Promethean World keeping flame alive

Promethean World, the supplier of education technology, has seen a significant share price rise after reporting resilient earnings in 'difficult' US and European markets.

The company, which makes products like interactive whiteboards, saw revenues for the year at £222.9m, 5.3% below 2010, or 2.1% down on a constant currency basis.

During the second half of 2011, the performance relative to the prior year improved with revenue of £115.1m showing growth of 1.9%.

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Gross margin for the year was 42.9% (2010: 43.3%) and adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) was £31.1m, a fall of 6.0%. Adjusted operating margin for the year fell from 11.6% to 10.5%.

The board is proposing a final dividend of 1.70p per share, giving a total ordinary dividend of 2.50 pence per share, up 4.2% on 2010.

Jean-Yves Charlier, Chief Executive Officer, said: "We continue to believe that interactive learning technology, over time, will become ubiquitous... Our confidence in our future and our balance sheet strength leads us to reaffirm a progressive dividend policy and to increase our recommended final dividend for 2011."

He added that, despite "modest growth" in the second six months of 2011, "for the present" he is expecting results in line with expectations.

The share price had gained 7% by 13:15. Over the past 12 months Promethean World has gained 21%.

BS