EAST Lancashire technology giant Promethean has seen its pre-tax profits increase by 180 per cent to £15.4million.

The figure, up on the £5.5million profit made in 2008, is revealed in the latest accounts for group parent company Chalkfree Ltd.

The profit increase comes on the back of a £205.1million turnover for the year to the end of December 2009.

The Blackburn-based company has said it would use the proceeds of the float to repay existing debt and establish a 'modest' net cash position.

Neil Johnson, chief financial officer, said: “These financials show the continued strong performance of Promethean during 2009, which reflects an increased share of the rapidly growing marketplace for interactive learning technology. This remains an early days market globally."

Yesterday the Lancashire Telegraph revealed that the firm had scored a multi-million pound deal to supply its interactive whiteboards to schools in Spain.

It is to install 4,550 of its ActivBoard+2 interactive whiteboards in 1,900 schools in the Spanish region of Andalucia.

The company, which is based in Lower Philips Road and employs 300 people at the site, is also looking to expand and find new premises.

The deal comes as Promethean begins to put the wheels in motion for a £450million stock exchange floatation this month.

Businessman Tony Cann founded Promethean in the late 1990s, initially offering electronic whiteboards to 500 schools. It now sells to more than 100 countries.