LONDON (dpa-AFX) - RM Plc (RM.L), an educational technology solutions provider, reported that its loss for the year ended 30 November 2024 narrowed to 4.74 million pounds or 5.7 pence per share from 29.10 million pounds or 34.9 pence per share in the prior year. The significant improvement was driven by the underlying operational profitability of the business this year but also the adjustments in prior year including a 38.9 million pounds impairment relating to the decision to close the Consortium business, a 10.6 million pounds gain from the sale of IP addresses and a 13.5 million pounds gain on the sale of RM Integris and RM Finance, and an 8.3 million pounds tax credit.
Adjusted earnings per share from continuing operations was 11.7 pence compared to a loss of 4.9 pence per share in the prior year.
Loss before tax was 12.12 million pounds compared to a profit before tax of 12.38 million pounds last year.
Group adjusted profit before tax was 2.4 million pounds versus a restated fiscal year 2023 result of 3.8 million pounds, with the prior year losses of the discontinued Consortium business removed.
Annual revenues from continuing operations declined to 166.14 million pounds from 175.89 million pounds in the prior year.
Revenue compared to that reported in fiscal year 2023 was down 14.9% mostly due to the closure of Consortium at the beginning of the year. When Consortium sales are removed, revenue was marginally down 5.5%, due to a challenging UK and international schools market affecting Technology and TTS, and strategic digital platform growth in Assessment offset by the planned ending of non-core legacy contracts.
RM Plc noted that trading in the first months of the year has been in line with the Board's expectations and the full-year outlook remains in line with market expectations.
The company has stated that it is currently unable to recommend the payment of a final dividend and is unlikely to do so in the near term, as its primary focus remains on continued investment in RM's growth.
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