Psion said today that pre tax profit for 1998 more than doubled, but warned that it still expects a tough 1999.
The company reported a pre tax profit for 1998 of #23.3 million, up 104 per cent from #11.4 million in 1997. Psion's 1998 profit was helped by a one time gain of #11.4 million from the transfer of shares and assets in the creation of smart phone venture Symbian.
Psion?s shares dropped 26 pence to 735 pence on the London Stock Exchange as the news broke.
Company chairman David Potter repeated his February warning that 1999 would not be an easy year for Psion. ?The shift to embedded modems is likely to reduce Psion Dacom?s sales in 1999,? he said. ?Psion Computers is likely to see a slow first half to the year, with growth occurring in the latter part of the year as its product range widens.?
Potter added that the company?s 1999 profits would also be hit by ?substantial costs? arising at Symbian as the company continues to invest in the development of its handheld operating system EPOC.
Sales for 1998 were up 13 per cent to #159.9 million compared to #142 million in 1997.
Net income for the year climbed to #18.7 million or 24.27 pence per share, from #7.7 million or 10.13 pence per share a year earlier.
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