Revenue up at Promethean World but forecasts fall as government cuts bite

 
City A.M. Reporter
INTERACTIVE education technology company Promethean World reported better-than-expected annual revenue yesterday, sending shares up more than one per cent, but forecast lower 2011 revenue.

Revenue for the year was up 15 per cent at £235.3m. However, chief executive Jean-Yves Charlier said that 2011 revenue would be lower, but would not say by how much.

“While market conditions are challenging, we think they will remain so through 2011,” Charlier said.

Promethean World, whose biggest competitor is Canada-based Smart Technologies, said revenue from emerging markets grew at about 55 per cent in 2010.

“We expect in the course of 2011 that it will also be our fastest growing segment given that austerity measures haven’t necessarily impacted the demand for these technologies,” Charlier said.

The company, which supplies interactive white boards and learning software to schools, reported a seven per cent drop in its full-year adjusted operating profit because of a decline in margins and budgetary constraints in the US.

The company posted a full-year adjusted operating profit of £27.4m, and a pre-tax profit of £17.1m.

Numis Securities analyst Nick James cut his 2011 revenue estimates for the company by 10 per cent to £211m.