Titan Business Insurance welcomes news from UK chip manufacturer ARM Holdings that they have grown their profits by 40%.
The company, says Titan, is based in Cambridge and primarily supplies mobile chips for the smart phone market. In the last three months of 2011, the company made pre-tax profits of $49.7 million, having shipped 2.2 billion chips, a record for the company. For the whole of 2011, the company recorded profits of $156.9 million.
The company said it had benefited from growth from its existing customers, increased licensing revenue and major new customers. The company also says that it is facing competition in the mobile market from tech giant Intel which has developed its Medfield mobile chip.
Chief Executive Officer of Titan Business Insurance, Basil Tsapralis, said:
“The production levels of chips, which are used in the manufacture of all number of computer equipment, smart phones and gadgets, is one of those universal indicators that are watched closely by forecasters and business pundits.
“It used to be Intel that led the way in providing such data, but now a UK company is beginning to also provide a larger picture of the global economy and that’s to be welcomed.
“When the chips are being passed around more liberally, that’s a good sign because it means more things are being ordered and built. And although ARM have achieved a lot of growth because they supply Apple, other parts of their business are also doing very well.”
Titan Business Insurance is a full service broker which has clients, mainly SMEs, throughout the UK.