CAMBRIDGE SILICON RADIO (CSR).

Investors Chronicle, November, 2004

Bluetooth technology provider Cambridge Silicon Radio (CSR) has been one of the initial public offering (IPO) success stories of 2004. The shares climbed 75 per cent after flotation, helped along by a series of upbeat trading updates and average quarterly-revenue growth of 46 per cent. But while this has brought critical mass very quickly, it has also meant that growth rates have now begun to slow. Increased shipping volumes have also caused gross margins to slip, from 47.1 per cent a year ago to 46.2 per cent in the last quarter. Nevertheless, the story is still very much intact.

CSR now has a 42 per cent share of the Bluetooth handset market, with customers including Nokia, Sony and Motorola, while its BlueCore technology features in 60 per cent of all...

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