RM (RM) H2 2025 TU earnings summary

Executive summary

• FY25 adjusted operating profit expected at approximately £11.5m, up 34% year-over-year, with adjusted EBITDA at £16.6m, up 21% year-over-year.

• Core Assessment division achieved 20% revenue growth and 17% platform revenue growth, with a record number of exams marked in 115 countries.

• 98% of Assessment division's revenue up for renewal in FY25 was successfully renewed.

Financial highlights

• Revenue from continuing operations expected to be 2–3% lower than FY24, mainly due to a challenging UK schools market affecting Technology and TTS divisions.

• Net debt projected at £50–£51m at FY25 year-end, with compliance to banking covenants.

Outlook and guidance

• Further strategic and outlook updates to be provided with audited full year results in the new year.

• Development of the RM Ava accreditation platform is on track, expected to support future growth in Assessment.