Interactive whiteboard maker RM Group has shrugged off fears that Government budget cuts will hamper its growth, as it announced a third successive year of record sales and profits.
RM suffered a blow in the summer when the Government announced plans to scale back or cancel unfinished Building Schools for the Future projects, including seven for which RM was the preferred bidder, worth £200 million.
The amount of business it has signed up for the future has fallen by 8% on a year earlier to £385 million mainly as a result of the cut-backs, it has said.
But RM, which provides IT and software services, such as interactive whiteboards and classroom technology, said funding for UK schools will show modest real-term growth over the next four years and it still sees significant opportunities for further growth in the UK.
It also plans to grow its overseas businesses, particularly in the US and Australia, with the aim of becoming a global leader in education solutions.
RM Sales increased by 10% to £380.1 million and adjusted operating profits rose 12% to £19.9 million in the year to September 30. The company also upped its dividend by 8%.
Shares in the Oxfordshire-based firm rallied 3% after chief executive Terry Sweeney said the company was approaching the coming year with confidence.