Imagination Technologies reviewing options for Pure division

Multimedia, processor and communications technology company Imagination Technologies said on Monday that it is reviewing strategic options for its audio products division Pure.

The statement followed a report in the Sunday Times suggesting the company was looking to sell the loss-making division.

“As stated at the time of the half-year result in December 2015, the group recognises the challenges it is facing given the current economic backdrop of the industry in which it operates.”

Imagination said it was already and actively controlling the investments that it is making to minimise opex growth.

“Imagination continues to monitor the industry situation and will take further actions as and when necessary.”

The group added that Pure’s prime focus is now the growing digital radio market and said its financial performance is improving rapidly.

At 0807 GMT, shares were up 5.3% to 120p.