30 July 2003
At the Annual General Meeting of Imagination Technologies Group plc today, Chairman Geoff Shingles will make the following comments to shareholders:
";Despite a difficult year for the semiconductor industry our strategy of delivering complementary system-on-chip (SoC) IP cores from our three fundamental technology families, PowerVR, Metagence and Ensigma, is showing significant success with a growing number of partners.
Over the last twelve months we have seen significant growth in licensing partnerships, with new agreements signed with Texas Instruments, Sharp, Intel, Renesas (the Hitachi and Mitsubishi Semiconductor merger) and Frontier Silicon. This places us in a strong position in key platforms including mobile phone, PDA, digital video and television, digital radio, in-car information and entertainment, with partners committed to over ten chips using our IP across these markets. We can look forward to royalties from these chips beginning to build later in this financial year.
We were pleased to have raised £4.4m of additional equity capital in the recent placing with institutional investors. These additional funds have strengthened the balance sheet and will enable the Company to engage successfully with global semiconductor and systems companies.
Strong interest in our IP continues and we are in active negotiation on a number of potential license deals - in the short term these deals will continue to be the main driver behind our financial performance. Whilst we cannot be precise on timing, it is our aim to secure in excess of five new licensing partnership agreements during the current financial year.";