RM says trading in line with expectations

In a very brief trading update, education and IT resources company RM confirmed that results for the year to the end of November are likely to be in line with expectations.

The group said cash and short-term deposits as at 30 November were £48.3m, up from £47.9m last year.

In addition, RM said it has reached an agreement over the valuation on its defined benefit pension scheme with its trustees.

The deficit was agreed at £41.8m, down from £53.5m at the end of May 2012.

The deficit recovery plan comprises an initial cash contribution of £4m and £4m into the escrow account previously established for the purposes of further risk mitigation exercises, together with deficit recovery payments remaining at £3.6m per annum until 2024.

At 1407 GMT, RM shares were down 4.2% to 161p.