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Blackburn firm Promethean reports reduced losses
2:00pm Saturday 1st March 2014 in News
BLACKBURN-based education technology company Promethean World said it was in a ‘strong position to face the future’ after it reduced its losses by more than £100 million last year.
The firm, which has its UK base in Lower Philips Road, posted a pre-tax loss of £6.7m for the year to December 31, down from £165.4m the year before. The interactive learning technology provider posted revenue of £141.2m.
And although the figure was down 10 per cent from 2012, the company said this was a slower pace of revenue decline from 2012, when turnover fell 29.6 per cent.
Chief executive officer Jim Marshall said: “2013 has been a year of stabilisation financially and, at the same time, there has been considerable innovation in our product and service offering. This has placed us in a stronger position to face the future.
"The backdrop of budgetary constraint remains but we have delivered results above market expectations.
“Our revenue has declined at a noticeably slower pace than in 2012, we have increased our profitability markedly at the EBITDA level and have more than doubled our net cash.”
A raft of boardroom changes are also on the horizon, the company announced.
Chairman Graham Howe will step down in May and will remain a non-executive director, with Philip Rowley succeeding him.
Chief financial officer Neil Johnson is to leave the company in April, and will be replaced by financial controller Ian Baxter.
And the company’s founder, Tony Cann, will give up his role as non-executive director and become a consultant to the company.
Dante Roscini will become a professor at the Harvard Business School in Boston, USA, and will not look to be reappointed as an independent non-executive director at the company’s AGM in May.
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