Promethean World stems sales slowdown
CLASSROOM technology supplier Promethean World has slowed the rate of sales decline and seen adjusted profits improve.
In a trading statement for the year to December, the Blackburn company said it expects full year revenue of £141m, down 10%.
In 2012 sales slipped nearly 30% to £157m.
The company said: “2013 has been a year of stabilisation and considerable innovation for Promethean and, although the backdrop of education budgetary constraint remains, we expect to deliver results above market expectations for 2013.”
Promethean expects to report adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of around £9m, up from £5.1m in 2012. At the year end the company had £17.6m in cash, more than double its balance at the start of the year.
It added: “Given continuing challenging market conditions and the ongoing investment in its software strategy, the group does not currently expect the results for 2014 to be materially different to current consensus expectations.”
