Imagination Tech sees half year FY12 revenue up 28% to £56.3 million

PowerVR chip designs driving growth

Imagination Tech sees half year FY12 revenue up 28% to £56.3 million
Chip and consumer electronics company Imagination Technologies (LON:IMG) has announced its half year financials for the six months ending 31 October 2011.

Group revenue was £56.3 million, up 28 percent year-on-year.

Pre-tax profits were £10.4 million, up 35 percent.

It increased its cash balance to £56.1 million, up from £49.4 million at the end of April 2011.

Rising tide

The company said it experienced strong activity in its core chip licensing business, with partners shipping 123 million chips up from 107 million in the first half of 2010.

Imagination Technologies now has 125 active partners, up from 98 with new partners including TV chip company MStar, Ricoh, Qualcomm (for what's labelled image enhancement) and Rockchip.

There are over 90 licensee for its multicore PowerVR Series5XT family of GPUs, while its nextgen Rogue architecture has already been licensed by six companies.

Keep on chippin'

Licensing revenues were up 65 percent to £19 million, while royalty revenue on shipping products was up 26 percent to £23.6 million.

This growth is expected to continue into the second half of the fiscal year, across mobile phones, tablets, personal media players, TVs and set top boxes and in the automotive market, notably thanks to devices using the iOS 5 and Android 4 operating systems.

All Apple iPhone, iPod touches and iPad to-date have used Imagination's GPU designs. 

Indeed, Imagination pointed out it now had more than 15 'important agreements' involving more than 22 silicon IP cores in place. It also said that as well as looking to the future growth of iOS and Android, it has multiple tier one partners on the emerging Windows Phone 8 platform.

"We believe a market share goal of over half of the total smart phone market by 2015 and beyond, is a reasonable and realistic goal for our business," it stated in its earning press release.

[source: Imagination Technologies (PDF)]

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