Promethean Slumps After Saying Revenue Will Miss Estimates

Promethean World Plc, which makes electronic equipment for classrooms, declined by the most since its initial public offering in London trading after saying full- year results will miss estimates.

Promethean declined as much as 32 percent to 53 pence, the steepest drop since March, and traded at 55 pence at 1:07 p.m.

Fourth-quarter revenue will be lower than a year earlier, as governments and local authorities, particularly in the U.S., defer education spending, Promethean said today in a statement.

Analysts estimate full-year earnings before interest, taxes, depreciation and amortisation of 40.4 million pounds ($62.8 million) on sales of 249.4 million pounds, according to a Bloomberg survey.

Promethean, chaired by Orange co-founder Graham Howe, first sold shares to the public at 200 pence in March. Its previous owners included private-equity firm Apax Partners.

To contact the reporter on this story: Jonathan Browning in London jbrowning9@bloomberg.net.

To contact the editor responsible for this story: Vidya Root at vroot@bloomberg.net.

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