THE challenging US market has hit an East Lancashire technology firm after revenues dropped 40 per cent there.

In an interim management statement for the three months to March 31 2012, Blackburn-based interactive whiteboard manufacturer Promethean said High-tech firm’s US sales dip the fall was ‘greater than anticipated’.

International sales grew 22 per cent, benefiting from a large contract in Russia, although demand in the US had been ‘more volatile’ outside of the key buying period from June to September, it said.

The statement said: “Consequently, it is too early to determine whether the Q1 result for North America is indicative of the full year outturn.

“First quarter group revenues were £35.9m, 14.4 per cent lower than the £41.9m revenues in the first quarter last year, or 15.3 per cent lower on a constant currency basis.

“First quarter interactive display system revenues were £31.3m and learner response system revenues were £4.6m, reductions of 14.1 per cent and 16 per cent respectively, compared to £36.6m and £5.3m respectively for the first quarter in 2011.”

Promethean sold about 29,000 interactive display systems and 136,000 learner response system handsets in the first quarter of this year, compared to 32,000 and 172,000 last year, which is a drop of 11.1 per cent and 21.1 per cent respectively.

Membership of Promethean Planet, the largest on-line community for interactive learning technology, was 1.3 million, up 38.5 per cent from 31 March 2011.

The firm had a net cash of £12.2m at the end of the quarter compared to £10.3m in March 2011.

The statement added: “Although the US market was more challenging than anticipated in the first quarter, it is the key buying season from June to September in the US that will better inform our outlook for the year, and the third quarter will be a more important period in the North America sales cycle for 2012.

“We therefore remain cautious in our outlook.”

As well as its Blackburn headquarters, where 250 people work, Promethean has offices in the US, Singapore, Hong Kong, China, Bahrain, France and Germany.