Scotland business

Chip maker Wolfson Microelectronics sees sales surge

Galaxy S3 smartphone
Image caption Wolfson recently signed a deal with Samsung to supply audio microchips

Edinburgh microchip maker Wolfson Microelectronics has reported a 59% increase in sales in the first three months of this year.

The company said revenues reached more than $48m (£30m).

Pre-tax losses at the group during the first quarter were cut from $8.4m in 2012 to $6.3m (£4.1m) this year.

Wolfson recently signed a deal with Samsung to supply it with audio microchips and its products were also selected by Lenovo.

Chief executive Mike Hickey said: "The growth momentum we built up last year has continued into the first quarter, with record first quarter sales up close to 60% year-on-year.

"This growth is being driven by our class-leading HD audio solutions for smart mobile devices."

He added: "We continue to build closer relationships with market leaders in smartphone and tablet applications and, encouragingly, we are also expanding our position in the fast-growing smartphone market in China and other emerging markets."

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