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RM Expects All Three Divisions To Be Profitable In FY; CEO To Step Down

RM plc (RM.L) said it now anticipates that all three divisions will be profitable in the current financial year.

Meanwhile, the company's chief executive officer David Brooks has tendered his resignation from the company, to take effect from the 31st March 2021. A formal process to identify a successor has been initiated, RM said in a statement.

The performance in third-quarter and the return of all pupils to UK schools and colleges has given the Board greater clarity over the expected full-year performance, the company said.

The company said that trading started to improve following the partial reopening of schools and colleges in June and that improvement has continued through the summer months.

The company noted that it was profitable in third-quarter, including provision for the repayment of the amounts received under the Government furlough scheme and continues to manage its financial resources closely, ending the period with net debt of 11 million pounds.

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