Jul 4, 2017

Imagination edges back to profit after tough year

Imagination Technologies edged its way back into profit on Tuesday after a miserable year in which the British chipmaker lost its biggest customer and was forced to put itself up for sale. Once a symbol of the UK's flourishing technology industry, the Hertfordshire company reported pre-tax profits of £2.4m in the year to 30 April, compared with heavy losses last year. Peter Hill, chairman, said: "The management team have done a tremendous job over the past year, turning the business around. It is therefore highly regrettable that this progress has been so severely impacted by the stance taken by Apple." Apple has long been linked with a takeover of Imagination but ruled one out in 2016. Investors have welcomed news of a potential sale, which would be the second buyout of a UK tech company in as many years after Japan-based SoftBank's acquisition of Arm Holdings last year for £24.3bn. Shares jumped 8 per cent to £1.55 in early London trading.

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