Semiconductor player Imagination Technologies Group (LON:IMG) posted record full year results today with adjusted pre-tax profits jumping by 166% to £12.3m on revenues up by 26% to £80.9m. Imagination – whose System-on-Chip intellectual property finds its way into mobile phones, personal media players, televisions and set-top boxes as well as the company’s own PURE digital radios – said it was seeing an increasing number of products using its technology. Shares in the company dipped by 1.6% to 295p during the morning – down from a 12-month high of 310p, which it hit earlier this week.

In its technology division, the company said that sales had increased by 28% to £47.3m, with revenues from royalties up 75% and licensing revenues flat. Here, the company shipped 126m partner chips – up by 47% on last year. Sales connected to PURE increased by 23% to £33.6m while overseas sales rose by 35% to £7.8m. As a result, the technology arm saw adjusted operating profits rise by 78% to £13.6m while PURE posted an adjusted operating loss down by 90% to £0.3m.

During the year, the company pulled in 12 important agreements involving over 23 silicon IP cores and many new customers. It said a significant number of smaller deals, software licenses and upgrades were driving further technology adoption and spread. Turning to PURE, the company noted that an improving economic environment had helped revenue growth. In turn, it said the progression of global adoption of DAB and the cloud-based/connected content and services revolution offered market opportunities that PURE was well positioned to exploit.

Hossein Yassaie, Imagination’s chief executive, said: “The continued strong volume ramp of devices using our technologies, the growing interest in, and customer commitment to, our broadening portfolio of offerings and PURE's improving performance have resulted in record full-year revenues and profits. Our technologies in multimedia, connectivity, broadcast and embedded processing offer unique and significant advantages to our partners. They also provide a strong, scalable base for our progress. Our technologies have been instrumental in many of the key recent market trends and have been shipped in well over 300 million devices across numerous end-user product categories”.

He added: “The state of the global economy, although improving, remains a concern given the potential impact of world governments' fiscal policies on consumer spending. However, we remain confident of our continued good…

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