Promethean World Plc Interim Management Statement (5364G)
May 08 2014 - 1:02AM
UK Regulatory
TIDMPRW
RNS Number : 5364G
Promethean World Plc
08 May 2014
8 May 2014
Promethean World Plc
('Promethean' or 'the Group')
Interim Management Statement
Full year outlook maintained
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
2014.
Trading Environment
Group revenues were GBP20.7m, 25.4% lower than the GBP27.8m
revenues in the first quarter last year, or 21.0% lower on a
constant currency basis.
Sales volumes of interactive display systems were 8.7% lower
than the prior period. The currency translation impact of a weaker
US dollar has also adversely affected reported revenues and in
addition, both lesson content revenues and sales of other
equipment, including LRS handsets, were lower than in the
comparator period last year. (In Q1 2013, lesson content revenues
benefitted from royalties arising from the initial adoption of
Houghton Mifflin Harcourt (HMH) interactive curriculum content
resources. 2014 HMH royalty revenues will be recognised in Q3 this
year.)
Approximately one third of Promethean's Miami-Dade contract
revenue has been recognised in the first quarter, with the balance
of shipments on this contract to be completed by the end of the
third quarter.
In the International region, where the timing of contracts can
be uncertain, there is a pipeline of significant tender
opportunities, a number of which are expected to ship later in the
year.
Promethean's order book at the start of Q2 2014 is substantially
ahead of the equivalent position as at 31 March 2013. Even
excluding the benefit of the balance of the Miami-Dade contract,
the North American order book is significantly ahead of this time
last year.
Promethean had net cash of GBP12.0m as at 31 March 2014 versus
GBP10.8m as at 31 March 2013.
Business Update
We continue to make good progress on the development and
delivery of our software and hardware. Our widened range of
hardware meets the needs for whole class, small group and
individualised learning. ClassFlow(TM) , a Beta version of which
was launched in January this year, connects and manages the flow of
data between the multiple devices in in the classroom, eases lesson
preparation and helps increase the impact of lesson delivery.
Further enhancements to ClassFlow(TM) and its progressive roll-out
are planned for each quarter this year.
Outlook
Whilst market conditions remain challenging, we are seeing signs
of increasing confidence from customers. Given the strength of our
North American order book and our International region pipeline,
our expectations for the first half and full year remain
unchanged.
We will also be closely monitoring the market response to the
launch of our new software and professional services. These
products are proving to be an important differentiator for
Promethean, although we do not expect them to generate material
revenue this year.
Interim Results
Promethean expects to release its interim results for the six
months ended 30 June 2014 on 31 July 2014.
Enquiries
Promethean + 44 (0) 1254 290749
Jim Marshall, Chief Executive Officer
Ian Baxter, Chief Financial Officer
Citigate Dewe Rogerson Consultancy + 44 (0) 20 7638 9571
Anthony Carlisle + 44 (0) 7973 611 888
About Promethean
Promethean (LSE: PRW) is a global education company that
improves learning productivity by developing, integrating and
implementing innovative 21st century learning environments that
make everyone more engaged, empowered and successful. Headquartered
in the UK, with a US office in Atlanta, Georgia, 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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