Wolfson down on 'challenging' year-end results

Wolfson Microelectronics, which makes components for mobile phones and tablet computers made an underlying operating loss in 2011 of $7.5m.

Wolfson Microelectronics, which makes components for mobile phones and tablet computers made an underlying operating loss in 2011 of $7.5m.

In every key metric the firm was weaker than during 2010. Revenues were down from $157.3m to $156.9m.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free
https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up

Total cash at the beginning of January was $53.4m with no debt.

The quarterly figures are not much better. Revenues in the final three months of last year were $36.9m versus $45.8m in the comparable period of 2010.

Wolfson made an operating loss of $1m in the final quarter of 2010, by 2011 that had grown to $7.2m.

Today's report descibes 2011 as "challenging" , but the Chief Executive, Mike Hickey, chose to look on the bright side: "We delivered a record year for design-ins driven in part by establishing technology leadership over our competitors in the fast growing smartphone and tablet markets."

Despite the board saying it is "comfortable" with market expectations for 2012, the stock had dropped 4.5% by 10:27. Over the last 12 months Wolfson shares have fallen 47.5%.

BS

MoneyWeek

MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.