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Interim Results

ARM Holdings pre-tax profits up

20 April 2016 07:48

ARM Holdings posts normalised pre-tax profits of GBP137.5m for the first quarter to the end of March - 14% up on last time.

Pre-tax profits under IFRS rose by 8% to GBP112.0m.

Group revenues in US dollars increased by 14% to $398.0m and in sterling were up 22% at GBP276.4m.

Normalised operating expenses were £132.9 million in Q1 2016 compared to £123.9 million in Q4 2015 and £100.0 million in Q1 2015. Approximately £27m of the year-on-year increase in normalised operating expenses was due to ongoing investments in R&D and supporting business infrastructure, which included a 20% year-on-year increase in the headcount of the Group and an annual pay-rise. The remaining £6m is due to the impact of weaker sterling.

The change to effective exchange rates increased normalised operating expenses by £4m as a result of the translation of non-sterling costs into sterling; and a further £2 million relates to the revaluation of monetary items. Since over 95% of ARM's revenues are dollar denominated, the impact on operating expenses from a weaker sterling is more than offset by the increase in sterling revenue.

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