New to the market earlier this year. Today's interims don't seem to justify the fall. One for the brave?

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Pomethean World Fundamentals (PRW)

Preliminary Results

Financial results
· Revenue down 10.1% to £141.2m (2012: £157.0m, down 29.6%)
· Strong cost control: operating costs1 down 21.6% to £41.2m(2012: £52.5m)
· Adjusted EBITDA1 up 84.4% to £9.4m (2012: £5.1m)
· Adjusted operating loss2 £0.7m (2012: loss £5.5m)
· Operating loss £5.9m (2012: loss £165.9m post exceptional items, including goodwill impairment)
· Pro forma net loss2,3 £1.2m (2012: net loss £3.8m)
· Strong working capital management, inventories £8.7m at 31 Dec 2013 (31 Dec 2012: £15.4m)
· Net cash more than doubled to £17.6m as at 31 Dec 2013 (31 Dec 2012: £8.0m)

Business Highlights
· Strong progress in software development:
o New ClassFlowTM software Beta version launched

· Hardware product range widened in answer to changing market needs:
o ActivBoard Touch, ActivPanel and Promethean KUNO Tablet launched

· Promethean Planet membership increased by 19.8% to over 1.8 million members

· Major contract win in February 2014 - 10,000 classrooms in Miami-Dade (US)

1 excluding exceptional items, share-based payments, amortisation and depreciation, 2 excluding exceptional items, share-based payments and amortisation of acquired intangible assets, 3 stated on a pro forma basis excluding acquisition related fair value adjustments

Investec Add 38.63 39.75 30.00 41.00 Downgrades

Downgrades but yet management said they had beaten expectations. Investec and Numis seem to be odd ball brokers.

The Investec downgrade is from buy to add, but TP increased from 30 - 41p.