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RM profit drops 68% following school closures, exam cancellations

By BFN News | 09:41 AM | Tuesday 07 July, 2020


Technology provider to the education sector RM reported a 68% fall in first-half profit after the Covid-19 crisis sparked school closures and exam cancellations. Pre-tax profit for the six months through May dropped to £2.8m, down from £8.8m on-year. Revenue slumped 17% to £79.3m. RM did not pay an interim dividend. 'In the first quarter, going into the Covid-19 crisis, RM was trading as expected,' chief executive David Brooks said. 'Through the second quarter, trading was significantly impacted as schools and nurseries closed.' 'As education systems start to reopen, we are seeing trading improve and RM will look to play a key role in helping our customers' transition to new ways of working.' At 9:41am: (LON:RM.) RM PLC share price was -6.5p at 236.5p Story provided by StockMarketWire.com

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