Martyn Ratcliffe, Executive Chairman of educational software supplier RM, has bumped up his stake in the firm with the purchase of one million shares.
Ratcliffe bought the shares, which cost him 75.00p each for a total of £750,000, just three days after the company reported falling revenue and profit for the 14 months ended November 30th.
Revenue for the period fell from £380.1m to £350.8m, while adjusted operating profit dropped from £22.6m to £10m. Loss before tax remained stable at £23.4m, compared to £23.9m the previous year. During the period the firm committed a revolving three year bank facility of £30m to replace the old facility.
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Ratcliffe was appointed as the new Executive Chairman in late October, following a strategic and operational review of the firm the previous month.
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Ratcliffe replaced Terry Sweeney, who left the company by mutual agreement after 13 years in the role.
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