But share price still 12% lower than last month
Shares in British chip designer Imagination Technologies closed more than 6 per cent higher last night (19th June 2013), despite a full year profit dip. They ended the day at 324 pence, but not before non executive director, Andrew Heath, swooped to purchase 20,677 at 288 pence, netting a quick profit of around £7,400. Imagination posted a pre-tax profit of £34.3 million in the year to April, down from £36.8 million the previous year, but analyst feared results could be worse after the company issued what was seen as a profit warning.
The FTSE-250 firm has suffered as a number of chip makers, including Renesas and Texas Instruments, have abandoned the smartphone and tablet market amid fears it is saturated.
Making matters worse is the fact that fellow chip designer ARM has been gaining market share at its expense.
Last month, when it revealed that it was suffering from contract delays, Imagination’s shares plummeted 18 per cent in a single day.
Key investors include Apple and Intel who hold stakes of 8.7 percent and 14.5 percent respectively.