Up-for-sale Imagination Technologies in the black amid Apple stand-off

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The company says it is in "preliminary discussions" with possible bidders, and analysts tout Intel, Qualcomm and ARM Holdings as potential owners. The firm recorded a £2.4 million pre-tax profit with group revenue up 19 per cent to £145.2 million, overhauling a £29.4 million loss from the previous year.

Imagination Technologies, the company that used to produce GPUs for Apple products, suffered quite a blow when the Cupertino company made a decision to manufacture its own graphics chips.

"We improved our financial performance across the business". It has formed the basis of Graphics Processor Units ("GPUs") in Apple's phones, tablets, iPods, TVs and watches.

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Vantiv, which has a market capitalisation of US$12.32 billion has recently gone on a buying spree of smaller players. Danish card payment services firm Nets A/S also said over the weekend it had been approached by potential buyers.

"Apple's unsubstantiated assertions and the resultant dispute have forced us to change our course, despite the clear progress we have been making".

In May, Imagination Technologies released a report detailing the current state of its partnership with Apple, saying it was still in dispute.

Regarding its dispute with Apple, Imagination's Chairman Peter Hill said it was "highly regrettable" that the progress made by the company had been to "severely impacted by the stance taken by Apple". The Kings Langley, United Kingdom conglomerate has been put up for sale since last month, two months after its shares plunged by 70 percent when Apple announced its intent in April. Options being reviewed. We believe that it would be extremely challenging to design a brand new GPU architecture from basics without infringing our intellectual property rights, accordingly we have not accepted Apple's assertions. The claim has led us to invoke a contractual dispute resolution procedure and has created significant uncertainty with respect to our business, including our employees.

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