LONDON (ShareCast) - Chip maker Wolfson said fourth quarter losses widened after it lost business with Apple (NASDAQ: AAPL - news) and
as customers generally scaled back their orders.
The Edinburgh based firm said fourth quarter pre-tax losses widened to £5.8m from £0.5m the same quarter a year before. Revenue fell to £27.5m from £37.4m previously.
"The challenging and uncertain economic conditions in 2009 adversely affected consumer confidence and spending, resulting in Wolfson's customers scaling back their orders to well below the level seen in 2008," the company said in a statement.
Property giant British Land (LSE: BLND.L - news) saw a revival in its portfolio in the last three months with 'strong' valuation growth across all types of its properties.
The property portfolio valuation rose by 8.2% in the quarter and contributed to an overall uplift of 6.1% for the 9 months to 31 December 2009. NAV rose by 18% to 438p with net assets of £3.6 bn. Underlying profit before tax came in at £58m, and underlying eps 7p (against £63m and 10p this time last year). Including the impact of property write-downs, pre-tax profits were £611m against a loss of £1.6bn.
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