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Trading statements

RM Plc says Q1 trading in line with board views

25 March 2015 07:47

RM Plc non-executive chairman John Poulter said trading in Q1 has been in line with the board's expectations. In February, following successful pilots, RM Results signed a 3 year contract to provide the education charity AQA with e-marking services.

"In March terms were agreed with South Oxfordshire District Council to sub-let one of the Group's buildings in Abingdon, which was surplus to the Group's requirements following recent reorganisations," he said in a presentation for the company's AGM.

"This is expected to reduce the onerous lease provision held on the balance sheet by approximately £2.4m.

"Cash and short-term deposits as at 28 February were £40.5m.

"In the light of the good performance of the business in 2014, the Board is recommending a final dividend of 3.04 pence per share which would constitute, at 4.00 pence in total, an increase of 21% over the prior year (excluding the special dividend paid in 2013).

"As previously announced, the Board will adopt a progressive dividend policy with the objective over the medium term of moving to a more appropriate level of dividend cover of between 2 to 3 times.

"The Board is mindful of the need for capital discipline and is committed to maintaining an efficient balance sheet over the medium term, taking into account the business's performance and its likely development and investment needs."

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