Wolfson Microelectronics, which makes components for mobile phones and tablet computers made an underlying operating loss in 2011 of $7.5m.

In every key metric the firm was weaker than during 2010. Revenues were down from $157.3m to $156.9m.

After taking account of exceptional items the operating loss was $24.2m, compared to an $11.3m loss in 2010.

Total cash at the beginning of January was $53.4m with no debt.

The quarterly figures are not much better. Revenues in the final three months of last year were $36.9m versus $45.8m in the comparable period of 2010.

Wolfson made an operating loss of $1m in the final quarter of 2010, by 2011 that had grown to $7.2m.

Today's report descibes 2011 as "challenging" , but the Chief Executive, Mike Hickey, chose to look on the bright side: "We delivered a record year for design-ins driven in part by establishing technology leadership over our competitors in the fast growing smartphone and tablet markets."

Despite the board saying it is "comfortable" with market expectations for 2012, the stock had dropped 4.5% by 10:27. Over the last 12 months Wolfson shares have fallen 47.5%.

BS

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