Promethean World addresses costs in "challenging" market

INTERACTIVE whiteboard maker Promethean World is to begin a drive to address its cost base in response to what it describes as a “challenging” marketplace.

The Blackburn-based company had issued a profit warning last month, arguing that it was likely to be affected in the short term by “budgetary uncertainties and constraints”, particularly in the US markets at in Europe.

This morning the firm said that market conditions in the last quarter of 2010 were challenging and that revenues were below those experienced in the same quarter of 2009.

However, it added that revenues were expected to be “towards the top end” of analysts’ revised expectations.

The firm said that it expected conditions in the US to be difficult “for the foreseeable future” and had therefore decided to cut costs. As a result, it is likely to incur exceptional charges relating to restructuring.

Despite this, the company said in a trading update that it is continuing to invest in new products and is launching a new range at an educational trade fair in London this week, including a next generation model of its 500 series whiteboard.

The company said that it believed the product would “further strengthen its technology leadership and positioning in the educational marketplace”.