Wolfson continues to grow

Wolfson Microelectronics has published financial results for the six months ended 30th June 2005.

Wolfson Microelectronics has published financial results for the six months ended 30th June 2005.

Revenues increased by 12% to $63.8 million (H1 2004 $56.9 million).

Pre-tax profits were up by 7% to $9.2 million (H1 2004 $8.5 million); up 14% to $10.5 million (H1 2004 $9.3 million) on a comparable basis under UK GAAP.

Fully diluted earnings per share were 5.84 cents per share (H1 2004 5.51 cents).

Net cash generated from operations was $17.7 million (H1 2004 $1.4 million).

R and D spending increased by 16% to $10.2 million (H2 2004 $8.8 million).

David Milne, Chief Executive of Wolfson Microelectronics, said: "Wolfson has established a strong foundation for the full year with good results in the first half".

"This is our eighth consecutive half year of revenue growth and we have increased our profits by almost 40% from the second half of 2004".

"Demand for digital consumer electronics products, in particular portable devices was robust".

"We entered the second half of 2005 with an order backlog at a record level and a larger number of design wins in new products than ever before".

"Customers are gaining momentum with flagship products incorporating Wolfson's semiconductors, reinforcing our confidence in delivering further growth in revenues for the full year and in 2006".

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