Strong set of results following successful restructuring
Imagination Technologies Group, a multimedia, processor and communications technology company, has seen group revenue from continuing operations up 19 per cent to £145.2m (2016: £121.6m).
The numbers come following Imagination’s shares tanking over 60 per cent earlier this year after Apple said it won’t be using its chips in its products.
Imagination said: “Apple’s unsubstantiated assertions that it had designed Imagination out and that royalties would cease in 2018 or early 2019, announced by the Group on 3 April 2017.”
The dispute with Apple continues – no progress made.
Formal Sale Process
Following interest in the entire Group, it decided to initiate a formal sale process on 22 June 2017, preliminary discussions continue with potential bidders.
Peter Hill, chairman, commented: “The management team have done a tremendous job over the last year, turning the business around, returning it to profitability and with a clear strategy for growth. It is therefore highly regrettable that this progress has been so severely impacted by the stance taken by Apple.”