EDINBURGH, Scotland -- Mixed signal semiconductor group Wolfson Microelectronics plc saw a 100 percent improvement in sales for the year ended 31st December 2002 to £22.4 million (about $35 million).
The company said it plans to take on extra people to develop and market new products for the multimedia and communications sectors on the back of the results.
Profit on ordinary activities before tax was £2.4 million for the year, in comparison with a loss of £0.7 million for the same period in 2001.
David Milne, managing director of the privately held company, said: "2002 was a year of significant growth in both sales and personnel. We have expanded our sales and applications presence in North America and intend to continue to add to the team in the UK throughout the coming year."
However, Milne warned the target market environment for the company's products remains "extremely competitive".