Promethean non-exec buys at discount to float

Non-executive director Philip Rowley has invested £31,000 in interactive whiteboards supplier Promethean World.

Rowley bought 24,838 shares at 124.7p a share, taking his stake to 157,606 shares.

Promethean World floated in March 2010 at 200p a share. The share price has been in decline since June. The interim figures in August have sparked a mini-rally in the shares so they have risen from their low of 119p.

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Promethean World's interims were positive. The Blackburn-based firm said pre-tax profit rose from £2.1m to £9.2m for the six months to June 2010. Revenue increased 35% to £122.4m. The main market is North America but demand for Promethean World's products is increasing in the rest of the world as well. At the moment, 7% of classrooms have interactive whiteboards.

Investec set a price target of 222p at the time of the interims.

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