Promethean chalks up steady improvement
INTERACTIVE whiteboard maker Promethean World said improvements in its trading performance continued during the third quarter of the year.
Sales reached £68m during the quarter, which was 2% higher than the second quarter but still 5% below the the previous year.
Revenues for the year to date are £175.9m, 9% lower than 2010, or 5% lower on a constant currency basis.
It added that it sold 134,000 interactive display systems 670,000 learner response systems – down down 8% and 25% respectively on the same period in 2010.
Despite this, it said that cash generation remained strong and that even after payment of an interim dividend in September, it finished the period with net cash of £18m, compared with £14.5m in the previous year.
The company said that progress had been made with new product launches, such as the new ActivExpression learner response device. Its pilot with Channel One News also means it can provide interactive daily news to classrooms and that a pilot phase offering news with interactive lessons had already begun in 400 US classrooms.
A partnership with Houghton Mifflin Harcourt (HMH) has also created a new line of interactive maths lessons, including electronic testing, for pupils of various ages.
Chief executive officer Jean-Yves Charlier, said: “The results for the quarter and year-to-date are in line with expectations for the full year.
“Looking ahead, we expect market conditions to remain difficult, with continued budgetary uncertainty and constraints particularly in the US and Europe.
“Our business, however, continues to invest in the long-term potential of our market place and lead in innovation with new product launches and strategic initiatives, such as ActivExpression and our Channel One and HMH partnerships, expanding our product lines.”
