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Pomethean World Fundamentals (PRW)

Major Contract win in the US - 10,000 Classrooms

Promethean selected as exclusive provider of interactive display systems to 10,000 classrooms by Miami-Dade County Public Schools.

Promethean World Plc (LSE: PRW), a world leader in the global market for interactive learning technology, today announces that, following a competitive process, it has been selected as the exclusive provider of interactive display systems for 10,000 classrooms to the Miami-Dade County Public Schools district ("Miami-Dade").

Miami-Dade has selected Promethean's ActivBoard Touch system together with its award winning ActivInspire software. Delivery is currently expected to be completed by the end of the third quarter this year.

In addition, Promethean will implement an 18-month professional development programme, to assist Miami-Dade educators in uniting their curricula and teaching styles with Promethean's solutions.

Miami-Dade is the fourth largest school district in the United States, with a student population of approximately 350,000. It is engaged in a district-wide digital transformation programme and Promethean will supply its systems to 10,000 classrooms currently without interactive display capability.

Jim Marshall, CEO of Promethean, said:
"We are delighted to have been selected by Miami-Dade and are proud to work with them to help transform learning in their classrooms. We have the opportunity to empower Miami-Dade teachers with a new way to motivate and engage students through collaborative digital learning activities in the classroom and we are excited by this.

"The Miami-Dade award is significant, both because it is one of the largest classroom implementations of interactive display systems in our history and because it may be one of the signs that the pressures on education technology budgets in the US are beginning to ease. It does not lead us to alter our current view of our financial prospects for this year, and we expect the marketplace to remain tough, but we do take it as a very positive endorsement of the quality of Promethean's solutions."

REG - Promethean World Plc - Major Contract win in the US - 10,000 Classrooms

20 Feb 2014 - 07:00
For best results when printing this announcement, please click on the link below: http://pdf.reuters.com/Regnews/regnews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20140220:nRST4916Aa RNS Number : 4916A Promethean World Plc 20 February 2014 20 February 2014 Promethean World Plc ("Promethean" or "the Group") Promethean selected as exclusive provider of interactive display systems to 10,000 classrooms by Miami-Dade County Public Schools. Promethean World Plc (LSE: PRW), a world leader in the global market for interactive learning technology, today announces that, following a competitive process, it has been selected as the exclusive provider of interactive display systems for 10,000 classrooms to the Miami-Dade County Public Schools district ("Miami-Dade"). Miami-Dade has selected Promethean's ActivBoard Touch system together with its award winning ActivInspire software. Delivery is currently expected to be completed by the end of the third quarter this year. In addition, Promethean will implement an 18-month professional development programme, to assist Miami-Dade educators in uniting their curricula and teaching styles with Promethean's solutions. Miami-Dade is the fourth largest school district in the United States, with a student population of approximately 350,000. It is engaged in a district-wide digital transformation programme and Promethean will supply its systems to 10,000 classrooms currently without interactive display capability. Jim Marshall, CEO of Promethean, said: "We are delighted to have been selected by Miami-Dade and are proud to work with them to help transform learning in their classrooms. We have the opportunity to empower Miami-Dade teachers with a new way to motivate and engage students through collaborative digital learning activities in the classroom and we are excited by this. "The Miami-Dade award is significant, both because it is one of the largest classroom implementations of interactive display systems in our history and because it may be one of the signs that the pressures on education technology budgets in the US are beginning to ease. It does not lead us to alter our current view of our financial prospects for this year, and we expect the marketplace to remain tough, but we do take it as a very positive endorsement of the quality of Promethean's solutions." Enquiries Promethean World Plc + 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 611888 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

Preliminary Results

Financial results
· Revenue down 10.1% to £141.2m (2012: £157.0m, down 29.6%)
· Strong cost control: operating costs1 down 21.6% to £41.2m(2012: £52.5m)
· Adjusted EBITDA1 up 84.4% to £9.4m (2012: £5.1m)
· Adjusted operating loss2 £0.7m (2012: loss £5.5m)
· Operating loss £5.9m (2012: loss £165.9m post exceptional items, including goodwill impairment)
· Pro forma net loss2,3 £1.2m (2012: net loss £3.8m)
· Strong working capital management, inventories £8.7m at 31 Dec 2013 (31 Dec 2012: £15.4m)
· Net cash more than doubled to £17.6m as at 31 Dec 2013 (31 Dec 2012: £8.0m)

Business Highlights
· Strong progress in software development:
o New ClassFlowTM software Beta version launched

· Hardware product range widened in answer to changing market needs:
o ActivBoard Touch, ActivPanel and Promethean KUNO Tablet launched

· Promethean Planet membership increased by 19.8% to over 1.8 million members

· Major contract win in February 2014 - 10,000 classrooms in Miami-Dade (US)

1 excluding exceptional items, share-based payments, amortisation and depreciation, 2 excluding exceptional items, share-based payments and amortisation of acquired intangible assets, 3 stated on a pro forma basis excluding acquisition related fair value adjustments

Investec Add 38.63 39.75 30.00 41.00 Downgrades

Downgrades but yet management said they had beaten expectations. Investec and Numis seem to be odd ball brokers.

The Investec downgrade is from buy to add, but TP increased from 30 - 41p.