Promethean rewards staff for flotation

EDUCATIONAL technology company Promethean celebrated its successful stockmarket flotation by handing most of its 870 employees a “golden thankyou” yesterday.

Recognising their contribution to the growth of the business, the interactive whiteboard maker gave staff with more than six months’ service bonuses of up to £30,000, with an average payout of £3,500. Those who had worked for the company for more than 12 months were given an extra £1,000 for each year’s service.

More than 400 executives at Promethean’s head office in Lancashire and around the world were given share options, handing around 15 per cent of the company to its management.

Chief executive Jean-Yves Charlier said: “The signal we are sending is that everyone can benefit from our success, and we believe that what we have achieved to date is only a fraction of what we can achieve in the future.”

Analysts predict 20 per cent top line growth every year until at least 2013 following the firm’s initial public offering (IPO) last week, which valued it at £395m. Promethean raised £186m to invest in expansion plans by selling 46.4 per cent of its shares, allowing private equity investor Apax to exit its 25 per cent stake.

The listing came in the wake of aborted IPOs from New Look and Travelport, but fund managers warmed to Promethean’s story. Although 70 per cent of Britain’s schools already use hi-tech whiteboards, the penetration in other lucrative markets is much lower.