Promethean World warns on results citing weak education market

Thu Oct 4, 2012 2:51am EDT

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Oct 4 (Reuters) - Interactive whiteboard maker Promethean World Plc said it expects full-year results to be below market expectations after facing a slump in its key education markets.

"In the short term, the key education markets are constrained by customer funding issues, especially in the US and Europe," the company said.

Promethean, which supplies audio-visual equipment and educational software to schools and universities, said its third-quarter revenue dropped 41 percent to 40 million pounds ($64.3 million).

Year-to-date revenue fell to 123.2 million pounds on lower volumes in its interactive display systems.

The company also said it experienced budgetary pressures.

Public schools in the United States have seen a cut in budgets as the country looks to chip away at national debt and reduce spending.

Promethean shares closed at 23.75 pence on the London Stock Exchange on Wednesday.

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