Promethean World has revealed a 40% decline in its North American revenues, sending its shares tumbling 20%.
In an interim management statement, the electronic white board firm blamed “challenging US market conditions” for a 14% decline in first quarter revenues. They fell to £35.9 million, from £41.9 million last year.
The company said that the deterioration in the first quarter was partly offset by 22% increase in international sales.
It added that demand in the US has been “more volatile” outside the key buying period from June to September, arguing that it was too early to determine whether the first quarter is indicative of the full year.
The results sent Promethean’s share price plunging 20% to 59 pence.
Promethean’s shares were valued at 180 pence when it floated on the London Stock Exchange two years ago.