Imagination Technologies Group Plc (IMG.L) a provider of multimedia and communication technologies, Thursday said it now expects adjusted pre-tax profits for the year to be below market expectations due to the closure timing of a number of licensing deals in the second half, and continued short-term pressure on Pure's revenue.
The company further said operating costs are in line with expectations, with the year on year growth being higher than previous years due to planned additional investments in strategic R&D programmes including the acquisition of camera technologies. The firm however sees operating cost growth returning to normal levels of 18 to 20 percent for the coming fiscal year.
Commenting on the results, Hossein Yassaie, Imagination's Chief Executive said, "Whilst we continue to see strong demand for our technologies, we are disappointed that the licensing revenues are below our expectations in this period. Despite these short-term timing issues, we continue to see growing partner engagements across our key technologies, these include a number of very significant, strategic deals."
Despite the transient timing issues in licensing closure, overall the company said it remains very confident of making strong progress across all operations.
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