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Business News

Demand fires Imagination

Imagination Technology shares yesterday surged 12 per cent as demand grows for its graphic and video software on smartphones and tablets, but sales of its Pure digital radios slipped.

Imagination licenses its technology for use in mobile devices, TV personal video recorders and car entertainment systems. The group's technology was used in 123 million devices in the six months to October, up from 107 million a year earlier, and expects a "substantial acceleration" as manufacturers bring new products to market.

Half-year revenues shot up 28 per cent to £56.3m. But sales in its Pure digital radio division, which represents around a quarter of the company's turnover, fell slightly to £13.7m in a tough consumer market.