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RM profit drops 56%; lifts dividend citing medium-term outlook
StockMarketWire.com
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Education technology group RM reported a 56% drop in annual profit as the pandemic spurred school closures and exam cancellations, but it upped is dividend citing its longer-term outlook.
Pre-tax profit for the year through November decreased to £8.4 million, down from £19.1 million year-on-year, as revenue fell 16% to £189.0 million.
RM nevertheless declared a full-year dividend of 3.00p per share, up 50% year-on-year.
The company said although its short-term outlook remained uncertain, it had confidence in its medium-term outlook.
Net debt had fallen to £1 million, down from £15 million, amid a focus on cash and costs.
'In the first half of 2021 we expect some uncertainty to continue with school closures and the cancellation of UK exams', chief executive David Brooks said.
'However, the actions taken over the last year put us in a stronger financial and operational position to meet these challenges.'
'Looking further out, RM is well placed to capitalise on the longer-term trends in our markets, in particular the shift to digital enablement in education.'
At 8:58am: (LON:RM.) RM PLC share price was 0p at 172.5p
Story provided by StockMarketWire.com
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