Wolfson Microelectronics has postponed its planned stock market flotation despite achieving record £2.4m sales last quarter and breaking into profit.
Dr David Milne, Wolfson's chief executive, said that despite the slowdown in the semiconductors sector, the company had doubled its customer base in the last year and had increased sales by 40% in the past three months.
"To develop the company and expand sales and the number of products we produce we need to raise more money, but obviously the public markets aren't right at the moment, so we're keeping in mind other ways of doing that," said Dr Milne.
This is most likely to be some form of partnership deal.
"We've been expanding quite rapidly in spite of market conditions and we believe the reason is because our focus is in the digital consumer space, which hasn't been hit as hard as communications and PCs," Dr Milne continued.
The company, which has designed a chip for Microsoft's X-Box games console, is now unlikely to list before the end of 2002.