Promethean: revenues dive again

You’d need nerves of steel to stick it out as an investor in Promethean World. The provider of interactive learning technology continues to battle on. In Q1 we headed our analysis ‘Promethean: from bad to worse’. After the H1 results, it turned to ‘From bad to even worse’. And things are no better for Q3. Q3 revenues dived by 41.2% to £40.0m. Year to date revenues were down 30% to £123.2m. It is now aiming for cost reduction in 2013 at the higher end of the 20-25% guidance range. Even if you believe that interactive learning technologies are the future in the classroom, you’d have to question how long Promethean can survive in the seemingly endless “challenging” trading conditions. The share price has dropped 41% in early trading.