RM plc: Full Year Trading Update (1796447)

RM plc (RM.) 
RM plc: Full Year Trading Update 
14-Dec-2023 / 07:00 GMT/BST 
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14 December 2023 
RM plc 
Full year trading update 
 
RM plc ("RM", the "Company"), a leading global educational technology, digital learning and assessment solution 
provider, is pleased to provide an update on the Company's anticipated results for the year ended 30 November 2023 
("FY23") and progress of the Consortium business closure. 
Trading update 
Subject to completion of the FY23 audit, the Company anticipates that its headline results for 2023 will show revenue 
from continuing operations of c.GBP196m (FY22: GBP214.2m), including c.GBP19m from Consortium (FY22: GBP33.6m); adjusted 
operating profit is in line with guidance. 
The Assessment division continues to grow, with increased revenue and profitability reflecting the emerging 
opportunities in the global digital assessment market. As anticipated, the Technology division has returned to 
profitability in the second half. TTS International performed well in the year with TTS UK held back in a more 
challenged UK market and the Company remains excited by the opportunities for its TTS product range across its 
geographic markets. 
Net debt 
The Company continues to focus on reducing its net debt, which has decreased from the half year and is in line with 
market expectations. 
As confirmed last month, RM reached agreement with its lenders to extend their unconditional waivers for its 30 
November EBITDA financial covenant. 
The renegotiation of an amendment and extension of its lending facility, which matures in July 2025 is ongoing and the 
Company still expects the renegotiation to have concluded by the end of Q1 2024. 
Closure of Consortium 
As announced last month, the Board took the decision to close the loss-making Consortium business, part of RM 
Resources, from the end of December 2023. The revenue from Consortium in FY23 is estimated to be c.GBP19m. This decision 
to close the business is in line with the future strategic direction for the Company and will also enable RM Resources 
management to focus on its successful and higher margin TTS business. 
The business closure is progressing to plan, Consortium ceased taking new customer orders in the first week of December 
and options to transfer to TTS or sell the remaining stock are progressing. As previously guided, the accounts for the 
year ended 30 November 2023 are expected to show a material write-off of the carrying value of Consortium and its 
related assets as a non-cash item, and include an additional provision for exit costs. There is no cash impact from the 
closure in FY23. 
At its full year results in the New Year the Company will unveil its new strategic roadmap and its plans to simplify 
the business and return to profitability.  It will also provide further details on the financial and operational impact 
of the Consortium closure. 
 
Mark Cook, Chief Executive of RM, said 
"I am pleased to report that we expect RM to deliver results in line with market expectations in FY23. The strong 
performance from RM Assessment, as well as RM Technology's return to profitability in H2, demonstrates the fundamental 
strengths in the business. Despite taking the difficult decision to close the loss-making Consortium business, there 
remain several exciting international opportunities for TTS, alongside a number of key structural drivers that provide 
us with a clear path to return to profitability in the future, underpinned by a new agreement with our lenders. 
"I look forward to outlining RM's new strategy to simplify the business at the FY results, as we continue to build a 
strong platform for growth." 
 
Contacts: 
RM plc                     [e-mail] 
Mark Cook, Chief Executive Officer 
Simon Goodwin, Chief Financial Officer 
Fiona O'Nolan, Investor Relations, Equitory 
 
Headland Consultancy (Financial PR)                      [phone] 
Stephen Malthouse ([e-mail]) 
Chloe Francklin ([e-mail]) 
Dan Mahoney ([e-mail]) 
 
Notes to Editors: 
RM provides market-leading products and services to educational institutions, exam bodies and international governments 
which improve, simplify and support education and learning. The education sector is transforming, and RM is well 
positioned to capitalise on this through its three divisions. 
     -- RM Assessment is a leading provider of assessment software, supporting exam awarding bodies, 
    universities, and governments worldwide to digitise their assessment delivery. 
     -- RM Resources is the established provider of education resources for early years, primary schools, and 
    secondary schools across the UK and to 80 countries internationally. 
     -- RM Technology is a market-leading supplier of ICT software, technology and services to UK schools and 
    colleges. 
 
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Dissemination of a Regulatory Announcement, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
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ISIN:          GB00BJT0FF39 
Category Code: TST 
TIDM:          RM. 
LEI Code:      2138005RKUCIEKLXWM61 
Sequence No.:  291829 
EQS News ID:   1796447 
 
End of Announcement  EQS News Service 
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December 14, 2023 02:00 ET (07:00 GMT)