Semiconductor designer Imagination Technologies Group PLC (IMG.LN) swung to a full year pretax profit and said it remains in dispute with Apple Inc (AAPL) following the iPhone maker's decision to stop using Imagination technology in its devices.
Imagination Tuesday reported a pretax profit of 2.4 million pounds ($3.1 million) for the year ended April 30, compared with a GBP29.4 million loss the previous year, on revenue up to GBP145.2 million from GBP121.6 million.
Imagination said it has made no progress in its dispute with Apple, which said in April that it will stop using Imagination's technology as it is working on its own designs for graphic processing units.
"The management team have done a tremendous job over the last year, turning the business around, returning it to profitability and with a clear strategy for growth," said chairman Peter Hill.
"It is therefore highly regrettable that this progress has been so severely impacted by the stance taken by Apple," he added.
A sale process to seek potential buyers of the whole company, a move Imagination made in response to the Apple announcement, continues, the company said.
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(END) Dow Jones Newswires
July 04, 2017 02:31 ET (06:31 GMT)