Shares in Imagination Technologies were down on the FTSE 250 in morning trading, despite the group reporting a rise in pre-tax profit in the full year ended 30 April.

The technology company reported a rise in group revenue of 21 per cent to £98 million. Technology revenues increased 47 per cent to £69.8 million, Royalty revenues jumped 69 per cent, while Licensing revenue climbed 24 per cent.

However revenue at the group's PURE business dropped from £33.6 million to £28.2 million.

During the period Imagination Technologies nearly doubled the number of partner chips shipped to 245 million units.

Hossein Yassaie, Chief Executive of Imagination Technologies, commented, "The almost doubling of the annual unit shipment of devices using our technologies, and strong licensing activities, have again resulted in a substantial jump in full-year revenues and profits.

"Our technologies, instrumental in many of the key market trends, continue to gain ground and are powering many market-driving and iconic end-user products.

"Whilst acknowledging the on-going challenges to the global economy, we are increasingly confident of our continued good progress in the current financial year and beyond given the very active, growing pipeline of licensing prospects, the growth in design wins and the momentum in our chip volume, together with PURE's leading position and product portfolio."

By 10:15 shares in Imagination Technologies were down 3.07 per cent on the FTSE 250 to 419.70 pence per share.