London-based Psion Plc, manufacturer of personal organisers and portable computers, is continuing to see healthy growth, after its problems during 1990, with its results for the financial year ended December 31. Pre-tax profits were up 113% at UKP3m on sales 17% ahead at UKP41m. The company introduced the Series 3a product in August as part of the Series 3 range. Demand for the product outstripped supply and had to be limited by allocation, and only this quarter has it managed to obtain higher volumes of component supplies to allow increased output. Sales of the Series 3 range in total grew 21% to UKP22.1m during the year, while sales of the HC range, which addresses the corporate systems market rose 58% to UKP4.1m. In the UK market, retail sales accounted for about 50% of the group’s turnover at UKP9.9m, but lack of availability of Series 3a products held this figure back. Due to weak capital investment in the UK, corporate sector sales were limited, but did rise 26.9% to UKP11.8m mainly through sales of data communications products. On the international side, sales grew 23% to UKP15.8m. On the continent, they were generally weak, except in Germany where growth was strong, rising 36.7% to UKP4.1m, but retail sales here were again limited by Series 3a availability. Psion Inc became profitable in the second half of the year enabling it to show a profit for the whole year. US turnover was strong, jumping 96% to UKP6.7m. This came after changes in management at Psion Inc early on in the year. The firm established retail distribution through 800 outlets to increase its corporate sales in this market, which were boosted by demand for Series 3a. The group’s net cash flow was UKP2.4m compared with UKP550,000 last time and the net gearing ratio is negligible. Expenditure on research and development during the year was UKP1.9m, or 4.6% of turnover, and the company intends to increase this in the future. Currently research and development is being aimed at the palmtop retail market and at personal information management systems, Psion says, as well as new corporate systems, telecommunications and software and radio data.
