Imagination has reported its interim results for the 6 months to October 2016. Group revenue from continuing operations of £64.4m (+6% y-o-y) is ahead of our expectations (N+1Se: £59.7m), with solid underlying performance boosted by FX gains. Good underlying unit shipments resulted in royalty revenues of £52.5m with licencing revenue of £11.8m broadly in-line despite some PowerVR deals moving to H2. The £27.5m of annualised cost savings have been delivered, resulting in adjusted EBIT up 65% to £ ....
