RM plc: Final Results for the year ended 30 November 2025

RM plc / GB00BJT0FF39

RM plc (RM.)


05-March-2026 / 07:00 GMT/BST

---

  5 March 2026  RM plc Final Results for the year ended 30 November 2025   Improved profitability driven by strategic focus on key growth areas    RM plc (“RM”), a leading global educational technology (‘EdTech’), digital learning and assessment solution provider, reports its full year results for the year ended 30 November 2025 and provides an update on its strategy.    Financial highlights   

£m	FY25	FY24	Variance
Revenue from continuing operations	162.1	166.1	(2.5)%
Profit/(loss) before tax from continuing operations	3.2	(12.1)	126.5%
Loss from discontinued operations1	-	(0.9)	n/a
Statutory profit/(loss) after tax	2.2	(4.7)	146.3%
Diluted EPS from continuing operations	2.5p	(4.6)p	154.3%
Adjusted performance measures2:
Divisional contribution excluding corporate costs	32.3	32.8	(1.5)%
Divisional contribution margin	20.0%	19.8%	0.2%
Adjusted operating profit from continuing operations	11.5	8.6	33.2%
Adjusted operating profit margin	7.1%	5.2%	1.9%
Adjusted EBITDA	16.5	13.7	19.9%
Adjusted profit before tax from continuing operations	5.5	2.4	126.0%
Adjusted diluted EPS from continuing operations	4.9p	11.7p	(58.1)%
Adjusted net debt3	50.6	51.7	2.1%

  Adjusted operating profit from continuing operations has increased substantially by 33.2% to £11.5m (FY24: £8.6m) and adjusted EBITDA by 19.9% to £16.5m (FY24: £13.7m).   Profit before tax is £3.2m marking the first reported statutory profit since FY21, reinforcing RM’s upward trajectory in generating profitability. Revenue from continuing operations is slightly down reflecting the ongoing challenges facing the UK schools’ market in H1 impacting the Technology and TTS divisions. Significantly, RM’s higher margin, core Assessment division has achieved 19.9% revenue growth with digital platform revenue up by 17.3% versus FY24. Adjusted net debt has reduced by £1.1m to £50.6m following the equity placing last October and a further £6m being invested in RM Ava, our adaptive virtual accreditation platform. The Company has operated within its hard liquidity and EBITDA covenants throughout FY25. Reduction in adjusted diluted EPS from continuing operations due to £9.2m deferred tax credit in FY24. Successfully agreed with the trustees of the defined benefits pension schemes to cease further contributions from the Company, with the schemes now showing a technical provisions surplus.   Core Assessment business continues to grow and drive margin improvement The substantial contracted order book4 of Assessment is maintained at £95.5m at end of FY25 (FY24: £95.7m).   99% of Assessment’s revenue up for renewal during FY25 has been successfully renewed, demonstrating strong ability to retain strategic customers.  Assessment’s adjusted operating margin has increased from 17.5% to 22.9% reflecting the focus on margin improvement this year. RM Ava platform KPIs have strengthened:  Assessment digital platform revenue grew 17.3% year on year (FY24: 12.0%), Assessment recurring revenue (including scanning) grew 15.5% year on year (FY24: 10.0%).  Over 20m tests successfully processed through the Assessment platforms.  Invested a further £6m during the year in the development of our strategic RM Ava platform, which will drive future growth. The introduction of our AI marking tool has been well received with a number of proof of concepts having been secured.    TTS  TTS has continued to develop exciting products, launching 131 new products using our own IP in FY25.  UK sales were impacted by the tough schools market and international sales were constrained by the US tariffs in H1. Further investment has been made in Dubai and TTS is ready to capitalise on growing market opportunities overseas.   Technology  Technology sales were impacted by delays in key initiatives such as Connect the Classroom funding and a general slowness across the UK schools market. The division has secured a number of managed services contract renewals and wins which represents recurring revenue for years to come.   Current trading and FY26 outlook  Trading in the first months of the year has been consistent with the Board’s expectations, with the full-year outlook remaining in line with expectations.5 We are progressing with the work required to deliver the legal and operational separation of divisions that will help facilitate disposals and unlock future cost savings. At the same time, we continue to invest in RM Ava which is the key driver of future growth.   Mark Cook, Chief Executive of RM, said   “This year has seen us build real momentum in executing our strategy as we continue to grow our core Assessment platform revenue and drive a meaningful increase in our profitability year on year. This is underpinned by our relentless focus on providing a brilliant experience for learners globally and the positive impact from the cost saving initiatives we put in place. "Looking ahead, we remain focused on driving growth, by continuing to invest in RM Ava and our core, higher margin, Assessment business. Simultaneously, we are actively working on delivering the operational and legal separation necessary to facilitate future disposals of non-core assets and further improve efficiencies.” "I’m really pleased with what we have achieved so far, and I’d like to take this opportunity to thank all my colleagues for their hard work in delivering this set of results."   Board change As part of the Board’s continued focus to reduce central costs and overheads in the business, Jamie Murray Wells, Non-Executive Director, will be stepping down from the Board at the forthcoming AGM in May and will therefore not stand for re-election.   Helen Stevenson, Chair of RM, said  "Jamie has played an important role on the Board during RM’s transformation over the last two and a half years and I am very grateful for his contribution. As Chair of the ESG Committee, he has overseen a marked improvement in this space, helping to ensure that ESG risks and opportunities are integrated into RM’s business strategy. On behalf of the Board, I express my thanks to Jamie and wish him well for the future."   Notes  1    Discontinued operations in FY24 related to RM Consortium. 2   Throughout this statement, adjusted operating profit, adjusted EBITDA, adjusted profit/(loss) before tax and adjusted diluted EPS are Alternative Performance Measures, stated after adjusting items (see Note 3) which are identified by virtue of their size, nature and incidence. Their treatment is applied consistently year-on-year, with the exception of adjusted EBITDA which has been redefined to exclude share-based payment charges (on the basis it is a non-cash item) and comparatives have been restated.  3   Adjusted net debt is defined as the total of borrowings less capitalised fees, cash and cash equivalents and overdrafts (see Note 3). Lease liabilities of £15.4m (2024: £15.0m) are excluded from this measure as they are not included in the measurement of adjusted net debt for the purpose of covenant calculations (see Note 15).  4   Contracted order book represents secured revenue, supported by a contract, that is yet to be recognised as revenue in the financial statements. We have introduced this metric for our Assessment division to provide greater visibility of the increasing trend towards securing longer-term strategic contractual revenue.  5   Prior to this update, the Company believes that market expectations for FY26 adjusted operating profit and adjusted EBITDA were £13.6m and £19.0m, respectively.       Presentation details  A presentation by Management for investors and analysts will be published on the company website later this morning at https://www.rmplc.com/.   Contacts:  RM plc         [e-mail]  Mark Cook, Chief Executive Officer   Simon Goodwin, Chief Financial Officer Daniel Fattal, Company Secretary and investor relations     Headland Consultancy (Financial PR)       [phone]  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 are:   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 114 countries internationally.  Technology - a market-leading advisor and enabler of ICT software, technology and bespoke services to UK schools and colleges.          Chief Executive’s Statement    Building momentum 2025 in review I am very proud of our achievements this year as we continue to build momentum in growing and expanding our global digital assessment offering. The official launch last June of RM Ava, our adaptive virtual accreditation platform, was a prominent moment in our history and this internally developed platform will be the engine for our future growth. We delivered a significant increase of 33.2% in adjusted operating profit, now £11.5m, and a 19.9% increase in adjusted EBITDA (excluding share-based payments) to £16.5m. Revenue in our higher margin, core Assessment division grew 19.9% with digital platform revenue[1] up by 17.3%, in a year which saw a record number of exams marked in multiple countries around the world, using our platform. Equally pleasing is that this strong growth is underpinned by a significant number of strategic customer renewals, with 99% of Assessment’s revenue up for renewal during FY25 having been successfully renewed. This demonstrates our ability to retain strategic customers and the stickiness of recurring revenue associated with our assessment offering. Our new wins in FY25 include Trinity College London on an initial 3-year contract which will see their mostly digital assessments moved to our platform. Overall revenue from continuing operations is marginally lower than FY24 by 2.5%. As previously announced, this is due to the ongoing challenging UK schools’ market and other macroeconomic headwinds in H1 impacting the Technology and TTS divisions.  The impact of this, along with Assessment’s growth, is that our core Assessment division now represents 29.4% of total revenue compared to 23.9% in FY24. This, along with cost saving measures now being realised, has helped to drive overall margin improvement in RM. As reported at the half year, we successfully renewed our banking facility until July 2027, and our lenders remain highly supportive of our strategy. We continued to operate within our banking covenants throughout the year. The Board and Executive Committee are highly focused on reducing net debt and we are actively working on simplifying our business which includes disposing of non-core assets. At the half year, we also reported that the triennial valuations for RM’s closed defined benefits pension schemes showed a combined technical provisions surplus of £10.5m. Since then, I am pleased to add that we successfully agreed with the trustees to cease further contributions to those schemes 18 months earlier than had originally been agreed. We made a couple of changes to our Executive Committee which has seen Ian Mackinnon join as CEO of Technology and TTS, combining two roles into one, and Claire Matthews as Communications Director. Ian has extensive experience in business and corporate development, and Claire has taken on a role covering both internal and external communications. I would like to extend my thanks and appreciation to all our people for their hard work and commitment during this transformational period. These achievements could not have been realised without their efforts.  Accelerate  The equity raise has helped accelerate our strategy  Having consulted with major shareholders, we undertook an equity placing last October to help accelerate future growth. This generated £13.5m cash before fees. The interest we received was overwhelming with the order book well oversubscribed, and I am grateful for the support and shared vision from our major shareholders and new investors. We stated that the proceeds would be used to do four things: Complete the separation work required to facilitate disposals of non-core assets; Strengthen RM Ava and accelerate its development; Invest in RM Assessment's sales and marketing capability; and Manage general working capital purposes. Separation involves the untangling of legacy systems that are either costly, inefficient, or inflexible for our current needs. The removal and replacement of such systems will provide further operational efficiency and, crucially, will allow us to separate the divisions to help facilitate the disposal of non-core assets. We have made good progress to date, including selecting a new ERP system to provide greater flexibility and simplicity.   Build  RM Ava development remains on track  Our RM Ava platform is unique. It is a single sign-on, cloud-based platform that brings our existing tools and new modules together into one platform, capable of supporting the full assessment lifecycle, from content creation and online learner testing, through to digital marking and feedback. Several new modules and features were launched in 2025. This includes the learner portal which will be a simple entry point for everything connected to a learner’s assessment, such as sitting the tests. Our AI marking proof of Concepts are giving customers the opportunity to run pilots on how AI marking compares with human markers. Once completed, we will build an optional AI driven marking module into RM Ava, giving customers the choice of how much AI involvement they wish to use. To date, we have committed £20m to RM Ava’s development and expect it to be fully completed by end of FY27. We are excited by the growth opportunities as the platform accommodates a diverse range of customer types and sizes with no limit on the number we can onboard. Divisional performance  Assessment: core platform revenue grows We have been clear that our Assessment division is where we see the significant future growth of our business and I am delighted to report further growth with revenue up 19.9% to £47.6m and, after removing one-off projects, our core digital platform revenue grew 17.3%. Even with this significant revenue growth our Assessment contracted orderbook has been maintained at £95.5m (FY24: £95.7m) and our orderbook for recurring core platform revenues is 11.4% higher at the end of FY25 compared to FY24. We had our most successful summer peak exam period with a record number of papers marked on our platform in Europe and APAC with over 20 million papers in total. At peak, 4,300 exam markers were working on the platform in a single day. We successfully renewed all our material contracts with strategic customers including Singapore Examinations and Assessment Board, South Australian Certificate of Education, and ACCA, some with expanded scopes of work, and won Trinity College London on an initial three-year contract, as highlighted above. Adjusted operating profit for Assessment has increased by 56.8% to £10.9m. With recent Assessment wins and renewals being predominantly high margin platform revenue, along with the benefit of savings within corporate overheads now transpiring, the division’s adjusted operating margin has increased from 17.5% to 22.9%. We expect this trend to continue as our customers pivot further towards fully digital exams, enabled by RM Ava deployment. Operationally our COO, Dr Gráinne Watson, now leads the Assessment division in its entirety which has facilitated a more aligned approach with the market and our customers’ needs coupled with providing greater visibility of key milestones and system development. Gráinne also oversees the development of RM Ava.  TTS: International growth opportunities TTS revenue of £67.3m was down 7.2% primarily due to the tough UK schools’ market involving budget constraints as reported in H1. TTS International started the year well before sales to the US were impacted by the higher trade tariffs imposed on products manufactured in China, and a delay to European orders which are now expected to land in FY26. That said, TTS revenue in the Middle East grew 20.1% to £3.7m in FY25. We are confident the division will return to growth; further investment has been made in Dubai and TTS is ready to capitalise on growing market opportunities overseas. . We developed 467 exciting new products during the year with 131 using our own IP, further strengthening our portfolio.  Since our learning resources have a clear impact in schools, we have introduced a new range into the parental market for home use, which is gaining early traction.  Technology: performing in a tough market  Technology has performed admirably in a tough UK schools’ market which has seen key initiatives such as Connect the Classroom funding delayed by several months more than originally expected and a general slowness due to schools’ budget constraints. Revenue declined 12.5% to £47.2m with the hardware and installation services most affected. Despite these external challenges, the division secured key contract renewals with South Lanarkshire Council, Brook Weston Trust and HFL Education, and won the First Federation Trust Managed Service, Connectivity and Filtering contract. Adjusted operating profit margin has improved by 0.9% to 7.5% following cost saving initiatives such as with our data centre, which has led to greater footprint efficiency and associated savings. Looking ahead, there’s a growing need from schools around security and data protection. We understand these requirements well, and will be building that expertise into our plans. Growth strategy  The global EdTech market is forecast to increase by $170.8 billion at a CAGR of 15.9% between 2024 and 2029[2]. The market shift to digital education and assessment, is driving a material growth phase. We are already leaders in this space, through longstanding relationships with global accreditors and a unique offering that supports both paper and fully digital assessments or an integrated hybrid model. RM Ava, which unites core solutions into one world-leading accreditation platform, provides significant opportunities for further growth. It supports the entire lifecycle from exam content creation and secure online testing, through to AI driven marking and feedback. There are no restrictions to the number of users we can bring onto the platform as we unlock new customers and markets and continue to scale globally. As we explained to investors when we undertook an equity placing, we are investing in sales and marketing in a targeted way to help drive growth and capture this opportunity. Increasing Assessment income, coupled with the disposal of non-core assets, will continue our trajectory towards a business model substantially underpinned by assured and recurring revenues. I am excited about the prospects over the coming years as we look to extend our global assessment offering, setting our business up for long term sustainable growth. 

 

Chief Financial Officer’s statement   FY25 was a ‘Year of Building Momentum’ for RM with the benefits of previous activity starting to show through in the financial results. The clearest indication of the momentum that has been building in RM over the past 3 years is that FY25 sees the Company return to posting a Profit Before Tax (£3.2m), for the first time since FY21. The standout performance in FY25 came from the Assessment Division, with a 19.9% growth in total revenues and a 56.8% increase in adjusted operating profit. Unfortunately, RM’s two other divisions fared less well this year, with TTS and Technology both being impacted by a very challenging UK schools’ market. TTS international was further impacted by global factors, such as higher US tariffs, and delays to decisions on awarding key tenders by Governments across Europe – now expected to benefit FY26. As a result, total revenue from continuing operations in FY25 declined by 2.5% to £162.1m. Despite the in-year revenue decline, the business delivered an adjusted operating profit of £11.5m (adjusted EBITDA (excluding share-based payments) £16.5m) compared to £8.6m (adjusted EBITDA (excluding share-based payments) £13.7m) reported in FY24; a total increase of 33.2% (EBITDA +19.9%). Adjusted EBITDA (excluding share-based payments) is now at 10.2% of revenues, up from 8.3% last year. This significant increase in profitability has been achieved both by, the higher proportion of revenue that RM Assessment now delivers within the Company; and the increasing impact of material cost savings delivered in recent years. Corporate overheads alone reduced by 13.8% in FY25 and are now only 12.9% of total revenue, down from 14.6% in FY24. RM Assessment renewed 99% of its long-term contracted revenue in the year, saw volumes increase across most customers and won a new contract with Trinity College London. As a result of these contract renewals, new wins, and the strong revenue growth, the value of the contracted orderbook in RM Assessment has held steady at £95.5m giving the division strong visibility of future revenues. Our contracted orderbook includes significant future platform revenue from our two biggest digital assessment contracts, with International Baccalaureate and Cambridge University Press & Assessment. Both contracts remain on track, but the significant increase in digital assessment volumes will come through later in the contract period. Cost control remains a major focus of the business, and we are conscious that our corporate overheads, while reducing significantly, remain too high. £20m+ of annualised savings were previously achieved in FY23 & FY24 and the annualised impact of those actions has materially benefited FY25. While FY25 itself didn’t see the same high level of new cost savings being identified as previous years, we have still delivered significant further reductions in most areas. During this year we completed the project to right-size the senior management team and made further efficiencies across the organisation. Material new savings have been achieved via renegotiating, right-sizing and replacing various third party supplier contracts, especially across IT. Towards the end of the year, we announced our plans for ‘Separation’. This project will result in both separating our operating divisions into individual legal entities, and also the replacement of our legacy IT systems into separate solutions for each division. The Separation project is now well underway and is anticipated to unlock the next wave of cost savings and efficiency improvements over the coming two to three years. In order to support our longer-term growth, and to deliver higher revenue and margin from new and existing contracts, we have made £9.7m in total capital expenditure in year, primarily in our continued investment in building the RM Ava platform. The business remains highly leveraged but net debt slightly reduced during the year by £1.1m to £50.6m, with operating cash generation plus the £12.7m net proceeds from our equity raise, being offset by interest payments (£5.5m) and the capital expenditure noted above. Throughout FY25, RM operated within its EBITDA and hard liquidity covenants, and we remain extremely grateful for the very collaborative way in which our lenders HSBC and Barclays continue to support the business. We have already started constructive discussions with our lenders around revised agreements to replace our existing facilities which run until July 2027. We remain highly focused on improving the operating cash conversion of the business, while we have made significant improvements in that regard, there remains more to do, especially as RM is committed in the immediate term to reinvesting operating cash into the development of RM Ava. During FY25 we successfully concluded an agreement with the trustees of our defined benefit pension schemes to cease the deficit recovery contributions to those schemes 18 months earlier than had originally been agreed.   Financial performance

£m	FY25	FY24	Variance
Revenue from continuing operations	162.1	166.1	(2.5)%
Profit/(loss) before tax from continuing operations	3.2	(12.1)	126.5%
Loss from discontinued operations1	-	(0.9)	n/a
Statutory profit/(loss) after tax	2.2	(4.7)	146.3%
Diluted EPS from continuing operations	2.5p	(4.6)p	154.3%
Adjusted performance measures2:
Divisional contribution excluding corporate costs	32.3	32.8	(1.5)%
Divisional contribution margin	20.0%	19.8%	0.2%
Adjusted operating profit from continuing operations	11.5	8.6	33.2%
Adjusted operating profit margin	7.1%	5.2%	1.9%
Adjusted EBITDA	16.5	13.7	19.9%
Adjusted profit before tax from continuing operations	5.5	2.4	126.0%
Adjusted diluted EPS from continuing operations	4.9p	11.7p	(58.1)%
Adjusted net debt3	50.6	51.7	2.1%

1 Discontinued operations in FY24 related to RM Consortium. 2 Throughout this statement, adjusted operating profit, adjusted EBITDA, adjusted profit/(loss) before tax and adjusted diluted EPS are Alternative Performance Measures, stated after adjusting items (see Note 3) which are identified by virtue of their size, nature and incidence. Their treatment is applied consistently year-on-year, with the exception of adjusted EBITDA which has been redefined to exclude share-based payment charges (on the basis they are a non-cash item) and comparatives have been restated. 3 Adjusted net debt is defined as the total of borrowings less capitalised fees, cash and cash equivalents and overdrafts (see Note 3). Lease liabilities of £15.4m (2024: £15.0m) are excluded from this measure as they are not included in the measurement of adjusted net debt for the purpose of covenant calculations (see Note 15). Divisional performance Divisional contribution has been added as a new metric this year. Divisional contribution is adjusted operating profit before the allocation of corporate overheads (see Note 2).  

£m	FY25	FY24	Variance
RM TTS:
Total revenue	67.3	72.4	(7.2)%
UK revenue	50.5	53.7	(6.1)%
International revenue	16.8	18.7	(10.5)%
Divisional contribution	7.4	8.9	(16.7)%
Divisional contribution margin	11.0%	12.2%	(1.2)%
Adjusted operating profit	4.2	5.4	(21.8)%
Adjusted operating profit margin	6.2%	7.4%	(1.2)%
RM Assessment:
Revenue	47.6	39.7	19.9%
Divisional contribution	16.6	14.4	14.9%
Divisional contribution margin	34.8%	36.4%	(1.6)%
Adjusted operating profit	10.9	6.9	56.8%
Adjusted operating profit margin	22.9%	17.5%	5.4%
RM Technology:
Revenue	47.2	54.0	(12.5)%
Divisional contribution	8.3	9.5	(12.3)%
Divisional contribution margin	17.5%	17.6%	(0.1)%
Adjusted operating profit	3.5	3.6	(0.3)%
Adjusted operating profit margin	7.5%	6.6%	0.9%

RM TTS revenues decreased by 7.2% to £67.3m (FY24: £72.4m). Continuing budgetary pressures and significant uncertainty for UK schools, especially in the first half of the year, resulted in UK revenues falling by 6.1% across the year, with a more encouraging 2nd half year performance. Increased discounting across the industry, especially in the UK, resulted in Divisional Contribution Margin declining by 1.2% in the year. Following a strong start to the year, especially in the Middle East, TTS International was significantly impacted by the introduction of US tariffs on to the predominantly Chinese manufactured, higher margin, own IP products. Delayed decisions on several European tenders also saw significant orders slip out of FY25 into the following year. As a result, international revenues declined by 10.5% in the year. International sales still account for 25% of total TTS revenues and remain a strong focus for growth in the coming year. Continued operating efficiencies within TTS partially mitigated the revenue and gross margin reductions with divisional contribution margin reduced to £7.4m (FY24: £8.9m) but remaining above 10% of revenues. Adjusted operating profit decreased to £4.2m (FY24: £5.4m) and adjusted operating margin decreased to 6.2% (FY24: 7.4%). RM Assessment revenues increased by 19.9% to £47.6m (FY24: £39.7m) made up of 17.3% growth in core platform revenues and 15.5% growth in total recurring revenues, as well as a significant increase in non-recurring project revenue which primarily related to one-off revenues in a single non-core contract. Divisional contribution increased to £16.6m (FY24: £14.4m), a slight reduction in relation to revenue at 34.8% (FY24: 36.4%) as the division saw increases in hosting charges and further increases in Sales & Marketing Overhead towards the end of the year – funded by the Equity Raise. Adjusted operating profit increased significantly to £10.9m (FY24: £6.9m) and adjusted operating margin increased to 22.9% (FY24: 17.5%) as the division benefited from the significant reductions in corporate overheads coming through in the central allocation (£5.7m in FY25, £7.5m in FY24). RM Technology revenues decreased by 12.5% to £47.2m (FY24: £54.0m) with the biggest reductions coming in the transactional revenue streams of hardware and associated installation services. These lines of business were the most impacted by the delays to the Connect the Classroom Government funding, which was only eventually confirmed late in H1. Due to the nature of the roll-out by the UK Department of Education, funding did not ramp up fully as expected in H2. Services revenue was further impacted by scope reductions for a significant customer. This important customer has now been secured for a further seven years minimum and will continue to provide a strong bedrock of both recurring and transactional revenues. Divisional contribution decreased to £8.3m (FY24: £9.5m) on the back of the lower revenue, however contribution as a percentage of revenue was stable at 17.5%, because of further operational efficiencies. Adjusted operating profit decreased fractionally to £3.5m (FY24: £3.6m) and adjusted operating margin increased to 7.5% (FY24: 6.6%). RM Technology remains a stable and consistently profitable business; considerable focus has been made towards the end of the year to ensure that the division is well positioned to take full advantage of its prominence within the UK Schools market in the years to come. Overall Company adjusted profit before tax was £5.5m versus £2.4m in FY24, an increase of £3.1m or 126.0%. Statutory profit after tax was £2.2m (FY24: loss of £4.7m), both metrics driven by the increase in adjusted operating profit, as a well as a significant reduction in adjusting items. Adjusted diluted earnings per share from continuing operations was 4.9p (FY24: 11.7p), the reduction being a function of reduced adjusted profit after tax (principally due to the £9.2m deferred tax credit in FY24) and the increased number of shares following the equity raise, and statutory diluted earnings per share from continuing operations was 2.5p (FY24: loss of 4.6p). Adjusting items To provide an understanding of business performance including the comparability of results year-on-year, we exclude the effect of adjustments that are identified by virtue of their size, nature and incidence, as set out below.

Adjusting items (total operations) £m	FY25	FY24
Amortisation of acquisition-related intangible assets	0.2	0.4
Impairment of RM TTS goodwill1	—	9.3
Reversal of impairment of RM Consortium assets2	—	(0.5)
Restructuring costs3	1.8	4.6
Cost of GMP conversion	—	0.3
Consortium pension costs4	0.3	—
Total adjustments	2.3	14.1
Tax impact	(0.3)	(0.8)
Total adjustments after tax	2.0	13.3

1 A £9.3m impairment of TTS goodwill was booked during FY24. This impairment arose both as a result of the significant proportion of goodwill allocated to TTS following the closure of Consortium, and reductions in estimated future cashflows caused by increasing uncertainty in UK and international school budgets. 2 Following the announcement of the closure of the Consortium business and the subsequent termination of the ERP replacement programme in FY23, management performed an impairment review resulting in the Company recognising a total impairment charge of £38.9m, including £2.8m for inventory write-downs to expected net realisable value. During FY24, the Company wrote back £0.5m of inventory provisions previously recognised in FY23. 3 Restructuring costs of £1.8m (2024: £4.6m) relating to the implementation of the Company’s new Target Operating Model announced in 2023, and the legal and operational separation of the divisions announced in the HY25 interim results. These include £0.9m of redundancy costs (of which £0.9m were paid during the year), £0.8m of professional fees and contractor costs, and £0.5m of staff costs, offset by a £0.1m reversal of impairments and provisions for properties exited in FY24 following termination of leases, and a £0.3m reversal of other costs. 4 Ongoing costs for the CARE pension scheme (see Note 14) are presented as an adjusting item within continuing operations as they are not related to the underlying trading operations of the Company, following the discontinuation of the Consortium business. Inventory Inventories decreased by 14.5% to £13.0m (FY24: £15.2m), as close control of working capital remains a key area of focus in TTS. Year-end inventory also includes relatively significant

Börsenlexikon

ABCDEFGHIJKLMNOPQRSTUVWXYZ

Aktienkurse

• DAX
• MDAX
• TECDAX
• SDAX
• Dow Jones

Nachrichten

• Börse
• Wirtschaft
• Politik
• Sport
• Wissenschaft
• Ausland
• Polizei
• Unterhaltung
• International
• Kalenderblatt

broker

• CFD
• FOREX
• Rohstoffe
• Handelssysteme
• Handelssignale
• Aktien
• Zertifikate & Optionsscheine
• Börsenseminare

Service

• AD HOC NEWSBREAK
• Watchlist
• Börsenlexikon
• RSS_Feeds
• Nachrichten Archiv
• Kontakt

Weitere Angebote

• trading-house.net AG
• Kostenlose Börsenseminare
• direktbroker.de
• poppress.de

Kursinformationen

• positive Kursänderung
• negative Kursänderung
• Keine Kursänderung
• Realtime
• min 15. Minuten
• Schlusskurs

Menü

NEWS

AKTIENKURSE

BÖRSE

WIRTSCHAFT

POLITIK

SPORT

UNTERHALTUNG

WISSENSCHAFT

AUSLAND

POLIZEI

INTERNATIONAL

SONSTIGE

ARCHIV

BLOGS

KALENDERBLATT

NEWSLETTER

BÖRSENLEXIKON

RSS

WATCHLIST

• | i  | 
• News  | 
• Kontakt  | 
• Mediadaten  | 
• Impressum  | 
• Datenschutzerklärung  | 
• Hinweise zum Datenschutz  | 
• Disclaimer  | 
• Mike Steiner  | 
• 2026 © Copyright