LONDON – Graphics intellectual property licensor Imagination Technologies Group plc announced a weakness on its Pure digital radio division that was more than offset by strength in its technology division in first half financial results to October 31, 2010.
The group's half year revenue was up 16 percent to £44.1 million (about $69.3 million). The technology revenues based on its licensing of IP cores increased 48 percent to £30.3 million (about $47.6 million). Within that royalty revenues were up 69 percent and licensing revenues were up 24 percent.
On the Pure side of the business revenue of £13.8 million (about $21.7 million) fell by 22.5 percent.
The group's pre-tax profit more than doubled to t £7.7 million (about $12.1 million) and the company's cash balance increased to £35.0 million (about $55.0 million) at 31 Oct 2010 compared with £29.4 million (about $46.2 million) on April 30, 2010.
Imagination reported that shipment of chips carrying its IP doubled to 107 million units with significant volume shipments in mobile phones, TV, tablet computers, digital radio and automotive applications.
"The continued strong volume ramp of devices, using our technologies, and active licensing engagements have again resulted in record half-year revenues and profits," said Hossein Yassaie, chief executive, in a statement. "Despite some short-term slow-down driven by the consumer spending and timing of some new products, Pure continues to effectively showcase and drive some of our key technologies and is expected to see improvement over the medium term."