Symbian revenues double as overseas sales take off

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.

Start your day with The Independent, sign up for daily news emails
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
SPONSORED FEATURES
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Recruitment Genius: Junior / Apprentice Sales Executives - OTE £50,000

£11000 - £50000 per annum: Recruitment Genius: This financial company offer ma...

SThree: Recruitment Consultant

competitive + incentives + uncapped comms: SThree: Did you know? 98% of our di...

SThree: Trainee Recruitment Consultant

competitive: SThree: Did you know? 98% of our directors started with SThree as...

SThree: Trainee Recruitment Consultant

£20000 - £25000 per annum + competitive: SThree: Are you passionate about sa...

Day In a Page

Turkey-Kurdish conflict: Obama's deal with Ankara is a betrayal of Syrian Kurds and may not even weaken Isis

US betrayal of old ally brings limited reward

Since the accord, the Turks have only waged war on Kurds while no US bomber has used Incirlik airbase, says Patrick Cockburn
VIPs gather for opening of second Suez Canal - but doubts linger over security

'A gift from Egypt to the rest of the world'

VIPs gather for opening of second Suez Canal - but is it really needed?
Jeremy Corbyn dresses abysmally. That's a great thing because it's genuine

Jeremy Corbyn dresses abysmally. That's a great thing because it's genuine

Fashion editor, Alexander Fury, applauds a man who clearly has more important things on his mind
The male menopause and intimations of mortality

Aches, pains and an inkling of mortality

So the male menopause is real, they say, but what would the Victorians, 'old' at 30, think of that, asks DJ Taylor
Man Booker Prize 2015: Anna Smaill - How can I possibly be on the list with these writers I have idolised?

'How can I possibly be on the list with these writers I have idolised?'

Man Booker Prize nominee Anna Smaill on the rise of Kiwi lit
Bettany Hughes interview: The historian on how Socrates would have solved Greece's problems

Bettany Hughes interview

The historian on how Socrates would have solved Greece's problems
Art of the state: Pyongyang propaganda posters to be exhibited in China

Art of the state

Pyongyang propaganda posters to be exhibited in China
Mildreds and Vanilla Black have given vegetarian food a makeover in new cookbooks

Vegetarian food gets a makeover

Long-time vegetarian Holly Williams tries to recreate some of the inventive recipes in Mildreds and Vanilla Black's new cookbooks
The haunting of Shirley Jackson: Was the gothic author's life really as bleak as her fiction?

The haunting of Shirley Jackson

Was the gothic author's life really as bleak as her fiction?
Bill Granger recipes: Heading off on holiday? Try out our chef's seaside-inspired dishes...

Bill Granger's seaside-inspired recipes

These dishes are so easy to make, our chef is almost embarrassed to call them recipes
Ashes 2015: Tourists are limp, leaderless and distinctly UnAustralian

Tourists are limp, leaderless and distinctly UnAustralian

A woefully out-of-form Michael Clarke embodies his team's fragile Ashes campaign, says Michael Calvin
Blairites be warned, this could be the moment Labour turns into Syriza

Andrew Grice: Inside Westminster

Blairites be warned, this could be the moment Labour turns into Syriza
HMS Victory: The mystery of Britain's worst naval disaster is finally solved - 271 years later

The mystery of Britain's worst naval disaster is finally solved - 271 years later

Exclusive: David Keys reveals the research that finally explains why HMS Victory went down with the loss of 1,100 lives
Survivors of the Nagasaki atomic bomb attack: Japan must not abandon its post-war pacifism

'I saw people so injured you couldn't tell if they were dead or alive'

Nagasaki survivors on why Japan must not abandon its post-war pacifism
Jon Stewart: The voice of Democrats who felt Obama had failed to deliver on his 'Yes We Can' slogan, and the voter he tried hardest to keep onside

The voter Obama tried hardest to keep onside

Outgoing The Daily Show host, Jon Stewart, became the voice of Democrats who felt the President had failed to deliver on his ‘Yes We Can’ slogan. Tim Walker charts the ups and downs of their 10-year relationship on screen