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Record revenues: Arm had sales of £2.2bn for the year to the end of March
British computer chip designer Arm posted record revenues as it prepares to list in New York after snubbing the UK market.
The Cambridge firm had sales of £2.2billion for the year to the end of March – 5.7 per cent up on the prior year, according to figures from Japanese owner SoftBank.Profits were flat year-on-year.
SoftBank said sales were boosted by ‘strong royalty revenue growth’ as companies paid to license Arm’s designs for computer chips in electronics, including mobile phones.
The Japanese firm is eyeing a blockbuster debut for Arm on the Nasdaq exchange in New York, aiming to achieve a valuation of around £48billion.
Arm set its sights on the US listing despite months of intense lobbying efforts by British officials, including Prime Minister Rishi Sunak, to convince SoftBank to float in London.
But the overtures failed to convince it.Arm’s record-breaking sales were a bright spot in a bleak set of results for SoftBank, whose flagship Vision Fund plunged to a record loss of £26billion.
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