RM reports profit increase


RM reports profit increase

Angelica Mari

The UK educational software provider, RM, is optimistic about performance in the second half of 2010 and has announced a joint venture with Lego Education.

The education specialist - to which school buildings investment programme Building Schools for the Future programme was a key area of focus - posted an adjusted pre-tax profit of £1.2m for the six-month period to 31 March, compared with the £1m posted for the same period a year ago.

Revenue at RM also increased by 10% to £156.4m, with proceeds from its education resources division totalling £38.3m, an increase of 44.5% on the previous year.

The firm said it had signed a letter of intent with Lego Education for the creation of a joint venture which will become the exclusive distributor of the Danish company's products to education customers across Europe, initially for a period of 10 years from January 2011.

This follows RM's chief executive Terry Sweeney intentions to extend and broaden the company's traditional educational product portfolio, outlined last year, as well as placing more effort on furthering international growth.

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