19-Bagger Imagination Technologies Confirms "Strong Performance"
LONDON -- Imagination Technologies (ISE: IMG.L) slipped 6 pence, or 1%, to 604 pence in early London trading this morning after the embedded processor developer issued a trading statement covering the period from May 1.
The FTSE 250 group, whose designs are used by Apple, said the momentum in its business had continued following the strong performance reported in the last financial year.
Imagination said partner product launches in the second half of the last financial year, together with shipments starting for a number of customers for the first time this year, had both contributed to "strong growth in unit shipment volumes."
Imagination added volume growth had been driven across greater sales of mobile phones, tablets, and games consoles, with royalty revenue growth continuing to be strong and in line with City expectations.
Imagination also claimed further product launches from customers, including "a number of significant design wins reaching production" would continue to "drive strong growth in royalty volumes and revenue."
Hossein Yassaie, Imagination's chief executive, said, "Our 'smart' technologies are being adopted more widely across both new and existing partners, creating a wider base for continued momentum in future volume growth which maintains our stated goal of around 1 billion annual unit shipments by 2016 as a realistic objective."
In June, Imagination reported full-year results that showed sales up 30% to 128 million pounds and adjusted profits up 53% to 37 million pounds. Current City forecasts suggest earnings may advance from 11 pence to 17 pence per share by 2014 -- implying the group's upbeat progress can continue in the near term.
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