Profits and revenue down for Promethean

INTERACTIVE classroom technology provider Promethean World has reported a fall in gross profit to £14.7m in its trading report for the first six months of the year ending June 30.

That figure was down on the first half of 2014, when profits were £18m  and first half Group revenues were £52.8m (H1 2014: £57.7m).

Meanwhile, the Blackburn-based company has agreed to a £84.1m takeover bid from Chinese software company NetDragon Websoft Inc with the board has recommended the 40p per share cash offer from NetDragon subsidiary Digital Train.

Promethean said activity in North America in the interactive display market has been concentrated towards the end of Q2 with some large ActivPanel contract awards, of which only a small proportion shipped in H1.

In the international region, revenue is ahead of the prior year comparator, driven by growth in the UK and Europe.

“As anticipated, the market for dedicated LRS devices in North America continues to contract due to the rollout of disparate devices into classrooms, in particular tablets and Chromebooks,” the company said. “North American LRS revenues were £1.1m (H1 2014: £2.6m).

“In the International region, which includes everywhere outside of North America, first half revenue was £22.6m (H1 2014: £21.2m), due to growth in the UK and Ireland and Continental Europe versus the comparative period.”