The new Samsung S7

Samsung’s flagship S7 and S7 Edge phone will be unveiled February 21, the company has revealedSamsung’s latest mobile phone will be released later this month – and comes after last year’s S6 model struggled.

And bosses will be hoping the launch could help it regain some of mobile phone market share, which has dwindled in recent years.Its worldwide share peaked at around 33% in 2012, but has since fallen to just over 20%.

Profits have also been hit as it faced pressure from Apple’s new big-screen phones and competition at the bottom end of the market too.

The launch event on February 21 could feature some sort of virtual reality gimmick – the Gear VR headset was briefly shown in a teaser clip. Other details are still hazy – but could see the recently scrapped microSD card slot reintroduced.

The event could also see the launch of Samsung Pay in Europe, which is the company’s answer to Apple’s contactless payment service.Samsung Pay was made available in the US in September last year, but so far there has been no UK release date set.

Net profits for Samsung fell by 40% in the last three months of 2015.Despite a huge advertising push and good reviews, the Samsung S6 models failed to sell well. Samsung is still has the world’s biggest mobile sales figures, shipping more than 300 million devices in 2015.