Imagination’s interim results to 31st October show the impact of a slowdown in semiconductor and smartphone markets, as well as the previously flagged specific customer issue. Group revenue in H1’16 of £71.1m (N+1Se: £77.0m) and adjusted operating loss of £7.3m (N+1Se: £3.7m) are behind our forecasts, which were downgraded in September. The group continues to sign significant licence deals which will increase medium term royalties, including a new multiyear multi-core licence agreement for Power ....
