Imagination Technologies, the chip designer, which licenses and sells its designs to Intel and Apple has fallen on the FTSE 250 today after announcing full year pre-tax profits of £10.2 million.
The tech company, which also deploys its chip designs in its own-brand of PURE digital radios, said that it had improved revenues up 28 pct, specifically Royalites, which went up 75 pct, after their designs went into thousands of Apple iPad's, iPhone's and iPod's.
Revenues from PURE digital radios - which is currently loss making - were also improved at 23% increases to £33.6m and overall, total revenue at the group went up to 80.9 million pounds - slightly beneath expectations of 82.3 million pounds.
Of the seven brokers which cover it, Panmure Gordon said that PURE revenues contributed lower than expected and a slightly worse than expected operating loss from the digital radio brand pushed down the performance overall.
Nick James, analyst at Panmure said: "Results are below expectations on revenue, but ahead on PBT."
"The Pure consumer electronics business traded slightly behind revenue expectations but ahead on EBIT."
"The results adequately demonstrate Imagination's growth and future prospects in which we maintain a high conviction." he said, offering a 'Buy' rating at target price 300p.