Imagination Technologies, UK hardware IP group stuck with flat sales and losses

Peter Clarke
(11/24/2004 11:52 AM EST)

  KINGS LANGLEY, England -- The integrated circuit intellectual property provider Imagination Technologies Group plc reported a loss in its financial results for the first half of its fiscal year to September 30, 2004.

Imagination, which makes chip designs for application in digital radio, digital television, mobile and handheld devices, made a net loss of £3.0 million (about US$5.6 million) on sales of £13.1 million (about US$24.6 million) in the first half of its fiscal year. This compared with a net loss of £3.3 million (about US$6.2 million) on sales revenue of £13.1 million (about US$24.6 million) in the same quarter a year before.

The company reported that loss on November 18, 2003 and also reported a loss on May 21 of that year.

"We are continuing to make progress in securing new licensing partners and increasing the number of committed partner chips," said Geoff Shingles, chairman of Imagination Technologies Group plc, in a statement.

"We are also seeing further end-user products powered by our technologies shipping including the first mobile device in a high-profile end-user device. These trends will continue and accelerate in the coming months, increasingly demonstrating that we are on track to becoming a major player in the silicon IP business. Whilst the precise timing of new deals has some variability, in the second half to date we have closed an additional license and made very strong progress on one more and are confident of continued progress for the full year," he said.