The Company Promethean, which had been valued at £400m at the time of the IPO is said to have seen a downturn, 19.9pc to 119p on Tuesday. The fall is said to have come in the midst of apprehensions over the impending impact that was to happen as a result of the Government spending cuts on education budgets.
This slide implies that Promethean, at present is trading 40.5pc below its offer price and is in close comparison with Ocado, whose shares have fallen 25pc since flotation at the end of July.
In spite of Promethean’s release of the first-half numbers in line with expectations, the fall is said to have come, with revenues rising 35pc to £122.4m and pre-tax profit hit £9.23m from £2.1m last time.
Since the floatation in March, the Company has done little for its investors, and even when the Promethean World got a market capitalization of £400m, it could do nothing and has rarely traded over that level.
“Educators are seeing the benefits this technology brings on overall student performance. We’ve seen little impact from government changes on our business”, said Chief Executive Jean-Yves Charlier.
Jon Fletcher, an Analyst at Altium Securities says that it was a must for the Promethean World to see yet another strong second half, so that they could meet the expectations of the analysts.
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