Recently listed, high yielding, div well covered by earnings, large stake by Fidelity and Sanyo. Some patent issues outstanding.

Currently 283/7, nav 567, eps 174p and rising.

Any thoughts ?

Results for Apple and Intel. Relevance to Wolfson being that the former include the official iPod sales Q4, the latter because Intel is a bell weather for the chip designers/manufacturers. On both accounts it is good news.

Wolfson results will be announced around 17th Feb, time to top up!

================
SAN FRANCISCO (AFX) -- Apple Computer on Wednesday reported a first-quarter
net profit of $63 million, reversing an $8 million loss in the same period a
year ago. Revenue totaled $2 billion, a 36-percent rise over the $1.47 billion
in sales it had in last year's first quarter. On a per-share basis, Apple earned
17 cents, to top estimates of analysts surveyed by Thomson First Call who
forecasted a profit of 15 cents a share. Apple said it recorded an after-tax
investment of $3 million, which boosted earning by a penny a share. Apple said
it shipped 829,000 Macintosh computers and 733,000 iPod digital music players in
the period ended Dec. 27.
This story was supplied by CBSMarketWatch. For further information see
www.cbsmarketwatch.com.
================
Intel Q4 earns 33c, sales $8.74 bln (4:25 PM ET) SAN FRANCISCO (AFX) --
Intel reported fourth-quarter net income of $2.2 billion, or 33 cents a share,
and revenue of $8.74 billion. Excluding an unexpected tax benefit of 6 cents a
share, Intel earned 27 cents a share, two cents better than most analysts
expected. Also, analysts expected sales of $8.64 billion, according to Reuters
Research.

Very good analyst briefing session.

Interview with Dr. David Milne, Chief Executive Officer January 16, 2004 - WallStreetReporter.

http://www.wallstreetreporter.com/linked/WolfsonMicroelectronics.html

Wolfson is set for a breakout from its current narrow trading range. The global view of chip sales is +ve as evidenced by sales of manufacturing equipment so the breakout direction is very clear i.e. UP. Trading results for 2003 are set to be released, one to watch.

========
Sales of semiconductor making kit rose in 2003 for the first time in three years

Global sales of semiconductor manufacturing equipment totaled 22.1 bln usd in 2003, up 11.9 pct from the previous year, the first increase in three years, data issued by Japanese and international industry associations showed.

But that is still less than half the peak of 47.7 bln usd in 2000.

The Semiconductor Equipment Association of Japan and Semiconductor Equipment and Materials International attributed the increase in 2003 to stepped up investment spending by chipmakers to meet growing demand, particularly from manufacturers of digital household appliances.

By market, South Korea accounted for the largest sales increase of 89.4 pct to 3.2 bln usd. Sales in Japan jumped 42.3 pct to 5.5 bln usd, and in Europe by 21.7 pct to 2.6 bln.

But sales in North America declined by 20.1 pct and in Taiwan by 17.1 pct.

RNS Number:5054V
Wolfson Microelectronics PLC
17 February 2004




Wolfson Microelectronics plc

Notification of Preliminary Results


The Directors of Wolfson Microelectronics plc (LSE: WLF) will be announcing the
Group's results for the full year ended 31 December 2003 on Monday, 1 March
2004.


David Milne, Chief Executive Officer and George Elliott, Chief Financial Officer
of Wolfson will be hosting a presentation on the day at 0900 to analysts at The
Lincoln Centre, 18 Lincoln's Inn Fields, London WC2A 3ED.


Enquiries:


Brunswick
Tom Buchanan, Harry Chathli +44 207 404 5959

LONDON (AFX) - Wolfson Microelectronics PLC, a mixed-signal semiconductor
company that produces proprietary high performance integrated circuits, reported
robust maiden full year results for the 12 months ended Dec 31 2003.
Pretax profit increased to 12.5 mln usd from 3.6 mln usd a year earlier on
turnover of 75.7 mln usd, up from 33.7 mln.
The company said it has entered the new year with a strong backlog of orders
and healthy demand for its products. "We anticipate continued growth in the
first half of 2004 in all of our product lines (consumer audio, portable and
digital imaging) with the strongest growth forecast in the portable sector."
The board said this growth pattern will result in higher average selling
prices and improved gross margin, as well as turnover in the seasonally weak
first half "comfortably ahead" of the turnover for the second half of 2003.
Wolfson has added six new products since the IPO and its new product
pipeline is the largest in the company's history. The board said recently
announced products are targeted at exciting opportunities in audio power
amplification and multimedia mobile phones. It expects to introduce a total of
over 25 new products in 2004.
Chief executive David Milne said the growth of the consumer electronic
product market is being driven by products such as digital cameras, DVD players,
MP3 players, PDAs and smart handheld devices.
He said that, according to industry analysts their combined compound annual
growth rate is in excess of 25 pct. The diversity of products being developed
gives the company many sales opportunities and at the end of the year, the
company had over 200 design wins for its components.
Growth is also being driven by the increased number of products in the
group's portfolio. Over 9 mln usd was invested in R&D in 2003.
The company said it intends to retain all future earnings for investment in
development and expansion of the business and does not currently expect to pay a
dividend for the foreseeable future.

RNS Number:9516V
Wolfson Microelectronics PLC
01 March 2004



1 March 2004

Immediate Release

Wolfson Microelectronics plc

Preliminary Results for the Year Ended 31 December 2003

Wolfson Microelectronics plc (LSE: WLF), a leading mixed-signal semiconductor
company that produces proprietary high performance integrated circuits, today
announces its maiden full year results as a listed company for the 12 months
ended 31 December 2003.

Highlights

* Turnover increased by 125% to $75.7m (2002: $33.7m)
* Profit before tax increased to $12.5m (2002: $3.6m)
* Diluted earnings per share of 9.24 cents (2002: 2.57 cents)
* Net cash generation from operations of $4.8m (2002: $3.5m)
* R&D expenditure increased to $9.4m (2002: $4.9m)

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."


Enquiries:

Wolfson On 020 7404 5959 today
David Milne, CEO and thereafter 0131 272 7000
George Elliott, CFO
Brunswick 020 7404 5959
Tom Buchanan
Harry Chathli

Operating Review

Overview

We are pleased to report that our revenues increased by 125% in the year to 31
December 2003 to $75.7m from $33.7m and our profit before tax improved to $12.5m
from $3.6m, an increase of 247%. The growth in revenues has been a result of
increased sales volumes of products in each of the Company's three key markets
of imaging, consumer and portable audio electronics. The improved profit level
has been aided by an increase of 1.7% in the gross margin (excluding legacy
business) from 46.6% to 48.3% during the year and by the increased scale of the
business.

The enhanced profit has also led to the generation of $4.8m of cash from
operating activities during the year.

Market backdrop

During the last three years the digital consumer sector has significantly out
performed the overall semiconductor market. Growth was particularly strong in
2003, driven by the transition of a wide range of home consumer audio and video
equipment to digitally based products and the introduction of a myriad of
portable entertainment devices. Demand is also being driven by growth in
multimedia mobile phones as well as the expansion of digital imaging for
documents and sharing of photographs. These trends will continue to drive
demand for the high performance mixed signal interface products produced by the
company.

Company Growth

During 2003 the company has grown as a result of three main factors:

1. Expansion of the digital consumer product market
2. Introduction of a number of new products
3. Development of the customer base

The growth of the consumer electronic product market is being driven by products
such as digital cameras, DVD players, MP3 players, PDAs and smart handheld
devices. According to industry analysts their combined compound annual growth
rate is in excess of 25%. The diversity of products being developed gives the
company many sales opportunities and at the end of the year, the Company had
over 200 design wins for its components.

Growth is also being driven by the increased number of products in our
portfolio. In 2003, we invested over $9m in R&D and introduced a total of 15 new
products. These new introductions increased the total number of products offered
by the Company to over 60 at the end of the year. Establishing a broad product
range and broad customer base is at the core of the company's strategy for
sustainable profitable growth.

During the year the Company has expanded its customer base which now includes a
number of world leading consumer electronic OEMs in addition to many volume
manufacturers. Sales to the Asia Pacific region (excluding Japan) have
increased, and now represent 83% of revenues, up from 76% in 2002. This is a
result of the trend for companies to subcontract manufacturing to this region. A
notable development during the year has been the increase in sales of our
products in Japan which now represents 8% of revenues.

To support the growing number of customers, we expanded our sales presence in
2003, opening new offices in China and Korea, and increasing both sales and
technical staff in our other locations.

Product Manufacturing and Supply

During the year the Company increased its manufacturing capacity by qualifying
TSMC as an additional wafer foundry and Carsem and OSE as assembly and test
facilities. Product testing capacity has also been enhanced by the investment of
$2.7m by the Company in optimised test platforms which have been consigned to
our subcontractors for our exclusive use.

People and Organisational Development

The Company's success depends on the quality of the people we employ. During the
year we strengthened every aspect of the business, increasing the staff
complement by 59 to 155 at the end of the year. The sales, marketing and
operations teams have been expanded to support the company's growth. The
development of new products remains key to the Company's future and the core
engineering team was increased by 28 to a total of 75 people.

To support this expansion, the Company has invested in a new larger facility in
Edinburgh and is establishing a design centre in Swindon.

Litigation

On 9 October 2003,Cirrus Logic, a US fabless semiconductor company which
competes with Wolfson in the consumer audio market, filed a complaint in the
U.S. District Court of Southern California claiming infringement of two of its
U.S. patents. On 14 October 2003, Cirrus filed a complaint with the
International Trade Commission in Washington claiming, after amendment,
infringement of the same patents, and seeking a ban on imports into the USA of a
number of Wolfson products and end products incorporating those Wolfson
products.

We have stated publicly that we believe the Cirrus cases do not have merit and
have submitted evidence of prior art relating to the alleged inventions of the
patents. We have also countersued for patent invalidity and unenforceability,
unfair competition and tortious interference in the U.S. District Court of
Southern California.

The 2003 results were impacted by a charge of approximately $700K in relation to
legal costs incurred in contesting the Cirrus litigation.

Financial review

Overview

In 2003, the group's functional currency changed from sterling to US dollars as
the majority of its revenues and costs are now denominated in US dollars. This
has resulted in the reporting currency being changed to US dollars in the year
ended 31 December 2003, with prior year comparatives restated accordingly. A
more detailed explanation is given in the basis of preparation note to the
preliminary announcement.

Turnover for the year ended 31 December 2003 increased by 125% to $75.7m from
$33.7m the previous year. This was mainly due to increased sales of integrated
circuits for the imaging, consumer and portable audio markets. Revenues from
legacy business, which includes income from royalties and design services
represented 5.7% of turnover in 2003 compared with 5.0% in 2002.

Over 60% of turnover was generated in the second half of 2003. This was
consistent with the previous year and reflected the seasonal build-up of
consumer products manufactured by OEMs for the Christmas period.


Gross profit

Gross profit for the year ended 31 December 2003 increased by 124% to $35.4m
from $15.8m in the previous year. The gross margin for the year ended 31
December 2003 was 46.8% compared to 46.9% for theprevious year. The gross
margin in 2003 has been depressed by the gross margin on legacy business,
particularly the sale of wafers, which were sold at cost and a $495K provision
for slow moving inventory

Excluding legacy business the gross marginon products in 2003 was 48.3%
compared to 46.6% the previous year. This increase was principally due to the
introduction of more highly differentiated products, particularly in imaging and
portable, and continued reduction in production costs, principally through
improved engineering for test and packaging solutions.

Operating expenses

Distribution and selling costs in the year ended 31 December 2003 increased by
63% to $7.8m from $4.8m in the previous year. Distribution and selling costs,as
a percentage of turnover, have decreased to 10.3% in the year to 31 December
2003 compared to 14.1% in the previous year. This was mainly due to the increase
in volume of sales in 2003 as a proportion of the distribution and selling costs
are fixed or semi-fixed in nature.

Research and development expenses increased by 90% year on year to $9.4m from
$4.9m but, as a percentage of turnover, have decreased to 12.4% in the year to
31 December 2003, compared to 14.6% in the previous year.

Administrative expenses in the year ended 31 December 2003 increased by 113% to
$6.0m from $2.8m in the previous year. However administrative expenses, as a
percentage of turnover, have decreased to 8.0% in the year to 31 December 2003
compared to 8.4% in the previous year. Administrative expenses include $692K of
legal costs incurred in connection with an alleged patent infringement claim by
Cirrus Logic Inc and $432K losses on foreign exchange transactions, the majority
of which was incurred prior to the change in functional currency.

Operating profit

Operating margin increased to 16.7% for the year ended 31 December 2003 from
10.6% in 2002. This was mainly due to the increase in the volume of product
sales and the increase in the gross margin on products exceeding the increase in
overheads.

Interest

Interest receivable of $317K, principally on cash balances resulting from equity
raised from the initial public offering in October 2003 has been offset by
interest payable of $415K mainly on loans to purchase a new building and test
equipment.

Taxation

The total tax charge for the current year of $3.3m comprises a charge for UK
corporation tax of $0.6m and $2.7m in respect of deferred tax. The group's
taxation rate declined to 26% in 2003, from 34% in 2002 primarily as a result of
the availability of additional tax allowances for research and development
expenditure. The tax losses brought forward were fully utilised in 2003. There
is a deferred tax asset of $0.2m recognised at 31 December 2003 as a result of
timing differences between the treatment of certain items for taxation and
accounting purposes.

Earnings per share

Diluted earnings for 2003 were 9.24 cents a share compared with 2.57 cents per
share the previous year. These figures are based on a weighted average number of
shares of 99,943,588 shares in the current year and 93,816,546 shares in the
prior year.

Dividends

The company intends to retain all future earnings for investment in development
and expansion of the business and does not currently expect to pay a dividend
for the foreseeable future.

Balance sheet

Capital expenditure in 2003 included the purchase of a new building in September
2003 for #9.0m (approximately $15.9m) excluding taxes and expenses. This
building, which is in Edinburgh, will accommodate the group's main engineering
and office facilities. Costs incurred in respect of fitting out the building in
2003 amounted to approximately $1.0m. Other major items of capital expenditure
incurred during 2003 included the purchase of test and related equipment at a
cost of $3.2m and computer hardware and software at a cost of $2.1m

During the year stocks increased from $5.4m to $8.9m at 31 December 2003. This
was in line with the increase in sales volumes during the year. Debtors
increased from $9.0m to $17.4m at 31 December 2003. This was due mainly to an
increase in trade debtors from $5.0m to $13.7m, which resulted from the increase
in salesvolumes during the fourth quarter of 2003.

Creditors due within one year increased from $8.2m to $14.7m at 31 December
2003. This was due principally to the increase in trade creditors and accruals
resulting from the increase in production volumesduring the year. Creditors due
after more than one year have increased from $1.2m in 2002 to $19.0m at 31
December 2003. This was due mainly to a #9.0m (approximately $15.9m) term loan
to finance the acquisition of the new building in Edinburgh. Theterm loan bears
interest at 1.5% over base and is repayable over 20 years, with a two year
moratorium on repayments. The loan is secured by a floating charge and a
standard security (fixed charge) over the property.

In October 2003 the company raised #25.3m (approximately $42.4m) of additional
equity through an initial public offering on the London Stock Exchange. The net
proceeds amounted to $37.9m after deducting expenses of $4.5m.

Cash flow

At 31 December 2003 cash balances amounted to $46.5m compared to $6.3m at
December 2002. There was a net cash inflow of $4.8m from operating activities in
2003 compared to a net cash inflow of $3.5m from operating activities in 2002.
After allowing for cash inflows from financing and cash outflows in respect of
capital expenditure and exchange adjustments there was a $39.6m increase in cash
in 2003, compared to a $2.6m increase in cash in 2002.

Treasury and foreign exchange

The company does not, as a matter of policy, hedge its exposure in foreign
currencies. Almost all of the company's revenues and cost of sales are
denominated in US dollars. The company is, however, exposed to fluctuations in
the US dollar / sterling exchange rate as over 50% of its overheads are
denominatedin sterling.

The group's customers are located in many countries around the world. This may
therefore increase the risk that a counterparty to a contract may default,
leaving the group with a credit exposure. This risk is managed by selling to a
diverse range of customers to ensure that exposure to any one customer is not
significant and, in certain cases, obtaining either letters of credit or advance
payments. In addition, in other instances, credit insurance against the risk of
default in payment is taken out.

Outlook for 2004

The Company has entered the new year with a strong backlog of orders and healthy
demand for its products. We anticipate continued growth in the first half of
2004 in all of our product lines (consumer audio, portable and digital imaging)
with the strongest growth forecast in the portable sector. This growth pattern
will result in higher average selling prices and improved gross margin, as well
as turnover in the seasonally weak first half comfortably ahead of the turnover
for the second half of 2003.

We have added 6 new products since the IPO and our new product pipeline is the
largest in the Company's history. Recently announced products are targeted at
exciting opportunities in audio power amplification and multimedia mobile
phones. We expect to introduce a total of over 25 new products in 2004.


Consolidated profit and loss account
for the year ended 31 December 2003

Year endedYear ended
31 December 31 December
2003 2002
Restated
Note $000 $000

Turnover 75,735 33,681
Cost of sales (40,321) (17,871)
________ ________

Gross profit 35,414 15,810

Distribution and selling costs (7,764) (4,760)
Research and development expenses (9,377) (4,924)
Administrative expenses (6,040) (2,840)
Other operating income 381 276
________ ________

Operating profit 12,614 3,562

Interest receivable and similar income 317 96
Interest payable and similar charges (415) (30)
________ ________
Profit on ordinary activities before taxation 12,516 3,628
Tax on profit on ordinary activities (3,280) (1,216)
________ ________
Profit on ordinary activities after taxation 9,236 2,412

Dividends - (885)
________ ________
Retained profit for the year 9,236 1,527
======== ========

Cents Cents
Earnings per share
- basic 2 12.01 2.73
======= =======

- diluted 2 9.24 2.57
======= =======

The above results relate wholly to continuing activities.

Balance sheets
as at 31 December 2003
Group Company
31 December 31 December
2003 2002 2003 2002
Restated Restated
Note $000 $000 $000 $000
Fixed
assets
Tangible
assets 23,689 3,390 23,657 3,390
______ ______ ______ ______

Current
assets
Stocks 8,859 5,432 8,859 5,432
Debtors 17,352 9,046 17,501 9,046
Cash at bank
and in hand 46,474 6,282 46,336 6,282
______ ______ ______ ______

72,685 20,760 72,696 20,760

Creditors:
amounts
falling due
within one
year (14,698) (8,180) (14,677) (8,180)
______ ______ ______ ______

Net current
assets 57,987 12,580 58,019 12,580
______ ______ ______ ______

Total assets
less current
liabilities 81,676 15,970 81,676 15,970

Creditors:
amounts
falling due
after more
than one year (19,021) (1,197) (19,021) (1,197)

Deferred
income - (468) - (468)
______ ______ ______ ______

Net assets 62,655 14,305 62,655 14,305
====== ====== ====== ======
Capital and
reserves
Called up
share capital 3 174 9,152 174 9,152
Share premium
account 47,839 95 47,839 95
Capital
redemption
reserve 497 - 497 -
Profit and
lossaccount 14,145 5,058 14,145 5,058
______ ______ ______ ______

Total
sharehodlers'
funds 62,655 14,305 62,655 14,305

====== ====== ====== ======

Shareholders'
funds
Equity 62,655 6,246 62,655 6,246
Non equity -8,059 - 8,059
______ ______ ______ ______

62,655 14,305 62,655 14,305
====== ====== ====== ======

These financial statements were approved by the board of directors on 1 March
2004 and were signed on its behalf by:

AD Milne GR Elliott
Director Director

Consolidated cash flow statement
for the year ended 31 December 2003

Year ended Year ended
31 31
December December
2003 2002
Restated
$000 $000
Reconciliation of operating profit to net
cash flow from operating activities

Operating profit 12,614 3,562
Depreciation charges 2,214 1,333
Loss on disposal of fixed assets 41 3
Increase in stocks (3,256) (3,257)
Increase in debtors(10,127) (1,396)
Increase in creditors 3,554 3,117
Exchange adjustments (238) 103
________ ________

Net cash inflow from operating activities 4,802 3,465
======== ========

Group cash flow statement

Net cash inflow from operating activities 4,802 3,465
Return on investments and servicing of finance (780) 66
Taxation (paid)/received (19) 246
Capital expenditure and financial investment (21,451) (3,184)
Equity dividends paid (407) -
_______ _______

Net cash (outflow) / inflow before financing (17,855) 593

Financing 57,652 1,494
Exchange adjustment (233) 538
_______ _______
Increase in cash in the year 39,564 2,625
======= =======

Reconciliation of net cash flow
to movement in net funds

Increase in cash in the year 39,564 2,625
Cash inflow from increase in debt and lease
financing (18,854) (1,395)
_______ _______

Change in net funds resulting from cash flows 20,710 1,230
New finance lease and hire purchase contracts (464) (334)
_______ _______

Increase in net funds in the year 20,246 896
Net funds at start of the year 4,430 3,657
Exchange adjustments 444 (123)
_______ _______

Net funds at end of the year 25,120 4,430
======= =======

Consolidated statement of total recognised gains and losses
for the year ended 31 December 2003
Year ended Year ended
31 December 31 December
2003 2002
Restated
$000 $000

Profit for the financial year 9,236 2,412

Exchange adjustments 316 38
_______ _______

Total recognised gains and losses relating to
the financial year 9,552 2,450
======= =======


Reconciliation of movements in shareholders' funds
for the year ended 31 December 2003

Equity Non equity Total
Group $000 $000 $000

Profit retained for equity shareholders 9,236 - 9,236
Proceeds from share issues, net of issue costs 39,364 - 39,364
Buyback of deferred shares (566) - (566)
Conversion of non equity interests to equity 8,059 (8,059) -
Exchange adjustments 316 - 316
_______ _______ _______

Net addition to shareholders' funds 56,409 (8,059) 48,350
Opening shareholders' funds 6,246 8,059 14,305
_______ _______ _______

Closing shareholders' funds 62,655 - 62,655
====== ======= ======

Notes to the Preliminary Announcement

1 Basis of preparation

The financial information set out above does not constitute the company's
statutory accounts for the years ended 31 December 2003or 2002. Statutory
accounts for 2002 have been delivered to the registrar of companies, and those
for 2003 will be delivered following the company's annual general meeting. The
auditors have reported on those accounts; their reports were unqualifiedand did
not contain statements under section 237 (2) or (3) of the Companies Act 1985.

Functional and reporting currency

In the period covered by this report the group has experienced a marked increase
in the level and proportions of revenues and costs denominated in US dollars.
Having regard to the levels of such transactions in the year to 31 December 2003
the group believes that the functional currency has changed to the US dollar
during the current financial year. For this reason the reporting currency has
been changed to US dollars with prior year comparatives restated accordingly.

In accordance with generally accepted accounting principles in the UK, the
opening balance sheet and prior year comparatives previously presented in
sterling have been restated by translation into US dollars at the relevant
closing exchange rate, while profit and loss information, previously presented
in sterling has been restated by translation into US dollars at the relevant
average exchange rate.

In 2003, as a result of the listing on the London Stock Exchange, significant
sterling denominated share capital was raised. The directors consider it
appropriate to record the equity share capital at the exchange rate ruling on
the date it was raised.

The exchange rates used are shown below:

Profit and loss Balance sheet
account
Average rate Closing rate

Year ended 31 December 2002 1.5025 1.6099
Period ended 30 September 2003 1.6108 1.6606

Differences arising on the translation of prior period comparatives have been
dealt with through reserves.



2 Earnings per share

2003 2002
Earnings Earnings Earnings Earnings
per share per share
$000 cents $000 cents

Profit for the financial year 9,236 2,412
Non-equity dividends - (505)
______ _______

Basic 9,236 12.01 1,907 2.73
====== ======
Non-equity dividends - 505
______ _______

Diluted 9,236 9.24 2,412 2.57
====== ============= ======

The weighted average number of shares used in each calculation is as follows:

2003 2002
Number of Number of
shares shares

For basic earnings per share 76,876,773 69,920,520
Conversion of convertible preference shares 15,299,782 18,994,629
Effect of share options 7,767,033 4,901,397
_______ _______

For diluted earnings per share 99,943,588 93,816,546
======= =======


The earnings per share calculations reflect the sub-division of each ordinary
share of 10 pence into 100 ordinary shares of 0.1 pence each, upon admission to
the Official List of the UK Listing Authority on 21 October 2003. In calculating
the diluted weighted number of shares, the fair value of ordinary shares (used
in calculating the dilutive effectof share options) has been estimated as a
weighted average of the actual prices obtained in transactions in the ordinary
shares of the company during the year in question.

3 Share capital

At 31 December 2003 At 31 December 2002
Authorised No. $000 No. $000
Equity shares
Ordinary shares of 0.1p each 125,000,000 209 - -
Ordinary shares of 10p each - - 1,068,313 172
'B' Ordinary shares of 10p each - - 18,607 3
Non equity shares
Deferred shares of #1 each - - 296,312 477
Convertible preference shares of
#1 each - - 5,509,996 8,871
_______ _______

209 9,523
======= =======
Allotted, called up and
fully paid
Equity shares
Ordinary shares of 0.1p each 104,699,315 174 - -
Ordinary shares of 10p each - - 684,244 111
'B' Ordinary shares of 10p each - - 18,607 3
Non equity shares
Deferred shares of #1 each - - 296,312 477
Convertible preference shares of
#1 each - - 5,318,496 8,561
_______ _______

174 9,152
======= ======

From 1 January 2003 to 20 October 2003 4,100 ordinary shares of 10p each were
issued for a total consideration of #71,794 ($115,000) in respect of the
exercise of employee share options.

On 21 October 2003 the company was admitted to the Official List of the UK
Listing Authority and to the London Stock Exchange. Upon admission there were
the following changes to the company's share capital:

* 26,866 authorised but unissued ordinary shares of #0.10 were cancelled;


* each of the other issued and unissued ordinary shares of #0.10 each in
the company were split into 100 ordinary shares of 0.1p each;


* the 18,607 B ordinary shares were converted into 1,860,700 ordinary
shares;


* the 296,312 deferred shares in issue were bought back by the company for
an aggregate of #337,796 and then cancelled, with the purchase monies being
used by the recipients to buy ordinary shares at #2.10 per share;


* the 5,318,496 preference shares in issue were converted into 18,994,627
ordinary shares;


* the 191,500 authorised but unissued preference shares were cancelled;


* all of the non-voting deferred shares arising on the conversion of the
preference shares were bought back for an aggregate of #0.10 and then
cancelled, and


* 11,904,735 of new ordinary shares of 0.1p each were issued at a price of
#2.10 per share.


* Since 21 October 2003, 2,944,000 ordinary shares of 0.1p were issued for
a total consideration of #458,680 ($779,000).




This information is provided by RNS
The company news service fromthe London Stock Exchange

END

Wolfson upbeat after robust maiden full-year results
AFX
Very encouraging full year numbers; strong order book; further growth seen in first half

Wolfson Microelectronics PLC, a mixed-signal semiconductor company that produces proprietary high performance integrated circuits, reported robust maiden full year results for the 12 months ended Dec 31 2003.

Pretax profit increased to 12.5 mln usd from 3.6 mln usd a year earlier on turnover of 75.7 mln usd, up from 33.7 mln.

The company said it has entered the new year with a strong backlog of orders and healthy demand for its products. 'We anticipate continued growth in the first half of 2004 in all of our product lines (consumer audio, portable and digital imaging) with the strongest growth forecast in the portable sector.'

The board said this growth pattern will result in higher average selling prices and improved gross margin, as well as turnover in the seasonally weak first half 'comfortably ahead' of the turnover for the second half of 2003.

Wolfson has added six new products since the IPO and its new product pipeline is the largest in the company's history. The board said recently announced products are targeted at exciting opportunities in audio power amplification and multimedia mobile phones. It expects to introduce a total of over 25 new products in 2004.

Profit taking saw its shares slip 3.8% to 305.5p.