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Imagination Technologies hits revenue of £98m, but Pure radio division disappoints

Imagination Technologies, parent company of radio manufacturer Pure Digital, saw revenues rise by 21% in the year to April 30th 2011 to almost £1bn (£98m). Pre-tax profits jumped 61% to £16.4m.

The British company, which makes microchips used in the Apple iPhone and iPad, shipped 245 million microschips in total, compared to 126 million in 2009/10.

Its technology division saw a 47pc increase in revenues to £69.8m, offsetting a weaker performance from its digital radio business, Pure, where revenues dropped from £33.6m to £28.2m.

Chief executive Hossein Yassaie admitted that sales of digital radios had been hit by the slowdown in consumer spending and caution among retailers, but predicted it will pick up in the medium-term and in international markets.

Nervousness among City analysts about the Pure radio business saw Imagination's shares drop by 15.5p to 417.5p this morning.

For more on Pure and Imagination Technologies, read our industry insider blog.

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