RM reducing dependency on UK market

23rd Nov 2009 15:32

RM Group, the IT company focused on the education sector, is seeing an increasing amount of its revenue emanating from outside the UK, contributing to a full year performance that was ahead of budget.Revenue in the year to 30 September rose 20% to £346.9m from £289.5m the year before, helped by the inclusion of its recently acquired US business, Computrac. Non-UK revenue rose 150% to £41.5m from £16.5m in the corresponding period of 2008. Committed revenue stood at £445m at the end of September, versus £410m at the end of September 2008.'The funding landscape in which the group operates comprises a range of different purchasers, in different geographies, with independent budgets. As a consequence, we are not wholly dependent on any single budget stream, set of customers, product line, or education policy,' the company said.Adjusted profit before tax, which excludes one off items, grew to £17.7m from £16.4m a year earlier, while reported pre-tax profit rose to £16.3m from £15.4m.The full year dividend has been ramped up to 6.17p, 6% higher than the 5.81p paid in fiscal 2007/8.In a separate announcement, the group announced the appointment of Iain McIntosh as chief financial officer, who will succeed Mike Greig when Greig retires on 31 March 2010.McIntosh was previously chief financial officer of Axon, the business transformation consultancy.