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Psion opts for mobile web
Psion's 5 series of digital assistants runs on the Epoc system
Handheld computer maker Psion has announced plans to raise £100m for acquisitions that will allow the company to move aggressively into the market for mobile internet access.
The company wants to transform its range of organisers into mobile communicators, that will allow users to make phone calls and surf the internet.
Psion chairman David Potter said that his firm's strategy was "now defined around the mobile internet".
He said Psion was "ideally placed to develop and market digital products and services to people on the move - whether they are consumers or among the 40% of the workforce which is mobile".
Drag on profits
But he warned that the scale of investment would "continue to hold back profits".
The company wants to transform its range of organisers into mobile communicators, that will allow users to make phone calls and surf the internet.
Psion chairman David Potter said that his firm's strategy was "now defined around the mobile internet".
He said Psion was "ideally placed to develop and market digital products and services to people on the move - whether they are consumers or among the 40% of the workforce which is mobile".
Drag on profits
But he warned that the scale of investment would "continue to hold back profits".
 Sales picked up during the second half of 1999
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During 1999, pre-tax profits fell to £4.55m, down from £23.26m a year earlier.
Turnover was down as well, by £9.5m to £150.4m.
But it was not only large investments that proved to be a drag on earnings. Business was "poor" during the first half of 1999, although the firm says that it saw a strong performance during the second half of the year.
The trend appears to continue, with Psion reporting that during January and February sales were "well ahead" of the same period last year.
Focus on Symbian
Psion's most important asset is its 28% stake in Symbian, the joint venture with Nokia, Motorola, Ericsson and Matsushita.
The firm is on track to roll out version 6 of its Epoc operating system, designed to run mobile phones, communicators and personal digital assistants.
Symbian's high-powered backers make the firm a direct competitor of Microsoft and its Windows CE software.
Cashing in
Psion's main currency to finance its expansion plans is its much sought-after stock.
But the firm's directors are cashing in too, with chairman David Potter selling some of his stake in the company, up to a value of £100m.
That is less than 10% of director's holdings, although it will reduce Mr Potter's stake to 14%.
Turnover was down as well, by £9.5m to £150.4m.
But it was not only large investments that proved to be a drag on earnings. Business was "poor" during the first half of 1999, although the firm says that it saw a strong performance during the second half of the year.
The trend appears to continue, with Psion reporting that during January and February sales were "well ahead" of the same period last year.
Focus on Symbian
Psion's most important asset is its 28% stake in Symbian, the joint venture with Nokia, Motorola, Ericsson and Matsushita.
The firm is on track to roll out version 6 of its Epoc operating system, designed to run mobile phones, communicators and personal digital assistants.
Symbian's high-powered backers make the firm a direct competitor of Microsoft and its Windows CE software.
Cashing in
Psion's main currency to finance its expansion plans is its much sought-after stock.
But the firm's directors are cashing in too, with chairman David Potter selling some of his stake in the company, up to a value of £100m.
That is less than 10% of director's holdings, although it will reduce Mr Potter's stake to 14%.
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