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Imagination Technologies, the UK system on a chip designer, today reported interim losses of £3.9m, double the losses of 2001, on lower sales of £5.8m (2001: £6.4m). It attributes this to reduced system revenues. The company is currently redrafting itself as an IP pure(ish) play and is still in transition.

Now for the better news: three new IP licensees - Intel, Hitachi and Frontier Silicon and commitments from six licensees to build chips incorporating Imagination IP cores. Royalty revenues should start flowing in the next financial year, the company says. And it points out that the "existing technology revenue backlog (from licensing, customisation and support) for second half already equates to
first half revenues".

But the company does not have much leeway. While noting tough industry conditions, it reckons it is well-positioned to become a top-tier "provider as the economy and the semiconductor industry recover".

There's not much leeway though. Cash reserves fell from £9.1m in March 2002 to £5.3m at September 2002. If it doesn't get to profit soon, it will need to recapitalise, or find a trade buyer. In today's business climate, the latter - at a knockdown price - will be the easier, if more unpalatable, option. ®

Imagination Interim Results for the Six Months to 30 September 2002

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