Symbian revenues double as overseas sales take off
Friday 22 August 2003
Symbian, the mobile phones software developer spun off from Psion, more than doubled revenues in the six months to 30 June as overseas sales of its data-enabled phones topped 2.68 million.
The British-based company, which is still 25 per cent owned by Psion, has been tipped to float once it reaches 20 million in volume sales.
Yesterday it said total revenues increased to £21.1m in the first half from £9.5m in the same period a year ago. The operating figures had been widely expected by the market, helping fuel a 9 per cent rise in Psion shares over the past week. Psion's shares closed yesterday at 80p.
Symbian, whose owners include Nokia, Motorola and Ericsson, has repeatedly said it will not consider an initial public offering until there is sufficient stock market stability and a thriving, established demand for its products.
"There are two conditions that need to be met before an IPO can be considered," said a Symbian spokesman.
"They are stability in financial markets and the establishment of a volume market for Symbian products."
Despite the surge in revenues, analysts said a stock market float was still distant, with most estimating the company will not even break even until 2005 at the earliest. To achieve the break even point Symbian must ship around 20 million units per year.
David Levin, chief executive of Symbian, said the company had made "good progress" in the first half of the year. He added that sales of Symbian "smartphones" was encouraging, though they still remained modest compared to overall mobile phone sales.
It competes with Microsoft in providing operating systems for so-called smartphones, which are based on next generation technology, offer customers extra applications such as the java operating system and multi-media messaging.
Analysts estimate Symbian's handset shipments may reach 8 million this year, less than the 10 million forecast by Nokia, which owns 19 per cent of the wireless-software maker.
Ten Symbian-based devices are currently on the market, including two next-generation phones in Japan.
A further 26 models are being developed and most of these will be in shops within the next 18 months, the company said. Symbian receives a royalty of about $6 (£3.80) for each device.
Symbian was set up as a joint venture by eight companies to develop new generation technology through Smartphones and Communicators.
- 1 Man who held up 'hire me' sign at Waterloo station returns a year later with 'I'm hiring' sign
- 4 Tennis fan suing Australian Open organisers for 'failing to shade spectators' during Murray match
- 5 This crazy skiing video will leave you feeling queasy
Man who held up 'hire me' sign at Waterloo station returns a year later with 'I'm hiring' sign
Mother of newborn Baby No 59 trapped in sewer pipe told Chinese police she 'heard crying' when she raised alarm
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
AirAsia QZ8501: Black box reveals warning alarms 'screamed' before crash, as more bodies recovered from near fuselage of jet
Rob Lowe hits out at White House decision not to meet Israeli leader
British Muslim leaders outraged after Eric Pickles says followers of Islam should 'prove their identity'
UK terror fears: My jihadist son returned from Syria mentally scarred – now he is being ignored
Nigel Farage: NHS might have to be replaced by private health insurance
Billy Crystal: 'Stop shoving gay sex scenes in my face'
French court convicts three over homophobic tweets, in case hailed as a 'significant victory' by LGBT rights campaigners
David Cameron says anyone criticising Eric Pickles' letter to Muslims 'really has a problem'
iJobs Money & Business
Negotiable: Recruitment Genius: A Tax Assistant is required to join a leading ...
£16000 - £25000 per annum: Recruitment Genius: This is an exciting opportunity...
£45000 - £47000 per annum + bonus + benefits: Ashdown Group: Java Developer / ...
£35000 - £38000 per annum + Benefits: Ashdown Group: Marketing Manager - Marke...