Wolfson doubles turnover again

Wolfson Microelectronics has published its maiden full year results as a listed company for the 12 months ended 31st December 2003.

Wolfson Microelectronics has published its maiden full year results as a listed company for the 12 months ended 31st December 2003.

Turnover increased by 125% to $75.7 million (from $33.7 million in 2002).

Profit before tax increased to $12.5 million (from $3.6 million in 2002).

Diluted earnings per share were 9.24 cents (2002: 2.57 cents).

Net cash generation from operations of $4.8 million (compared with $3.5 million in 2002).

R and D expenditure increased to $9.4 million (up from $4.9 million in 2002).

David Milne, Chief Executive Officer of Wolfson Microelectronics said: "I am delighted by the progress of our company in 2003.

This is the second year in a row we have doubled our turnover".

"Our growth is driven by demand from a host of new digital consumer products that need the high performance mixed signal interfaces we supply".

"In 2004 we are continuing to see a healthy build-up of our first half order book and are excited by the interest customers are showing in our new products for multimedia mobile phones and digital cameras".

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