Wolfson Thanks Portable Products

The maker of electronic chips for Apple iPod music players and TomTom car navigation systems yesterday said it expected solid growth this year despite “uncertain” conditions.

Edinburgh-based manufacturer Wolfson Electronics posted a better- than-expected 13.5 per cent hike in full-year revenues, at 231.6 million US dollars, after a record revenue performance in the final three months of 2007.

The group, which also designs audio components for mobile phones such as Apple’s iPhone and flat-screen TVs, boasts clients including consumer electronics giants such as Canon, Sony and Samsung.

Wolfson said the key driver of revenues had been portable products such as MP3 players, digital cameras and satellite navigation devices.

These account for almost three-quarters of group revenues, with sales of chips for sat-navs nearly doubling as the technology falls in price, according to the group.

The company said current market uncertainty could affect the firm “to some extent” in 2008, although it expects to deliver solid growth from new customers and new products coming on sale.

Chief executive Dave Shrigley added: “This is a great testament to the company’s resilience and the quality of its business.”

Wolfson has looked to broaden its product and customer range through acquisitions under its Audioplus growth plans.

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