RM issues cautious but optimistic interim statement

Education specialist's performance is "in line" with expectations, despite ongoing concerns over market changes

RM's latest interim management statement has hinted at a positive third quarter.

Covering the period between 1 June and 24 September 2012, the statement said Q3 trading had "continued to progress in line" with the board's expectations for adjusted operating profit for the current year.

"While the stabilisation and recovery of the group continues to be positive," the statement said, "the board remains cautious due to the previously reported market changes over the next few years."

The statement also revealed that net cash had "increased significantly" to £13.2m, compared with net debt of £18.5m a year earlier.

RM also hailed the launch earlier this month of RM Books, the first e-book system designed specifically for schools, describing it as a "key strategic investment" for the group.