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Imagination Tech says no progress on Apple dispute, sale talks continue
July 4, 2017 / 6:44 AM / 5 months ago

Imagination Tech says no progress on Apple dispute, sale talks continue

LONDON (Reuters) - British chip designer Imagination Technologies said it had made no progress in its battle with its biggest customer Apple , and the sale of the company triggered by the dispute was continuing with talks with potential buyers.

The headquarters of technology company Imagination Technologies is seen on the outskirts of London, Britain, June 22, 2017. REUTERS/Hannah McKay

Imagination said in April that Apple had decided to develop its own graphics chips and would no longer use Imagination’s processing designs in 15 months to two years time, sending its shares down 70 percent on the day.

The company, which put itself up for sale last month, said it returned to profitability in the year to end-April, with reported operating profit of 7.8 million pounds ($10.1 million) against a loss of 26.8 million pounds a year earlier.

Chief Executive Andrew Heath said: “Apple’s unsubstantiated assertions and the resultant dispute have forced us to change our course, despite the clear progress we have been making.”

Reporting by Paul Sandle; editing by Jason Neely

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