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Imagination Tech confident on full year after licensing wins

LONDON (Reuters) - Imagination Technologies, the British graphics supplier to Apple, said that its royalty growth in the last quarter continued to be strong, which combined with steady licensing, gave it confidence in its outlook.

The group was boosted last week by the signing of an multi-year deal with chipmaker MediaTek. Its shares reached a three-month high of 349.5 pence on Monday.

The progress on licensing to date and the current sales pipeline support the existing guidance of 30-35 million pounds ($48-$56 million) of licensing revenue, excluding the MIPS business it acquired last year, Imagination said on Tuesday.

"Our strong technology base, partner engagements, design wins achieved, and growing opportunities, give me confidence that we will continue our planned progress," Chief Executive Hossein Yassaie said in a statement.

($1 = 0.6275 British pounds)

(Reporting by Paul Sandle; editing by Sarah Young)

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