Imagination Technologies Group Plc. (IMG.L) reported that profit before tax for the year ended 30 April 2013 declined to 12.16 million pounds from last year's 28.54 million pounds.
Profit for the financial year attributable to equity holders of the parent slip to 6.28 million pounds from the prior year's 20.46 million pounds, with earnings per share decreasing to 2.3 pence from 7.5 pence last year.
The Group's adjusted pre-tax profit was 34.3 million pounds, compared to 36.8 million pounds in the previous year. Adjusted earnings per share for the year were 9.0 pence, down from 9.6 pence last year.
Underlying Group operating expenses, excluding MIPS, increased to 91.5 million pounds, compared to 69.8 million pounds lastyear. Group operating expenses including MIPS were 98.3 million pounds. The significant increase in operating expenses reflects the strengthening of key parts of the Group, in response to the fast growing customer base and technology development as well as the inclusion of the newly acquired MIPS and Nethra Imaging.
Group revenue for the year increased 19% to 151.5 million pounds from last year's 127.5 million pounds. This included a 8.2 million contribution from MIPS Technologies, Inc or MIPS. The company said all MIPS figures were for the period from 7 February 2013 to 30 April 2013.
"The full-year saw strong volume ramp-up ahead of our expectations. We see this as a solid half-way milestone to our target of 1bn annual unit shipments (excluding MIPS) by 2016.," the company said.
The company expects to see continued shipment growth from its existing high volume partners. Additionally the company expects other partners targeting mobile, tablet and TV / STB markets to ramp up significantly during the current financial year. As a result the firm expects partner chip shipments in fiscal 2014 to continue to grow strongly and to exceed 650 million units, excluding MIPS.
The company said its Board remains confident that the Group is on track to deliver continued strong growth during the current financial year.
The company said that its directors did not propose the payment of a dividend, compared to no dividend paid last year.
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