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Psion Warns That Results
Won't Meet Expectations

LONDON -- Psion    PLC said Friday that its full-year 2000 results will be "well below" market expectations.

The information-technology company said costs associated with its largely complete acquisition of Teklogix, adverse currency-exchange rates and recent increases in component prices, have affected all divisions.

Psion's shares plummeted after the warning. In midmorning trading in London, the shares were down 126 pence, or 22%, to 449 pence a share, after hitting an intraday low of 395 pence.

Psion said margins have been eroded by recent rises in component prices. It said the rising costs of critical components, particularly memory, will reduce margins by about 2% for the second half of 2000.

Psion said its Psion Connect division, which has been affected by a slowdown in the personal-computer card-modem markets, will undergo a "significant" restructuring which aims to return the division to profitability by 2001.

It said Psion Connect's overall revenue is declining but is in line with expectations.

The company said it will continue to invest heavily in Symbian PLC, whose development of industry-standard technology for wireless Internet devices is on track.

Psion is Symbian's largest shareholder, with a 28% stake. Other shareholders include Nokia    Corp., Motorola    Inc., L.M. Ericsson Telephone    Co. and Japan's Matsushita Electric Industrial    Co.

In August, the shareholders of the joint venture agreed to float the operation, pending its good performance, financial market conditions and the successful launch of new products.