25th Mar 2015 09:21
LONDON (Alliance News) - RM PLC Wednesday said trading in the first quarter of its financial year was in line with its expectations, while it expects a reduction in the onerous lease provision it has on its balance sheet after it agreed a sub-let of one of its buildings in Oxfordshire that are surplus to requirements.
In a statement ahead of its Annual General Meeting, the educational IT and resources company said it had signed a three-year contract in February to provide education charity AQA with e-marking services, and then in March had agreed with South Oxfordshire District Council to sub-let one of RM's buildings in Abingdon, a move that is expected to reduce onerous lease provisions held on the balance sheet by about GBP2.4 million.
It had increased the provision for onerous lease by GBP774,000 in its last financial year that ended November 30, leaving it with a total of GBP8.1 million at the end of the year.
The company also said Wednesday that cash and short-term deposits stood at GBP40.5 million at the end of February, the end of the first quarter of its current financial year.
RM shares were down 0.5% at 142.25 pence Wednesday morning.
By Steve McGrath; [email protected]; @stevemcgrath1
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