The education-focused system builder swaps places with Kelway this year and drops out of the top five following 12 months of great change for the firm.
The Abingdon-based outfit was the IT supplier worst affected by the dismantling of the £55bn Building Schools for the Future (BSF) scheme in summer 2010. Estimates at the time from analyst TechMarketView suggested the company was facing the loss of more than £300m in future revenue.
In the aftermath of the BSF collapse, RM undertook a full review of its operations, the results of which included a 13 per cent reduction in headcount and the quick-fire sale of five of its non-core units.
Annual results for the year to 30 November 2011 show that revenue declined 17.5 per cent to £310.1m, with operating profit reducing by more than a third to £14.1m.
But we may have to wait a few more years before we have a clear picture of what RM looks like in a post-BSF world, with 2012 set to be the busiest year in terms of fulfilment of BSF projects. Thereafter, RM anticipates that “group revenue will continue to decline for some period” as the programme is gradually laid to rest for good.
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