Promethean World Plc Interim Management Statement (1799E)
May 08 2013 - 1:00AM
UK Regulatory
TIDMPRW
RNS Number : 1799E
Promethean World Plc
08 May 2013
8 May 2013
Promethean World Plc
('Promethean' or 'the Group')
Interim Management Statement
Trading in line with expectations
Promethean World Plc (LSE: PRW), a world leader in the global
market for interactive learning technology, publishes its interim
management statement for the three month period ended 31 March
2013.
Trading Performance
First quarter results are in line with expectations. First
quarter group revenues were GBP27.8m, 22.5% lower than the GBP35.9m
revenues in the first quarter last year, or 24.3% lower on a
constant currency basis. However, the comparative period included
significant revenues in relation to a Russian contract win.
Excluding these Russian contract revenues, group revenues in Q1
2013 would have been approximately 1.7% higher than Q1 2012.
Operating costs for the first quarter benefitted from the
actions taken in the second half of 2012 and were significantly
lower than in Q1 2012.
Interactive display system revenues for the quarter were
GBP25.7m, a reduction of 17.7% compared to GBP31.3m for the first
quarter in 2012. In volume terms, Promethean sold approximately
22,000 interactive display systems versus 29,000 in Q1 2012, a
23.9% reduction, or a 9.3% increase excluding the Russian tender in
Q1 2012. Learner response system handset revenues reflect the
increasing popularity of tablets in classrooms and were GBP2.1m
versus GBP4.6m for the first quarter in 2012. Promethean's new
ActivTablet range, with the latest release of ActivEngage learner
response software embedded, is anticipated to be launched later
this quarter.
Promethean had net cash of GBP10.8m as at 31 March 2013 versus
GBP8.0m as at 31 December 2012.
Business Update
We are making good progress on our software strategy, outlined
in the 2012 Full Year results announcement, building on our
strength in the classroom outwards, with product launches scheduled
throughout this year. Later this quarter, revenues from the
licensing of ActivInspire software to interactive projector
providers, BOXLIGHT and Epson, will commence and Promethean's new
ActivBoard Touch range will also be launched.
Promethean Planet continued to grow rapidly and, as at 31 March
2013 had over 1.6 million members, an increase of 24.4% versus 31
March 2012 and an increase of 76,000 members since 31 December
2012.
Outlook
We maintain our outlook for this year, expecting that market
conditions will continue to be challenging throughout 2013. As
previously stated, the first financial impacts of our software
strategy will not be felt until during 2014. We are benefitting
from the actions taken to reduce our operating cost base, designed
to ensure Promethean can be EBITDA profitable and cash positive in
the current market environment. The key buying season from June to
September, particularly in the US, will better inform our potential
performance for the year. We will continue to manage our business
prudently.
Interim results
Promethean expects to release its interim results for the six
months ended 30 June 2013 on 1 August 2013.
Enquiries
Promethean + 44 (0) 1254 290749
Jim Marshall, Chief Executive Officer
Neil Johnson, Chief Financial Officer
Citigate Dewe Rogerson Consultancy + 44 (0) 20 7638 9571
Anthony Carlisle + 44 (0) 7973 611 888
About Promethean
Promethean. Spark Inspiration.
Promethean (LSE: PRW) is a global education company. We create,
develop, supply and support interactive education and training
solutions for schools, businesses and governments. Our products and
services are raising learning standards, revolutionising the way
people learn and collaborate, making them more engaged, empowered
and successful and thereby unleashing human potential.
Headquartered in the UK, Promethean World Plc is listed on the main
market of the London Stock Exchange. More information about
Promethean is available at: www.PrometheanWorld.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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