Imagination Technologies profit soars 52%

Mobile phone and computer chip maker Imagination Technologies reported a 52% surge in adjusted pre-tax profit, after strong licensing and continued royalty revenue growth.

Adjusted pre-tax profit rose to £15.3m for the six months to 31 October 2011 from £10.1m the year before. Group half-year revenue was up 28% to £56.3m.

Technology revenues increased 41% to £42.6m, licensing revenues soared 65% and royalty revenue jumped 26% or 29% on a US dollar basis.

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Imagination said the tough retail environment in the UK was offset by strong overseas growth.

Looking ahead chief executive Hossein Yassaie said, "Whilst acknowledging the on-going challenges to the global economy, we remain confident of our continued good progress in the current financial year and beyond, given the fundamental strengthening of our business on the back of a very active and growing pipeline of licensing prospects, the growth in design wins and the momentum in our chip volume."

Shares in the group rose 13.20% to 494.70p at during midmorning London trading.

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cj