Report this comment
  • "I think this company was all hyped up got left behind with the technology , how can you make a loss of that much , shares are just paper at the end of the day , or was the valuation all on paper .... Hyped up company"
  • This field is mandatory
  • This field is mandatory
  • Please note we will not accept reports with HTML tags or URLs in them.

  • Enter the above word in the box below

Blackburn interactive whiteboard firm Promethean reveals £165m loss

First published in News Lancashire Telegraph: Photograph of the Author by , Reporter

A FIRM that produces and sells interactive whiteboards all over the world has announced pre-tax losses of more than £165million.

Promethean in Blackburn has seen sales plummet almost 30 per cent in two years.

Shares at the Whiteburk Industrial Estate-based firm, which were 200p in 2010, were 17.9p yesterday.

Bosses at the firm, which employs 257 people in Black- burn and 670 worldwide, said there would be no redundancies as the company planned to become cash-generative in the future.

Chief executive Jim Marshall said the figures for 2012 were expected to be worse than they actually were and after cutting costs by 18.5 per cent and increasing their range of products they were hopeful of a bright future.

He said: “Market conditions were tough throughout 2012, and continue to be so, with education budgets remaining under pressure and increased competition for interactive hardware technology.

“This is reflected in our results for the year.

“Against this backdrop, we maintained strong cash management and took rapid action to implement a cost reduction programme and streamline our operations.

“Full year operating costs were down 18.5 per cent and, in the second half, they were down 37.5 per cent.

“The full benefits of these cost reductions will be felt in 2013.”

Mr Marshall said despite cutting costs the firm was still able to research and develop new products.

He said: “Promethean is responding to a rapidly changing market with multiple initiatives to build on our presence as an education solutions provider “It will take time for the impact of our software initiatives to be felt and 2013 will be a year of transition in this respect.

“We expect market conditions to remain tough.

“We will therefore continue managing our business prudently to protect our profitability and cash flows.”

Comments (13)

Please log in to enable comment sorting

Comments are closed on this article.

Send us your news, pictures and videos

Most read stories

Local Info

Enter your postcode, town or place name

About cookies

We want you to enjoy your visit to our website. That's why we use cookies to enhance your experience. By staying on our website you agree to our use of cookies. Find out more about the cookies we use.

I agree