RM stays on track with asset disposals and credit facility

Simon Quicke

Education specialist RM has indicated that its financial performance remains on track despite the last three months being some of the lowest for revenue and orders.

The vendor released a trading statement covering the period from 1 December 2011 to 23 March highlighting that the seasonal nature of the schools market means its main business gets done in the second half of its fiscal year.

The firm has been busy sorting out its portfolio and credit position and sold its Dacta business in january to Tolo Toys Learning and its 49% stake in Lego Education Europe was also offloaded in the same month for €4.4m and €2.2m of loan repayment.

In addition to those sales RM secured a £30m three year revolving credit facility with Barclays Bank which runs to March 2015.
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