INTERVIEW: RM Doesn't Yet Know How Many Jobs It Will Axe

26th Jul 2010 09:16

By Hannah Benjamin Of DOW JONES NEWSWIRES LONDON (Dow Jones)--U.K. provider of educational products and services RM PLC (RM.LN) Monday said it doesn't yet know how many of the 60 staff in its strategic projects bid team will lose their jobs as part of its restructuring, as it said it would still meet fiscal 2010 market expectations in spite of restructuring costs. "We have about 60 staff in that team as a gross number but we don't know yet how many people will lose their jobs. Although the real number will go down the redundancies won't be that high as we've been running a higher proportion of contractors relative to permanent staff," RM's Finance Director Iain McIntosh told Dow Jones Newswires. He said the company will be able to move some staff across to other parts of RM's business, like its data business. "We know we need to react quickly, as no-one wants the uncertainty," McIntosh said. RM will still also meet market expectations for fiscal 2010 earnings in spite of an expected GBP1.5 million charge for the restructuring, McIntosh said. "It will take a month or so to work its way through but the process should be complete by the end of this fiscal," he said. -By Hannah Benjamin, Dow Jones Newswires; 44-20-7842-9298; [email protected] (END) Dow Jones Newswires July 26, 2010 04:16 ET (08:16 GMT)