The shares of the Blackburn-based education technology group, Promethean World have declined by 19.9pc due to concern regarding potential impact of government spending cuts on education budgets.

The first half-yearly pr-tax profit figures are line with expectations.

The pre-tax profit has climbed from £2.1m in previous year to £9.23m.

The revenues have increased from £90.7m or $140m to £122.4m or $189m for the first half of the year ending on June 30 due to growth in Europe and North America.

The gross margins have declined from 46 percent to 43 percent, whereas earnings per share have increased from 1.34p to 4.16p.

The group is expected to pay its first interim dividend of 1.05p.

The group floated in March at 200p, with market capitalization of £400m.

Promethean has raised £185m through its initial public offering.

But the shares have been trading 40.5 percent below its offer price. The shares have declined by 29.5 p to 119p.

Chief executive, Jean-Yves Charlier said, "Educators are seeing the benefits this technology brings on overall student performance. We've seen little impact from government changes on our business."