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Annual Results

CSR underlying profits up

05 March 2015 07:45

CSR posts an underlying profit of $90.0m for the 52 weeks to 26 December - up from $81.1 last time.

Revenues fell to $774.8m from $960.7m and core revenue fell to $703.0m (2013: $722.3m), reflecting lower revenue within auto aftermarket and personal navigation devices, declining Consumer revenues in particular from Gaming and Cameras, and non-recurring revenue for Voice & Music in China in H1 2013. But gross margins rose to 58.5% from 52.4% on an underlying basis.

Underlying earnings per share rose to $0.51 - an increase of 11% (2013: $0.46); IFRS earnings per share were $0.55 (2013: loss per share $0.28).

On an IFRS basis, the group reports a profit of $96.8m against a loss of $46.3m las time.

Chief executive Joep van Beurden said: "Q4 2014 has seen CSR deliver good year-on-year Core growth, driven by a strong increase in Voice & Music revenue and a good performance by Auto factory-fit. We also saw a record gross margin, as well as increased overall profitability and underlying earnings per ordinary share compared to Q4 2013. "CSR is, we believe, well positioned to benefit from the opportunities to seamlessly connect people, devices and information, as well as the opportunities driven by the Internet of Things. Our Core business continues to perform well. "On 15 October 2014, we reached agreement with Qualcomm Incorporated, regarding the terms of a recommended cash offer for CSR by QGT, an indirect wholly owned subsidiary of Qualcomm. On 4 December 2014, a Scheme of Arrangement for the acquisition of CSR and certain related matters was approved by CSR shareholders. Subject to the receipt of certain antitrust clearances, the acquisition is expected to become effective by late summer 2015."

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