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March 29, 1989

BUBBLING PSION REORGANISES AS HOLDING COMPANY, RESOLVES TO GROW ITSELF ORGANICALLY

By CBR Staff Writer

Having successfully focussed on the development of the markets and distribution side of the business, pocket computer maker Psion Plc is now ready to broaden its product base. This strategy was revealed as the company reported pre-tax profits for the year up 48% to UKP2.8m on turnover up 63% to UKP19.2m. These results reflect Psion’s growth in international markets where sales now account for 40% of turnover. The company is a presence in France, Spain, Belgium, Switzerland and Italy, and last April established a subsidiary in Frankfurt, West Germany. Sales also grew in the US which contributed 11% of turnover and finally broke even after the slow start reported in the interim period. Within the UK, production was increased at existing sites while additional output came from new facilities at Timex Corp in Dundee and Speedboard Ltd in Surrey. The monthly production volume for the Organiser range was consequently raised to 18,000 by the end of the year from 11,000 at its beginning. Furthermore, the company boasts that no production shortfalls occurred from the interruption of semiconductor supplies throughout the year. Overall, Psion’s sales of hand-held computers rose 67% to 147,000 units over the last year. Psion is looking to the development of new technologies (in preference to acquisition) to sustain its growth in the future. Three new product families are already on the horizon in the areas of portable computing, speech processing and communications, while the acquisition of Dacom Systems Ltd in January is expected to help in the expansion of Psion’s technological base with its supply of dial up and lease line modems, multiplexors and data switches. Psion’s projected expansion is to be nurtured under a new holding company taking the Psion Plc name as the umbrella for its four trading subsidiaries Dacom Systems Ltd, Psion GmbH, Psion Inc and the new, as yet unnamed, UK operating company to take on Psion Plc’s trading activities.

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