Wolfson Micro off the pace as Apple contract loss still bites

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Pre-tax losses at Edinburgh-based Wolfson more than doubled to $24.2 million (£15.3 million) at a time when sales of smartphones and tablets across the wider industry are going through the roof.

Annual revenues were flat at $156.9 million, with turnover in the last three months to December falling to $36.9 million against $45.8 million a year earlier. Wolf son chief executive Mike Hickey said sales from tablet and personal computers almost doubled in the year.

Other British firms involved in the microchip and semiconductor business have fared much better than Wolfson in recent years because of their continuing relationship with Apple. Chip designer ARM Holdings has become one of Britain's fastest-growing companies, thanks to the huge success of Apple's devices. Wolfson lost its Apple contract in 2008.

Hickey said the firm should "return to both top line growth and underlying profitability"
in 2012. "Favourable technology trends coupled with the right products, customers and markets are improving the fundamentals of the business," he said.But the shares fell 6.25p to 152.75p.