Imagination returns to profit

Imagination returns to profit

Business news |
By Nick Flaherty

UK IP developer Imagination Technologies has released its initial result for 2020 with revenues up by 44 per cent to $125m. The profit for 2020 was $4m, compared to a $18m loss in 2019 on revenues of $87m.

Imagination has a significant 35.5 per cent share in smartphone graphics processing unit (GPU) and is the largest GPU supplier to the automotive industry with a 43 per cent share. It has six customers for its new A and B-Series GPU designs in chips for laptops, desktops and the datacentre with partners looking at leading edge 3nm designs

The company completed the sale of its Ensigma technology to Nordic Semiconductor as of 31 December 2020 and has $60m cash in the bank and no debt.

“I am confident that Imagination has turned a significant corner,” said Simon Beresford-Wylie, the new CEO. “These initial results represent a notable turnaround compared to 2019 and give us a significant springboard for growth and increased profitability in 2021. The company has proven to be resilient, but this success is driven by its ability to innovate and provide our customers with the building blocks they need to succeed in a wide range of GPU and AI driven markets.”

Imagination is wholly owned by US/Chinese private equity company Canyon Bridge.

“We have bold ambitions for Imagination, and on that basis made significant investments in R&D leading to the creation of an outstanding new GPU architecture and the re-invigoration of ray tracing development,” said Ray Bingham, Canyon Bridge founding partner and Imagination Executive Chairman. “The company’s innovative technologies intersect with important trends towards remote work, Cloud transition, energy efficiency, AI and automation, especially ADAS. In a very challenging year for the World, Imagination has continued to deliver to its customers IP technologies that drive successful, life-enhancing, consumer experiences.”

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