RM posts record profit
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Schools provider RM, previously Research Machines, has posted a record profit for the first six months ended 31 March 2004. RM made a profit before tax and amortisation of £2.7m, reversing a £0.8m loss for the same period last year. The company turned over £108.9m, up 28 per cent on last year.
But the company warned that the results were the result of one-off benefits such as the weak US dollar and contributions from individual projects. Falling margins are also a concern to the company. It remains cautious of its full-year performance. RM usually sells far more kit to schools in the second half of the year.
RM CEO Tim Pearson said: "There is still more to do to compensate for declining margins in our more commodity ICT activities; nonetheless, the progress in developing a more robust and resilient business model continues.
"Results for the first half of the year are significantly ahead of the comparative period last year, partially reflecting some sizeable one-off benefits. For the year as a whole, education projects and the contribution from our recent acquisitions will contribute to turnover growth." ®