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Imagination Technologies swings to full-year loss

Tue, 05th Jul 2016 07:57

(ShareCast News) - Imagination Technologies, which design chips for Apple, swung to a loss for the year ended 30 April as revenue dropped amid a significant restructuring of the business.The company reported a pre-tax loss of £63.2m from a profit of £2.2m the year before, as revenue declined 23% to £120m.Licensing revenue from continuing operations fell to £17.1m from £37.8m, while royalty revenue dropped to £102.7m from £118.4m due to the ramp down in sales of a legacy chip manufactured by a significant customer.Imagination said it saw a "significant slowdown" in the semiconductor market, driven by weaker smartphone sales, a general economic slowdown and build-up of inventory in China. This resulted in lower license sales for the group and continued into the second half of the year.Chief executive Andrew Heath said: "As previously indicated in our trading update in May, the last year has been particularly challenging for Imagination. The results reflect a combination of difficult trading conditions and a significant restructuring of the business."However, we have now taken the necessary action to put Imagination back onto a sound financial footing. We have also conducted a comprehensive operational review. Going forwards Imagination will be an IP licencing business."At 1043 BST, Imagination shares were down 4.8% to 174.75p.
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21 Feb 2016 17:23

Sunday newspaper round-up: GSK, Sainsbury's, BT, Imagination Technologies

(ShareCast News) - Financial institutions in the City of London are fairly pleased with David Cameron's agreement with the European Union ahead of June's referendum as it looks to have secured the Square Mile from excessive further Brussels red tape. A potentially painful sticking point has been avo

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19 Feb 2016 16:06

Imagination Technologies Sells 10% Stake In Toumaz (ALLISS)

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9 Feb 2016 15:11

Tuesday broker round-up

(ShareCast News) - Glencore: RBC Capital upgrades to outperform with a target of 135p. Barclays and JP Morgan stay at overweight and Goldman Sachs keeps at neutral. First Quantum Minerals: Goldman Sachs downgrades to sell with a target price of 130p. Randgold: Ubs downgrades to neutral, 6000p targe

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9 Feb 2016 09:51

Former Imagination Technologies Boss Leaves 7digital, Toumaz As Well

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9 Feb 2016 09:35

BROKER RATINGS SUMMARY: Deutsche, UBS, HSBC Cut Randgold After Rally

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8 Feb 2016 17:19

LONDON MARKET CLOSE: China Fears, Oil Price Fall Weigh On Stocks

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8 Feb 2016 16:28

Toumaz Says Departing Imagination Tech Chief Executive To Leave Board

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8 Feb 2016 12:06

LONDON MARKET MIDDAY: It's Chinese New Year But Old Concerns Remain

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8 Feb 2016 10:37

WINNERS & LOSERS SUMMARY: Imagination Tech Update Weighs On ARM

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8 Feb 2016 09:14

UPDATE 1-Imagination Tech CEO steps down; warns of operating loss

* CEO quits after company warns on profit * Will sell Pure digital radio business, focus on core operations * Shares down 16 pct (Adds shares, quotes, background) By Paul Sandle LONDON, Feb 8 (Reuters) - Imagination Technologies, a supplier of graphics technology to Appl

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8 Feb 2016 08:33

LONDON MARKET OPEN: Randgold Lifts Miners; Imagination Tech Hits ARM

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8 Feb 2016 07:52

Imagination Technologies Chief Executive Departs As It Warns On Profit

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8 Feb 2016 07:45

Imagination Technologies warns on profit, announces CEO departure

(ShareCast News) - Chip designer Imagination Technologies announced a restructuring and the resignation of its chief executive with immediate effect, as it warned that it now expects to report a loss for the year. The company said it will implement a number of restructuring and cost-cutting initiati

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8 Feb 2016 07:13

Imagination Tech CEO steps down; warns of operating loss

LONDON, Feb 8 (Reuters) - Imagination Technologies, a supplier of graphics technology to Apple, said its chief executive Hossein Yassaie had quit, departing as the British company warned it would not make an operating profit this year. Non-executive director Andrew Heath had been appointed

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1 Feb 2016 09:40

BROKER RATINGS SUMMARY: Citi Promotes Sky To European Focus List

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