RM Plc H1 Adj. Profit Declines; Revenue Up 4%

RM plc (RM.L) reported that its first-half adjusted profit before tax declined to 4.2 million pounds from 8.0 million pounds, prior year. Adjusted earnings per share was 4.0 pence compared to 7.5 pence. The Group said the profit reduction was most notable in the RM Technology Division.

Statutory loss before tax was 7.2 million pounds compared to profit of 2.9 million pounds, prior year. Loss per share was 7.1 pence compared to profit of 2.3 pence. The Group said the statutory loss was due to lower operating profits and higher expensed investment program costs.

Revenue increased to 100.3 million pounds from 96.1 million pounds, last year. Revenue increased 4% driven by growth in RM Resources and the return of UK school exams in RM Assessment, the Group noted.

The Board has decided not to pay an interim dividend in 2022 given the elevated costs and timeline associated with the deployment of the IT platform. The Board will review this position again ahead of the preliminary results.

Neil Martin, Chief Executive of RM, said: "Our long-term outlook remains positive, with the opportunity to capitalise on leading positions in resilient markets. Nearer-term, the work required to improve our operating platform and manage the challenging economic backdrop creates volatility that we must manage while we structure ourselves for long-term, sustainable success."

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