RM Plc (RM.L), a British educational IT products and services provider, said on Tuesday that it expects to post a decline in revenue for the first half.
For the six-month period to May 31, the company projects adjusted operating profit of 0.7 million pounds to 0.9 million pounds, compared with the restated adjusted operating loss of 0.3 million pounds in the same period last year.
Excluding items, EBITDA is anticipated to be in the range of 3.3 million pounds to 3.5 million pounds, higher than the restated 2.4 million pounds in the previous year.
These improved results reflect continued progress on margin improvement and cost control, with annual cost savings of over 20 million pounds delivered to date.
RM Plc, however, expects its first-half revenue to decline in the range of 73 million pounds to 73.5 million pounds from last year's restated 78.3 million pounds. This reflects the impact of ongoing UK schools budget pressures and the delay of government funding for key initiatives in technology, as well as that of tariffs on TTS's US business, which accounts for around 2% of group revenue.
Mark Cook, CEO of RM Plc, commented: "RM continues to be on a strong trajectory following our FY24 results, with profitability improving and increased momentum across our core Assessment business, despite less favorable market conditions in our other divisions, as previously guided. We remain on track to achieve our targets for the year."
Looking ahead, RM Plc noted that it is on track to meet its annual expectations for adjusted operating profit and adjusted EBITDA.
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