Promethean World plc, which specialises in interactive education and training solutions for schools, businesses and governments, has announced the appointment of a new CEO. Mr Jim Marshall has replaced Jean-Yves Charlier with immediate effect. The announcement follows a significant deterioration in the company’s trading performance in the first half of the year.
In July, the Company reported revenues of £83.2m (2011 H1: £107.8m) a fall of 22.9% on the previous year and operating losses of £8m (2011 H1: £4.1m profit), which excluded a staggering goodwill impairment charge of £140.5m in respect of previous acquisitions.
The Company, which cited budgetary pressures in the US and UK as the cause of its revenue decline, plans another round of cost cutting in the second half of the year and further exceptional charges.
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