RM Plc, a U.K. provider of educational products, said it incurred a first-half net loss of 1.3 million pounds ($2.1 million), compared with a profit of 314,000 pounds a year earlier, on lower sales and reorganization costs.
“We experienced challenging market conditions in our core markets in the first half, as customers continued to respond to changes in policy and funding in both the U.K. and the U.S.,” Chief Executive Officer Terry Sweeney said today in a statement. “We have realigned our cost base through a restructuring program to reflect the changed conditions and to protect group profitability.”
First-half revenue fell 15 percent to 133 million pounds, the Abingdon, England-based company said in the statement. In the U.K. market, spending was reduced because of education policy changes, RM said. The company had a 1.8 million-pound charge from a restructuring program.
-- Editors: Alan Purkiss, Peter Branton