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 ?

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.