School supplier hit by cuts to building programme
A major supplier of whiteboards and technology for school classrooms swung to a loss as it suffered the effects of Government spending cuts.
Oxfordshire-based RM said it had battled a challenging year in which the “severe tightening of public sector budgets” was compounded by an unsuccessful international expansion programme and a lack of innovation.
The group was hit by Government moves to scale back or cancel unfinished Building Schools for the Future projects, including seven for which RM was the preferred bidder worth £200m.
RM made a bottom-line loss of £23.4m in the 14 months to November 30, compared to profits of £23.9m the previous year.