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.
"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.