Logitech begins transformation

■ Logitech posted a 44 per cent profit slump in its full year results yesterday as operating income dropped by 50 per cent to $72m (£44.5m). But the company’s share price jumped by 17 per cent after a better than expected fourth quarter, which saw profits multiply ninefold to $28.3m and operating income soar from $3.6m to $23.7m.