RM has said its expectations for the financial year ahead remain unchanged.
The VAR released its interim management statement for the period starting from 1 December 2012, based on its first-quarter trading.
It revealed "net funds" at 28 February 2013 were £39.4m, compared with £12.4m the previous year.
“Trading in the first quarter has been consistent with market expectations for the year as a whole,” the statement said.
“RM’s business is seasonal, reflecting buying patterns in the UK schools marketplace. As a result, the majority of the Group’s revenue and profit arises in the second half of the 12-month period to November, and the first quarter of the year is the lowest for revenue and order intake,” it added.
“This seasonal pattern means that performance at this stage in the year is not a reliable indicator of the outcome for the year to 30 November 2013.”
Earlier this year RM revealed its preliminary results for the year ended 30 November 2012, which showed both revenue and profit slightly down on the previous year.
New chief executive David Brooks took over at the beginning of March, and chairman Martyn Ratcliffe is preparing to step down later this year.
Since its strategic review last year the VAR has completed the disposal of its non-core and loss-making businesses, and reduced headcount from 2,699 in 2011 to 2,250 by November 2012. It also launched three new initiatives in the past year: its cloud-based platform RM Unify; its e-book service RM Books; and RM At Home, a free schools information service aimed at parents.
In an earlier forward-looking statement, Ratcliffe warned of testing times ahead:
“2012 has been a challenging but very successful year for RM with significant progress achieved. The actions taken since the strategic review have stabilised the Group and have established a stronger platform for the future, with some innovative new offerings being launched,” he said.
Contingency plans follow Carillion's demise earlier this year
Oliver Tuszik says partners can boost subscription sales by taking a customer experience-led approach
Firm says enterprise business has performed 'weaker than originally expected'
Top executives from nine VARs, including Computacenter, Bell Integration, XMA, ANS and Epaton, weigh in on which server, storage and networking technologies will be red hot next year