Cambridge firms give tech market a boost
Cambridge tech darlings CSR and Autonomy gave the quoted technology sector a massive boost with record results for the first half and second quarters of their respective businesses.Cambridge tech darlings CSR and Autonomy gave the quoted technology sector a massive boost with record results for the first half and second quarters of their respective businesses.
US analysts who tried to rubbish CSR’s meteoric burst onto the wireless scene by saying Bluetooth would never cut it, must be cramming their mouths with large portions of humble pie seeing what the company has achieved.
Demand for Bluetooth wireless technology for new mobile phone applications is positively booming. CSR’s record results hoisted the share price 49p – almost 5 per cent – to 1142p at the time of writing.
And a strong outlook for a new wave of orders could drive the stock even higher.
Revenue for the first half to June 30 was 97 per cent higher year-on-year at £172.8m while pre-tax interim profit was 128 per cent up on this time last year at £ 37.86m.
Second quarter revenue was 92 per cent ahead at £99.3m with pre-tax profit 123 per cent higher at £23.58m.
CEO John Scarisbrook said CSR shipped over 100 million units in the first half of the year – around one-third of the total Bluetooth shipments CSR has made in its lifetime.
And he added: “We continue to see significant opportunities in the Bluetooth market, with estimates ranging from 500 to 550 million unit shipments for the whole of 2006, compared to 317 million units in 2005.”
The web infrastructure software company Autonomy meanwhile posted the highest revenues and profits in its history in the second quarter and six months to end-June. Its share price rose 15p to 423.75p on the news.
Six month revenues were up 200 per cent to £63.77m and pre-tax profit 242 per cent ahead to £11.61m. Second quarter revenues were up 198 per cent to £33.19m and pbt for the three months was 368 per cent higher to £9.6m.
CEO Dr Mike Lynch is confident that Autonomy can continue the surge.