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IT supplier RM Group has won contracts to supply information and communications technology (ICT) systems for Salford and Wigan under the Building Schools for the Future (BSF) programme.
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RM will deliver managed ICT services as part of the Transforming Learning Partnerships (TLP) consortium, which is led by German construction group Hochtief for both Salford City and Wigan.
The partnership, which sees the two local authorities working together, is the first of its kind in the North West with the first stage applying to schools in Salford. This phase is expected to be worth up to £26m to RM over the next five years. Wigan Council is currently consulting on its BSF project, which involves 20 schools in the borough, and RM says this is "likely" to result in additional business for the group.
Shares in RM have gained pace with contract win momentum, but we remain concerned on the effects of any slowdown in public spending (see Building schools for when?) At 163p, the shares trade at 12 times forward earnings, leaving them fairly priced.
Last IC view: Fairly priced, 148p, 11 May 2009
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-IC-2.1.3g-prod - 17/03/2010 18:13:09 - ben.wheeler
