ractive whiteboard maker Promethean World posted a five per cent drop in third-quarter revenue, highlighting its struggles since floating just a year ago.
It reported sales of £68m, compared with £71.3m the year before. Sales for the year to date have dropped nine per cent to £175.9m.
It said its quarter and year-to-date results are in line with full-year expectations.
Its stock closed yesterday at just 51p – down from its IPO price of 200p. It said it has been badly hit by the squeeze in state education budgets in the US.
The company was unable to offer investors the promise of a rosy future, saying it expects market conditions to remain tough in the coming months. It said it expects to encounter “continued budgetary uncertainty and constraints particularly in the US and Europe”.
Last month, a report by federal auditors in the United States stated that public schools would cut spending on education as the extra funding they received from the US economic stimulus plan comes to an end and their finances continue to deteriorate.
Promethean derives more than two-thirds of its revenue from schools in the US.