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Psion mulls Teklogix writedown

Trading statement

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Psion is reviewing the value of its Teklogix business following a tough year for the division in the North American market.

In a trading statement today Psion said its results for 2001 could include a write down on the value of the Canadian maker of software and wireless-comms kit, bought last year for $360 million.

Psion carries £204 million of goodwill related to Teklogix on its books.

Psion said: "Psion Teklogix costs have been reduced and full year profits for the division are therefore likely to be only marginally below current expectations." Teklogix's European business hasn't suffered a slowdown.

In July Psion announced it was sacking 250 staff in a shake-up of Psion Digital, putting back the Bluetooth products it said it would launch this year to next year, due to slow take-up. It also said it was moving away from consumer business and concentrating on enterprise and industrial markets through Teklogix, and with next-gen digital appliances and Symbian products.

Psion today said that sales of PDAs and PC Cards through 2001, from the restructured Psion Digital division, were higher than expected, resulting in lower losses than anticipated.

Overall the company expects sales and operating profits to be in line with current market expectations, and it had net cash of £15 million at the end of November. ®

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