Rise of smartphones boosts chip maker Imagination

Imagination Technologies, the chip maker that iPad and iPhone users should thank for their snazzy graphics, saw revenues rocket 30 per cent in the year to May as its customers shipped 1 million smartphones, tablets and computers a day containing its devices.

Imagination's chief executive, Hossein Yassaie, said yesterday: "Our partners are using more of our IP in their devices as they combine graphics and video, and the volume of devices is dramatically increasing."

Adjusted pre-tax profits rose by 53 per cent to £36.8m in the year, on revenues up 30 per cent at £127.5m. Mr Yassaie said he was confident of maintaining that rapid growth.

"The markets we operate in are growing dramatically," he said. "Half a billion smartphones were shipped in 2011, and we expect that to be 1.5 billion a year by 2015."