Wolfson keeps quiet on floatation

Edinburgh, UK — Wolfson Microelectronics is refusing to comment on speculation that its is preparing to float on the UK stock market.

The fabless semiconductor company, which develops and markets mixed signal semiconductors for multimedia and communications applications, are reported to have recruited Cazenove and Citigroup as advisors and are said to be working towards a floatation by mid October although this must depend on stock market conditions.

A valuation of more than £300 million is being suggested for the company that has a deal with Microsoft's for components for the Xbox games consoles. In the financial year to the end of last December sales were £22.4million, representing an increase of 100% from the previous year. Profit on ordinary activities before tax of £2.4million for 2002 in comparison with a loss of £0.7million for the same period in 2001. Around15 per cent of the sales were said to come from the Microsoft deal.

The company's founder and CEO, Dr David Milne, was named the European Technology Forum's CEO of the Year (private company), while Wolfson was runner-up in the Hottest UK Technology Prospect category.

The company's 125 employees are said to own about a quarter of the shares with other shareholders including Sanyo, WestLB — a German bank — and the Scottish Braveheart Ventures investment syndicate.

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