London, UK At its AGM, John Carey, chairman of Wolfson Microelectronics said it is continuing to see a healthy build-up of our first half order book which is at a record level for the Company. This, together with invoiced sales to date, indicates that revenues will meet or be slightly ahead of analysts' consensus for the first half of 2004.
The company is also on schedule to introduce 12 new products by the end of the first half of this year.
“Gross margins have improved in line with our expectations, due to the change in our product mix in favour of higher margin portable products and the phasing out of low margin legacy business,” said Carey.
Manufacturing capacity has been increased to meet production demand through the introduction of additional assembly and test capacity and the qualification of a wafer foundry in China.
“Looking further ahead to the full year, our sales forecasts show continuing strong demand for our products as manufacturers expand production to meet the cyclical demands of the Christmas and New Year periods.”