Promethean sinks into the red

Blackburn-based Promethean, which distributes interactive whiteboards and learning equipment around the world, has registered a loss of £165.4m.

However, tough trading conditions in both the US and Europe also meant a dramatic fall in sales, down almost a third to £157m in the year ending December 31.

“Against this backdrop, we maintained strong cash management and took rapid action to implement a cost reduction programme and streamline our operations. This programme was delivered within time and beyond expectations.

“Promethean is responding to a rapidly changing market with multiple initiatives to build on our presence as an education solutions provider with a strong position in both hardware and in the applications and infrastructure software arenas. “It will take time for the impact of our software initiatives to be felt and 2013 will be a year of transition in this respect.”