Imagination Technologies is fired by growing appetite for chips

Imagination Technologies, the designer of chips that run graphics on smartphones and tablets, today said it expected one billion of its products to be shipped annually within the next five years.

Shipments soared last year from 126 million to 245 million.

"Our licensing prospects have never been better," said chief executive Hossein Yassaie. "Our technology is in many of the key areas of growth, not just smartphones but increasingly tablets, set-top boxes, TV and cars."

Headline profits at the firm based in Kings Langley, Hertfordshire, rose 80% to £24 million on revenues up 21% at £98 million in the year to end-April.