Business
RM plc: Interim Results for the six months en...
RM plc: Interim Results for the six months en....
About this update from Rm Plc
[{"type":"text","content":"\n \n \n \n\n\t\n\t\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nRM plc (RM.)\n\n\n\n\n\n\nRM plc: Interim Results for the six months ended 31 May 2023 09-Aug-2023 / 07:00 GMT/BST\n\n\n9 Aug 2023\n\nRM plc\n\nInterim Results for the six months ended 31 May 2023\n\nBusiness stabilising, transformation programme initiated and significant cost savings identified and executed\n\nConsortium underperformance clouds value of the rest of the Group \n\n \n\nRM plc (“RM”), a leading supplier of technology and resources to the education sector, reports its half year results for the six months ended 31 May 2023.\n\nMark Cook, Chief Executive of RM, said “In the first half of the year, our focus has been on the task of stabilising the business financially and operationally. This has seen us improve controls, processes, and the team’s capability. Alongside this, we have taken decisive action to reduce our cost base and working capital. Whilst we have accomplished a lot, the most material challenge has been the negative impact of the Consortium business which clouds the good progress made across the rest of the Group. The consequences of its slower recovery can be seen in our financial performance and has impacted our expectations for the full year.\n\nNow that the ‘heavy lifting’ stabilisation work is nearing completion, the Transformation Programme, which is focused on improving growth and profit, has identified significant continuous improvement opportunities, which are being reviewed, quantified, and prepared for execution. We have made a good early start in actioning these opportunities, but it will take time for them to be reflected in our financial performance. I continue to be excited by the compelling opportunity to deliver value creation in a growing global EdTech market.”\n\n \n\nFinancial highlights\n\nRevenue of £87.6m, down 11% (H1 2022: £97.9m), with strong progress in RM Assessment and International (RM Resources) partially offsetting lower trading volumes in Consortium (RM Resources), which was impacted by the late launch of the ecommerce platform and a more challenging trading environment in schools \n The reduction in revenues combined with IT implementation costs and delays in the Consortium go-live flowed through to adjusted operating profit performance, as the Group posted a loss of £4.5m \n Statutory pro...