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Dip in UK offset by global growth at Promethean

Simon Quicke

The impact on schools spending by a cut happy coalition government could have impacted education specialist Promethean World quite badly had the vendor not enjoyed a decent geographical spread of business.

In its interim results for the six months ended 30 June the company, which recently went public, revealed that UK revenues declined by 12% as spending by schools stalled and the Building Schools for the Future project was hit by severe cuts.

But with 90% of the revenues coming from other territories the picture was fairly bright with revenues increasing by 35% to £122.4m and operating profit rising by 31% to £12.6m.

"Over 90% of our sales are now outside the UK, with North America continuing to be our lead market, accounting for some two-thirds of our sales and showing 33% growth in the period," said Jean-Yves Charlier, CEO at Promethean.

"Demand for interactive learning technologies across the world also continues to increase, with Continental Europe and the Rest of the World growing by 61% and 84% respectively," he added.

On a global basis the potential market for interactive classroom technology remains significant with only 7% of the world's classrooms equipped with interactive whiteboards.

Since the IPO Promethean has been active acquiring SynapticMash to improve its learner response systems and the forecast from the vendor was for trading for the second half to meet expectations.

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