‘New direction’ for boss after fall in Promethean’s revenues

CAREER Jean-Yves Charlier CAREER Jean-Yves Charlier

THE chief executive of technology firm Promethean has announced his resignation after a dramatic drop in revenues.

Jean-Yves Charlier said he would step down from the Blackburn-based school whiteboard maker in October to explore 'a new direction in his career'.

It comes as the company revealed revenue had dropped 22.9 per cent to £83.2million in the six months to June 2012.

The company, which makes interactive tools, displays and systems for use in classrooms, also reported an operating loss, before tax, of £148.5millon.

The loss was caused by a non-cash goodwill impairment of £140.5million, a company statement said.

Announcing the results, Mr Charlier said: "The education market is facing a major challenge.

"On the one hand, the benefits of classroom technology are increasingly recognised by teachers and educational authorities around the world.

"At the same time, budgetary pressures are seriously constraining educational spending. This has meant that while the speed of adoption of educational classroom technology has been slower than anticipated, the manner of its evolution has not.

“Against this difficult market backdrop, we have made further good progress with our technology and product offering."

The company, which employs 200 people in Blackburn, said it was assuming there would be no improvement in market conditions in the near-term and now planned to reduce its operating cost base by up to 25 per cent from 2011 levels.

Jim Marshall, currently president of Promethean’s North American business, has been appointed as chief executive designate and will become chief executive following Mr Charlier's departure.

Mr Charlier joined Promethean World in 2007 as chief executive and has led the management team since that time.

Mr Marshall has more than 30 years of experience in high technology and educational businesses, including Apple and Oracle. He joined Promethean World in April 2011.

Comments(12)

tntoast says...
3:25pm Fri 27 Jul 12

ship, sinking, jumping, rats ,spring to mind

vintageclaret says...
3:33pm Fri 27 Jul 12

tntoast wrote:
ship, sinking, jumping, rats ,spring to mind
Wrong page for your comment I think. Shouldn't this be on a BRFC blog?

Noiticer says...
3:45pm Fri 27 Jul 12

A classic case of reduced investment in education leading to reduced orders in the private sector

tntoast says...
3:56pm Fri 27 Jul 12

vintageclaret wrote:
tntoast wrote:
ship, sinking, jumping, rats ,spring to mind
Wrong page for your comment I think. Shouldn't this be on a BRFC blog?
No don't do silly things like 22 over paid idiots running round after a lump of old cow no matter what part of the country they are from.
needle hot red eyes come to mind

tntoast says...
3:56pm Fri 27 Jul 12

vintageclaret wrote:
tntoast wrote:
ship, sinking, jumping, rats ,spring to mind
Wrong page for your comment I think. Shouldn't this be on a BRFC blog?
No don't do silly things like 22 over paid idiots running round after a lump of old cow no matter what part of the country they are from.
needle hot red eyes come to mind

boomtown says...
11:59pm Fri 27 Jul 12

i remember Jean-Yves Charlier saying that now the lower unskilled staff have gone Promethean can really move FAST-FORWARD as he told everyone he had shutdown production in blackburn. hahahahaha you got it so wrong didn't you TC

Michael@ClitheroeSince58 says...
12:26am Sat 28 Jul 12

Most schools have now worked out that you can do on a £120 Samsung mobile that a 120 million quid white board used to do hence time to move on. bye bye

Kevin, Colne says...
6:28am Sat 28 Jul 12

The report from the company states that the anticipated up-lift in US sales during the peak selling season failed to meet expectations but offers no explanation for this. There are three possible reasons: the expectations of the company were woefully optimistic, the education authorities in the states are cutting spending - a number of states are in real financial difficulty – or, as Michael says, customers have found other technology to be just as effective. If it is false expectations then the matter can be put right, but if the reason is restraint upon public expenditure and/or technological obsolescence then this suggests structural changes are at the root of the problem; and that’s far more worrying.

Toti Dogsto says...
8:34am Sat 28 Jul 12

Kevin, Colne wrote:
The report from the company states that the anticipated up-lift in US sales during the peak selling season failed to meet expectations but offers no explanation for this. There are three possible reasons: the expectations of the company were woefully optimistic, the education authorities in the states are cutting spending - a number of states are in real financial difficulty – or, as Michael says, customers have found other technology to be just as effective. If it is false expectations then the matter can be put right, but if the reason is restraint upon public expenditure and/or technological obsolescence then this suggests structural changes are at the root of the problem; and that’s far more worrying.
Perhaps the products are too dear. I poked all over the website this morning without discovering what these things cost. "How to Buy" lead to an enquiry page. Giving a price is too plain for these guys, or too risky.

darwenTower says...
3:22pm Sat 28 Jul 12

Toti Dogsto wrote:
Kevin, Colne wrote:
The report from the company states that the anticipated up-lift in US sales during the peak selling season failed to meet expectations but offers no explanation for this. There are three possible reasons: the expectations of the company were woefully optimistic, the education authorities in the states are cutting spending - a number of states are in real financial difficulty – or, as Michael says, customers have found other technology to be just as effective. If it is false expectations then the matter can be put right, but if the reason is restraint upon public expenditure and/or technological obsolescence then this suggests structural changes are at the root of the problem; and that’s far more worrying.
Perhaps the products are too dear. I poked all over the website this morning without discovering what these things cost. "How to Buy" lead to an enquiry page. Giving a price is too plain for these guys, or too risky.
When Labour were in power price didn't matter.
They would borrow money and chuck it at whatever scheme was on offer.
Realistically the country couldn't afford to rebuild every school and kit it out with unnecessary gadgetry.
Now Labour are gone companies like this one are knackered.

Michael@ClitheroeSince58 says...
9:57pm Sat 28 Jul 12

darwenTower wrote:
Toti Dogsto wrote:
Kevin, Colne wrote:
The report from the company states that the anticipated up-lift in US sales during the peak selling season failed to meet expectations but offers no explanation for this. There are three possible reasons: the expectations of the company were woefully optimistic, the education authorities in the states are cutting spending - a number of states are in real financial difficulty – or, as Michael says, customers have found other technology to be just as effective. If it is false expectations then the matter can be put right, but if the reason is restraint upon public expenditure and/or technological obsolescence then this suggests structural changes are at the root of the problem; and that’s far more worrying.
Perhaps the products are too dear. I poked all over the website this morning without discovering what these things cost. "How to Buy" lead to an enquiry page. Giving a price is too plain for these guys, or too risky.
When Labour were in power price didn't matter.
They would borrow money and chuck it at whatever scheme was on offer.
Realistically the country couldn't afford to rebuild every school and kit it out with unnecessary gadgetry.
Now Labour are gone companies like this one are knackered.
It was a nice way to slip lots of cash into friends back pockets for total junk technology, a total disgrace.

Michael@ClitheroeSince58 says...
1:18am Sun 29 Jul 12

Let's get down to basics, most of New Labour where sock cuckers from the top down remember Peter Mandelson etc look at this guy it's dripping from his eye balls, I expect this post will be deleted but if just one person reads this and agrees I have not given up all hope yet:)

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