Promethean World’s pretax profit drops


28 Jul 2011

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Interactive whiteboard maker Promethean World is maintaining a cautious outlook after education budget cuts in the US contributed to a 65pc drop in the company’s first-half pretax profit.

The company derives more than half of its revenue from schools in the US, Reuters reported.

"We expect our markets to remain challenging, due to government austerity measures and the resulting public sector budgetary constraints," Promethean World said in a statement.

However, the company said its first-half performance was in-line with expectations.

January-June pretax profit was stg£3.2m, compared with stg£9.2m last year.

Revenue dipped 12pc to stg£107.8m, due to weaker demand for Promethean World’s learner response system.

The company cut its interim dividend by 24pc to 0.8 pence.