Promethean World sees profits slide 22 per cent

Interactive whiteboard maker Promethean World reported a 22 per cent decline in its first-quarter revenue after being hit by a squeeze in US education budgets.

It forecasts market conditions will remain challenging through 2011. Promethean, which gets more than half of its revenue from schools in the US, however, said a contract to supply 4,000 interactive display systems in Italy would boost its second-quarter revenue.

Promethean, whose biggest competitor is Canada-based Smart Technologies, reported quarterly revenue of £41.2m compared with £53.9m last year.

The company, which has resized its cost base to protect profitability, remains confident about long-term demand.