CAMBRIDGE SILICON RADIO (CSR).

Investors Chronicle, July, 2004

Cambridge Silicon Radio (CSR) has been something of an IPO success story this year. Since the bluetooth wireless technology provider floated in February, its shares have climbed 90 per cent, and these strong interim results suggest that buoyant performance looks justified.

During the second quarter, CSR, which provides single-chip radio devices to Panasonic, Motorola and Sony, grew revenues by 60 per cent and increased its unit market share from 35 per cent to 42 per cent on the previous three months. Its top-five customers accounted for 48 per cent of turnover during the quarter, and CSR made 81 design wins during the period.

But could the bubble be about to burst? Management says common sense dictates that, while revenues will continue to grow in the...

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