Imagination Technologies Swings to Fiscal Year Pretax Profit
July 04 2017 - 2:46AM
Dow Jones News
By Rory Gallivan
LONDON-- Semiconductor designer Imagination Technologies Group
PLC (IMG.LN) swung to a full year pretax profit and said it remains
in dispute with Apple Inc (AAPL) following the iPhone maker's
decision to stop using Imagination technology in its devices.
Imagination Tuesday reported a pretax profit of 2.4 million
pounds ($3.1 million) for the year ended April 30, compared with a
GBP29.4 million loss the previous year, on revenue up to GBP145.2
million from GBP121.6 million.
Imagination said it has made no progress in its dispute with
Apple, which said in April that it will stop using Imagination's
technology as it is working on its own designs for graphic
processing units.
"The management team have done a tremendous job over the last
year, turning the business around, returning it to profitability
and with a clear strategy for growth," said chairman Peter
Hill.
"It is therefore highly regrettable that this progress has been
so severely impacted by the stance taken by Apple," he added.
A sale process to seek potential buyers of the whole company, a
move Imagination made in response to the Apple announcement,
continues, the company said.
-Write to Rory Gallivan at rory.gallivan@wsj.com; Twitter:
@RoryGallivan
(END) Dow Jones Newswires
July 04, 2017 02:31 ET (06:31 GMT)
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