RM Plc Sees FY Operating Profit Significantly Lower Than Forecast; Revenues In Line With Market View

RM plc (RM.L) issued an update on current trading with respect to the 12-month period ending 30 November 2022. The Group said its revenues remain positive with both RM Assessment and RM Technology expected to deliver revenue growth in the year. RM Resources, however, has experienced a slower than expected recovery in the Consortium brand resulting from on-going challenges following the IT implementation, the Group noted. RM plc expects operating profit in the current year to be significantly lower than forecast.

Neil Martin, CEO, said: "The challenges associated with the IT implementation have been material and impacted our short-term priorities and financial performance. We remain focused on delivering a plan to put the business back on a solid footing that will deliver longer term value for all our stakeholders."

The Group noted that its near-term focus continues to be on managing debt levels and reducing underlying operating costs. Net debt at the end of the year is projected to be slightly higher than at the half year which reflects the positive cash generation in the second half of the year.

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