Imagination’s Q1’16 trading update on Wednesday highlighted a combination of macro and customer specific issues which will impact short term unit shipments, resulting in an expected loss in H1’16. MIPS volumes are unaffected and licencing activity remains steady, benefitting from the strong pipeline going into the year. We downgrade our forecasts for FY’16 and FY’17 and introduce FY’18 forecasts, where the positive impact of recent strong licencing activity begins to come though. Including the n ....
