News

24 September 2012 | Education | Promethean World plc

Promethean World appoints new CEO

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.

Comment:

The share price at 23.25p, is down 88% from the offer price of £2 when the Company listed on the main market in March 2010. Despite the magnitude of the fall, the shares still seem expensive trading on 35.4x consensus normalised earnings for 2013.

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