BLACKBURN technology giant Promethean has announced a fall in revenue of nearly 12 per cent in the first half of the year.

The firm, of Lower Philips Road, Whitebirk, also revealed it has completed a reduction in its ‘cost base’ in a bid to improve its financial position.

It has amalgamated the three divisions of the company into two new slim-lined components.

And Promethean has also reduced its staffing levels in America.

Chief executive Jean-Yves Charlier said: “We took prompt action to resize our cost base against prevailing market conditions.

"As part of this reorganisation, we consolidated the sales regions of Continental Europe, UK & Ireland and Rest of the World into one International division.

“We continue planning our business with caution and we continue to believe the long-term drivers of demand remain strong as governments recognise the role that technology will play in creating 21st century education systems."

He said that although the company sales slumped by £15m to £107.8million, the performance was in line with expectations for the full year.

Highlights of the last six months saw the firm exceed one million members on Promethean Planet, its interactive whiteboard community, and an Italian contract to equip 8,000 classrooms was now over 80 per cent complete.

On the results shares rose six per cent to 60p. When Promethean was launched on the stock exchange in March last year the firm’s share price was 200p.

Mr Charlier said: “Whilst the rate of revenue decline year-on-year slowed during the second quarter, we expect our markets to remain challenging, due to government austerity measures and the resulting public sector budgetary constraints, and we continue planning our business with caution.

“We continue to believe the long-term drivers of demand remain strong as governments recognise the role that technology will play in creating 21st century education systems.”