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Imagination Technologies Group revenues up 6%

Staff Writer |
Imagination Technologies Group announced results for the six months ended October 31, 2016.

Total partner shipments in line with expectation, with revenues from continuing operations up 6% to £64.4m (H1 FY16: £60.8m), as a consequence of the strong U.S. dollar.

CEO Andrew Heath said: "We have successfully executed the restructuring programme, initiated last February, on time and in line with our expectations.

"The £27.5m of cost savings, identified earlier in the year, have been delivered – this has enabled the business to return to profitability.

"Our Ensigma unit achieved strong licence sales as we have made good progress in agreeing deals with a number of major customers. The underlying trading performance of the Group for H1 is in line with our expectations and we additionally benefitted from the strong dollar.

"We are now in a much better position to exploit our leading technologies, across a range of increasing opportunities and execute our refreshed strategy.

"For our continuing operations, we remain on course to deliver an underlying trading performance for the year in line with our expectations and anticipate that we will continue to see an additional benefit from the strong U.S. dollar."

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