Feeds

Job losses follow Ideal re-org

Kevin Harper leaves Inter-X board

  • alert
  • submit to reddit

Mobile application security vulnerability report

Ideal Hardware is to make "substantial" redundancies and reorganising to cut costs, following a profits warning. The storage distie is disbanding its operational board and replacing it with a smaller, executive board, headed by Ian French, who is now promoted to chief executive. He will report directly to Inter-X boss James Wickes. At the same time, Ideal Hardware co-founder Kevin Harper is resigning today from Inter-X, the holding company for Ideal. He will continue to work as a consultant for new Inter-X subsidiary, The IT Network. Ideal says it will save £2 million a year through the restructure, which will lead to an one-off charge £700,000 for the current financial year. Inter-X said difficult trading conditions in distribution had resulted in "a material decline in margins and profitability since the latter part of April". Extremely disappointing Recent trading for Ideal is "extremely disappointing", and this means group profits for this financial year falling significantly below stock market expectations. But Ideal is still trading profitably and cash flow remains strong, Inter-X says. To keep that way. the Board is "embarking upon a significant restructuring of Ideal in order to produce immediate material reductions in its cost base and improved efficiency of its sales teams." The sales and product management teams will also be restructured. Further details of the job losses and restructure will be announced tomorrow, but redundancies were described as "substantial" by Wickes. Upbeat IT Network On the upside, Inter-X forecasts great things for its new Internet service, the IT Network. Described as a product comparitor database, this service will have more than 100,000 registered members by the time it launches at the end of the month. And committed revenue to date exceeds £650K, Inter-X says. The IT Network is now forecast to break even -- on the operating level in the current financial year and to make material contribution to group profits thereafter". But there's a sting in the tail -- launch costs will now be £500,000 higher than the £3.2 million originally anticipated. But this is due to "overwhelming" response for the service. ®:

The Power of One Brief: Top reasons to choose HP BladeSystem

More from The Register

next story
BBC goes offline in MASSIVE COCKUP: Stephen Fry partly muzzled
Auntie tight-lipped as major outage rolls on
iPad? More like iFAD: We reveal why Apple fell into IBM's arms
But never fear fanbois, you're still lapping up iPhones, Macs
Stick a 4K in them: Super high-res TVs are DONE
4,000 pixels is niche now... Don't say we didn't warn you
Amazon Reveals One Weird Trick: A Loss On Almost $20bn In Sales
Investors really hate it: Share price plunge as growth SLOWS in key AWS division
Bose says today is F*** With Dre Day: Beats sued in patent battle
Music gear giant seeks some of that sweet, sweet Apple pie
There's NOTHING on TV in Europe – American video DOMINATES
Even France's mega subsidies don't stop US content onslaught
You! Pirate! Stop pirating, or we shall admonish you politely. Repeatedly, if necessary
And we shall go about telling people you smell. No, not really
Too many IT conferences to cover? MICROSOFT to the RESCUE!
Yet more word of cuts emerges from Redmond
Chips are down at Broadcom: Thousands of workers laid off
Cellphone baseband device biz shuttered
prev story

Whitepapers

Designing a Defense for Mobile Applications
Learn about the various considerations for defending mobile applications - from the application architecture itself to the myriad testing technologies.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Top 8 considerations to enable and simplify mobility
In this whitepaper learn how to successfully add mobile capabilities simply and cost effectively.
Seven Steps to Software Security
Seven practical steps you can begin to take today to secure your applications and prevent the damages a successful cyber-attack can cause.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.