Handheld computing specialist Psion has reported its “worst year”. The company also announced its CEO is to leave the board.
For the year ended December 2001 the company generated turnover of £181.1 million, a decline from £219. million in 2000. Loss before tax was £17.4 million compared with a profit of £2.7 million in 2000.
The company also announced several management changes. Psion PLC CEO David Levin is to become CEO of Symbian in April 2002, replacing Colly Myers, who stood down in February. Ian McElroy, CEO of Psion Teklogix, is to become CEO of Psion PLC. John Hawkins, Chief Executive of Anite plc, to become a non-executive director of Psion.
Commenting on the results, David Potter, Chairman of Psion, said:
These results reflect determined action to reduce the cost base of the Group and the closure of its long-established organizer business.
The Group has been re-established on a stable platform. Progress at Psion Teklogix will define the Group’s performance in the current year. The markets for Psion Teklogix continue to be subdued but the outlook is for a gradual improvement in demand.
Elsewhere, costs will be reduced further, while our share of Symbian investment will continue to have an impact on the Group’s profit and loss. Until we see major volumes of Smartphones using the Symbian software established in the market, the realization of our investment will remain uncertain. However, the Board believes that Symbian’s position is strengthening and that the outlook is positive. Psion shall continue to play its role in driving Symbian to the successful exploitation of its market and seek to realize that investment for the optimal benefit of shareholders.
I am also pleased to announce the appointment of Ian McElroy as the new Chief Executive of Psion and I look forward to continuing to work with David Levin in his new role as Chief Executive of Symbian.