Imagination Technologies posts modest revenue growth in first half

Communications and embedded processor technology company Imagination Technologies Group posted a 27 per cent rise in its half-year revenue to 71.4m pounds.

Strong technology performance maintained with revenues increased 34% to £57.3m. Royalty revenue jumped 66% to £39.1m and adjusted pre-tax profit was up 10% to £16.8m.

The company saw strong growth in its technology business, with partner chip volumes up 90% to 237m.

Hossein Yassaie, Chief Executive Officer at Imagination Technologies Group, commented: "An increasingly diverse range of product shipments, across our many partners and in all regions, have resulted in more than 90% growth in unit shipments to 237m for the first half - ahead of our target. On average around 1.5m devices are now being shipped with our IP daily, despite the global economic environment.

"The group is continuing to build on this momentum and with further significant chip and end-product level design wins anticipated we now expect the full year unit shipments to be close to the 500m unit mark."

He added: "We remain confident of our continued good progress given the growing demand across our IP families, the growth in design wins across a widening range of end user markets and the momentum in our partners' chip volume."

Imagination Technologies is listed in the FTSE 250 and has a market capitalisation of £1,187.21m.

MF