EDINBURGH, Scotland -- Wolfson Microelectronics Ltd. is refusing to comment on speculation that its is preparing to float on the UK stock market.
The fabless semiconductor company, which develops and markets mixed signal semiconductors for multimedia and communications applications, is reported to have recruited Cazenove and Citigroup as advisors and are said to be working towards a floatation by mid-October although this must depend on stock market conditions.
A valuation of more than £300 million is being suggested for the company that has a deal with Microsoft's for components for the X-box games console. In the financial year to the end of last December sales were £22.4 million (about $36.0 million), representing an increase of 100 percent over the previous year. Profit on ordinary activities before tax of £2.4 million for 2002 (about $3.9 million) in comparison with a loss of £0.7 million (about $1.1 million) for the same period in 2001. Around 15 percent of sales were said to come from Wolfson's Microsoft deal.
The company's founder and chief executive officer, David Milne, was named the European Technology Forum's chief executive officer of the Year (private company), while Wolfson was runner-up in the Hottest UK Technology Prospect category.
The company's 125 employees are said to own about a quarter of the shares with other shareholders including Sanyo, German bank WestLB, and the Scottish Braveheart Ventures investment syndicate.