RM: Education tech firm’s losses widen as transformation continues
“Our first half performance reflects the extent of the transformation RM has undergone," chief executive Mark Cook said.
Half-year losses at education tech firm RM widened after the business implemented a long-term transformation plan to become a leading education technology platform.
Pre-tax losses increased by 121.9 per cent to £3.1m, while on a statutory basis, RM swung to a post-tax loss of £6.8m, down from £8.2m profit the year prior. Revenue also declined 9.6 per cent to £79.2m.
The London-listed firm is aiming to more than triple its value and increase earnings before interest, taxation, depreciation and amortization (EBITDA) to five times that of last year, as part of a major transition programme.
“Our first half performance reflects the extent of the transformation RM has undergone, and the action we have taken to set the business up for growth in the future,” Mark Cook, Chief Executive of RM, said.
Founded in 1973, RM supplies a variety of educational organisations, including schools, colleges and agencies, with IT products and services. The business is split into three segments; Assessment, technical teaching solutions (TTS) and technology.
The company’s transition included a new flagship contract signed with International Baccalaureate which Cook said had become a “foundation” of its Global Accreditation Platform for digital assessments.
“In addition, we have grown the pipeline of assessment platform customers by 70 per cent to £170m, and the Assessment contracted order book by 50 per cent,” he added.
“Looking ahead, we see significant opportunities to expand our use of AI, both to create efficiencies within the business and to enhance solutions to drive improved outcomes for educators, assessors and learners with time-saving and adaptive tools.”
