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.

"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." ®

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