RM PLC - Abingdon, England-based supplier of technology and resources to the education sector - Says it successfully renegotiated a short-term unconditional bank covenants waiver for August with its lenders. Adds that negotiation of a suitable covenant waiver for the period to November 30 is ongoing, and expects to announce a conclusion before November 30, the end of its current financial year. "The banks currently remain supportive of management, recognising the issues that the business has faced and also the steps taken through this transformation period (cost savings and restructuring) to return to previous levels of financial performance. In light of the continued headwinds and the need for the annualisation of savings to mature, the company and the banks entered into discussions to agree suitable waivers and amendments to its existing facility," RM says.

RM Chief Executive Officer Mark Cook says: "Whilst the last financial year has been extremely challenging, I am grateful for the continuing support of our lenders and the amendment to our facility's covenants. Both lenders have held long term supportive relationships with the group over many years and continue to support RM as it implements its transformation programme to reduce its net debt and return the company to growth and profitability."

Current stock price: 62.20 pence, up 1.1% on Tuesday

12-month change: up 34%

By Tom Budszus, Alliance News reporter

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