RM plc Reports Interim Results for HY24

RM plc, a global EdTech and digital learning solutions provider, has released its interim results for the six months ending 31 May 2024. The company has undergone significant transformation, focusing on securing longer-term contracts and business restructuring.

Revenue from continuing operations decreased by 9.6% to £79.2m, reflecting the closure of the Consortium business and changing contract terms in the Assessment division. Despite the revenue decline, the adjusted operating loss improved by 86.3%, totaling £0.6m, due to cost-saving measures and increased profitability in ongoing operations.

RM's strategic plan, launched in March, has led to notable contract wins. The Assessment contracted order book grew by 51% to £66.9m, including a flagship contract with International Baccalaureate for digital assessments. TTS reported strong growth in France, Switzerland, and Ireland, with an increased focus on Robotics.

The company anticipates full-year revenue to remain flat, excluding the closed Consortium business, and expects to meet adjusted operating profit targets. RM has signed an extended banking agreement, providing stability for future growth.

CEO Mark Cook expressed confidence in the company's growth strategy, highlighting opportunities in AI and digital solutions. The company's efforts have shown promising financial and operational turnaround, despite market challenges.