19th Mar 2014 12:49
LONDON (Alliance News) - RM PLC said Wednesday that trading in the first quarter has been in line with expectations, and the restructuring of its education technology division is proceeding to plan and on budget.
The education products and services company, which held its annual general meeting Wednesday, said trading in the three months ended February 28 was as expected, taking into account the usual seasonal pattern in the UK schools marketplace.
The group said that its restructuring project in the education technology division is proceeding "satisfactorily" to planned budget and timescales.
RM said cash and short-term deposits at the end of the period were GBP60.7 million, prior to an escrow payment to its pension scheme and the special dividend of 16.00 pence per share it announced in February.
For the year ended November 30, 2013, RM reported a rise in its pretax profit, despite a decline in revenues in the year, partly caused by the Building Schools for the Future programme coming to close, and an 11% drop in revenues in its Education Technology division due to funding pressure in the UK education sector.
RM shares were trading 5.1% higher Wednesday early afternoon at 153.50 pence per share.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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