RM plc: Full year trading update

DJ RM plc: Full year trading update

RM plc (RM.) 
RM plc: Full year trading update 
11-Dec-2024 / 07:00 GMT/BST 
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11 December 2024 
RM plc 
Full year trading update 
FY24 adjusted operating profit anticipated to exceed expectations 
RM plc ("RM", the "Company"), a leading global educational technology ("EdTech"), digital learning and assessment 
solution provider, is pleased to provide an update on the Company's anticipated results for the year ended 30 November 
2024 ("FY24"). 
Trading update 
Subject to completion of the FY24 audit, the Company expects FY24 adjusted operating profit to be GBP8.4 to GBP8.8 million, 
5% to 10% ahead of market expectations,[1] with adjusted EBITDA of GBP13 to GBP14 million. Revenue from continuing 
operations, which now excludes the Consortium business, is expected to be 5 to 6% lower than in FY23. 
In Assessment, approximately GBP100 million of contracts for RM's global assessment platform have been won during FY24, 
the vast majority of which will be recognised as revenue from FY25 onwards. This has resulted in the contracted order 
book[2] closing the year 2.25x higher than a year ago. FY24 revenue growth from these strategic wins has been offset by 
the expected declines in a small number of legacy projects coming to an end during the year. 
Despite a challenging UK Schools market impacting TTS and Technology revenues, these divisions have also seen improved 
profitability in FY24, reflecting a realigned operating model delivering greater operational efficiencies with a lower 
cost base. 
Net debt 
Net debt has finished the year better than market expectations, having operated within the Company's EBITDA & hard 
liquidity banking covenants during the period, while allowing for working capital and capex to fund future growth. 
The Company will update future strategy and outlook when it announces its full year results in the new year. 
Mark Cook, CEO of RM, commented: 
"This has been a year of transformation for RM, and the success of our strategy is reflected in the progress we have 
made driving profitability and growing our contracted order book. Our focus on the significant opportunities for 
Assessment has delivered a number of major new digital contracts, alongside operational improvements throughout the 
business. We are pleased with the progress that has been made and remain focused on reducing our net debt." 
 
 
Contacts: 
RM plc              [e-mail] 
Mark Cook, Chief Executive Officer 
Simon Goodwin, Chief Financial Officer 
 
Headland Consultancy (Financial PR)            [phone] 
Stephen Malthouse ([e-mail]) 
Chloe Francklin ([e-mail]) 
Dan Mahoney ([e-mail]) 
 
Notes to Editors: 
About RM 
RM was founded in 1973, with a mission to improve the educational outcomes of learners worldwide. More than fifty years 
on, we are a trusted global EdTech, digital learning and assessment solution provider, transforming learners, 
educators, and accreditors to be more productive, resilient, and sustainable. Our simple approach enables us to deliver 
best in class solutions to optimise accreditation outcome. 
RM is focused on delivering a consistently high-quality digital experience, acting as a trusted consultative partner to 
provide solutions that deliver real impact for learners worldwide. Our three businesses include: 
   -- Assessment - a global provider of assessment software, supporting exam awarding bodies, universities, and 
  governments worldwide to digitise their assessment delivery. 
   -- TTS (Technical Teaching Solutions) - an established provider of education resources for early years, 
  primary schools, and secondary schools across the UK and to ministries of education and independent institutions 
  worldwide. 
   -- Technology - a market-leading advisor and enabler of ICT software, technology and bespoke services to UK 
  schools and colleges. 
 
 
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[1] Prior to this update, the Company believes that market expectations for FY24 adjusted operating profit from 
continuing operations was GBP8m and net debt of GBP53m. 
[2] Contracted order book represents secured revenue, supported by a contract, that is yet to be recognised as revenue 
in the financial statements. We introduced this metric for our Assessment division to provide greater visibility of the 
increasing trend towards securing longer-term strategic contractual revenue. 
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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 
OAM Categories: 3.1. Additional regulated information required to be disclosed under the laws of a Member State 
Sequence No.:  364328 
EQS News ID:  2048353 
 
End of Announcement EQS News Service 
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December 11, 2024 02:00 ET (07:00 GMT)