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Spending cuts hit Promethean results

Simon Quicke

The slowdown in government spending has caught up with interactive whiteboard specialist Promethean World which has seen its profits drop.

The vendor revealed the extent of the impact of cutbacks to its numbers in its preliminary results for the year ended 31 December 2010 reporting a sharp slowdown in the second half of last year.

Operating profit for the year dropped slightly by 7% from £29.5m to £27.4m but revenue increased by 15% to £235.3m.

The UK and Ireland market declined by 4% delivering 9% of overall group revenues with the bulk, 64%, coming from North America.

Graham Howe, chairman at Promethean, said that it had reacted to the changed conditions by re-sizing its cost base to reflect the slowdown and protect profitability.

He added that it had some new products in the pipeline which would help and it was looking to expand its reach into more emerging markets.

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