RM ups profits on flat revenues
Schools provider RM posted flat turnover but a ten per cent increase in profits for the year ended 30 September 2005.
The prelimary results reveal turnover for the period was £263m, the same as last year, but profits were up 11 per cent to £12.8m, from £11.6m in 2004. Profit before tax but after goodwill payments was £5.5m, down from £7.1m last year. Accounting changes mean RM has changed the way it accounts for goodwill coming from acquisitions.
CEO Tim Pearson, said the company had done well against a background of tough market conditions.
He said: "The start of the new financial year has been mixed for RM. We have been appointed preferred bidder for a £6.4 million BSF (Building Schools for the Future) ICT contract - the first to be announced. However, the budget pressures evident in our individual schools market since the start of the new academic year have continued."
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