That stock News

Education technology company has lost nearly three-quarters of its market value as established in the stock market in March.

Profits warning Friday were all just three months after that Promethean reassured the market is "confident of strong revenue growth" and "confident results throughout the year in accordance with the expectations of the market.

However, the company reported "deepening" schools cut orders to budget cuts, particularly in the United States.

"The jury believes now that the fourth quarter revenues will be lower than during the same period last year and therefore all year results will be below the expectations of the market," he said in an unscheduled statement.

"The current slowdown is mainly the result of a deferral of spending, rather than any change in their intention to adopt the technology client interactive learning long-term".

Analysts downgraded their income year complete before interests, taxes and depreciation (Editba) forecasts 40 m ￡ of 32 m ￡ 35 million of ￡. Forecast sales for the year to 31 December have been degazetted 249 m ￡ to 225 million books and 240 million to ￡.

Actions, which floated to 200 percent closed p 23.25 54.5%, valuing the company at 109 million from ￡ in 400 m ￡ buoyancy.

Investors institutional yesterday evening turned their ire Goldman Sachs Investment Bank which led to the waterline is in contention to be worst IPO of the year.

A large institutional investor said. "This kind of thing should not occur." It just gives the intellectual property offices a bad name and leaves a bad taste.

Goldman Sachs, JP Morgan Cazenove and Gleacher Shacklock, who advised on the agreement are believed to have collected approximately ￡ 8. 5 m fee.

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