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UPDATE 1-Demand for Apple's phones boosts Imagination Tech
June 19, 2012 / 6:36 AM / 5 years ago

UPDATE 1-Demand for Apple's phones boosts Imagination Tech

LONDON, June 19 (Reuters) - Imagination Technologies , the British company whose graphics power Apple’s iPhone and iPad, posted an as expected 53 percent rise in full-year profit and said it was confident about its prospects.

The group, which also makes “Pure” branded digital radios, posted adjusted pretax profit of 36.8 million pounds ($57.7 million) on 30 percent higher revenue of 127.5 million pounds.

Imagination said the total number of chips shipped with its graphics and video technology by partners including MediaTek in the year to April 30 rose by a third to 325 million.

“Despite the global economic environment, over 1 million devices are now being shipped with our IP daily,” Chief Executive Hossein Yassaie said on Tuesday.

“We remain very confident of our continued good progress.”

Shares in the group have been under pressure in the last two months, falling by 30 percent, as investors fret about end-consumer demand and increased competition from ARM, which is down about 19 percent in the same period.

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