Promethean World improves fortunes

BLACKBURN-based education technology company Promethean World said its fortunes had improved over the past year.

Promethean World described 2013 as a year of ‘stabilisation and considerable innovation’, with a ‘noticeably slower pace’ of revenue decline. 

The interactive learning technology provider expects to post revenue of £141m for the year to December 31 2013 – down 10per cent on 2012. But the company said this was a slower pace of revenue decline from 2012 when turnover fell 29.6per cent.

Promethean said it expected adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) to be about £9m, compared with £5.1m in the previous year.

The company said this increase is down to Promethean having a ‘tight grip’ on its cost base. A spokesman said: “Promethean has made good progress on its software strategy but, as the group has previously stated, it will take time for the benefits to flow.

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.”

The company will report its full year results in February.

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