LONDON Wolfson Microelectronics saw its revenue rise 94% to $56.9million in the six months to June 30 2004 compared with the first half of 2003 in which sales were $29.3million. Gross margin improved to 50% (H1 2003, 46.4%) and the profit before tax increased by 123% to $9.3million (H1 2003, $4.2million).
In the six months the company gained 158 design wins in the period including DVD players, DVD recorders, digital cameras, sound cards, headsets, flat panel TVs, multimedia phones, PDA's, MP3 players, hi-fis and automotive entertainment equipment. The majority of design wins were in the faster growing, high margin portable product area.
Nine new products were introduced and in addition to extending the range of digital to analog convertors and analog to digital convertors for the consumer audio market, the company introduced its first of a family of digital amplifier products aimed at the multichannel home audio and theatre markets.. The company grew adding 31 new technical and commercial staff while sales in Japan and Korea rose to 29% of group turnover
David Milne, CEO of Wolfson Microelectronics, said, “Our current order backlog and design win momentum gives us confidence that we will achieve strong year on year growth in 2004 with high growth continuing through 2005″.
Stocks increased by 77% to $15.7million at 30 June 2004 (H1 2003, $8.9million) to support the anticipated seasonal growth in demand in the second half of the year.