Education specialist RM has demonstrated UK classrooms are a good place to shelter from the recession as government budgets continue to rise.
In the six months to 31 March, the system builder grew sales 21% to £141.9m and profits remained flat at £200,000. This is significant, given that the first half of the year is generally slower than the second, when Back to School spending starts.
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"As we always comment at this stage, the first half of RM's financial year is not a good indicator of results for the year as a whole," said Terry Sweeny, chief executive at RM.
"However, with the UK education budget for government year 2009/2010 up 6% in cash terms, and revenue growth anticipated from BSF, Comptrac and general education resources, management expectations for Fy-2009 are unchanged," he said.