Shares in beleaguered education technology firm Promethean World took another hammering today as it warned of collapsing sales in the US and delays to a big order.
The latest kicking for Promethean puts the stock in the “90% club” after it was floated disastrously by Goldman Sachs two years ago at 200p. The shares today slumped 9p, or 38%, to just 14.75p.
Cutbacks by belt-tightening governments across the world have done the damage as spending on its electronic whiteboards is slashed. Chief executive Jean-Yves Charlier stepped down last week to “explore a new direction in his career”.Revenues for the first nine months of the year have tumbled to £123.2 million, 30% below last year. The slide worsened in the third quarter as Promethean endured an even bigger 41% fall in revenues.
The firm warned: “Demand during the key buying season in the US has been lower than recent years, and this has been accentuated by the delay in a large order, which is now anticipated to be received in the fourth quarter.”
Peel Hunt analyst Alex Jarvis now expects Promethean to crash to a £6.1 million loss this year.
