n29 March 2023\n\nRM plc \n\n \n\nPreliminary Results for the year ended 30 November 2022\n\n \n\n \n\nRM plc (“RM”), a leading supplier of technology and resources to the education sector, reports its final results for the year ended 30 November 2022.\n\nMark Cook, Chief Executive of RM, said:\n\n“RM’s performance in FY2022 was materially impacted by the challenges associated with the IT implementation project in our Consortium business. These challenges led to us having to take a number of actions, including suspending the payment of dividends. I recognise that there is much to be done to rebuild value for our stakeholders, but I’m pleased to report that we now have a much more stable financial and operational position, including a renewed banking facility which will run until July 2025. \n\n \n\n“My priorities as RM’s CEO are clear. Firstly, to continue to strengthen the Company’s finances, secondly, to review the IT enterprise architecture and thirdly, to embed a transformation approach across the business. The third priority is about retaining the 50 years of Education IP in the Company, but also to better leverage the product opportunities in the Education sector and ensure a sharper focus on customer excellence and satisfaction. \n\n \n\n“While there is much to be done, the business and market fundamentals are positive and the whole team at RM are focussed on delivering for our customers, improving outcomes for learners and unlocking value for all our stakeholders.”\n\n \n\nHighlights\n\nRevenue growth of 4% driven by strong growth in RM Assessment and the TTS business in RM Resources\n Adjusted operating profit* of £7.5m (2021: £16.5m) from continuing operations impacted by IT implementation in RM Resources and RM Technology division turnaround \n Adjusted operating profit of £9.1m including discontinuing operations associated with the RM Integris and RM Finance businesses\n A further £2.8m of IPv4 addresses sold in the second half were treated as other income\n Statutory loss of £14.5m (2021: profit of £4.2m) reflects the level of adjusting items primarily associated with the IT implementation\n Adjusted Net Debt** increased to £46.8m (2021: £18.3m) reflects ...