Hertfordshire-headquartered Imagination Technologies has brought in a former chief executive of technology group Laird as chairman and revealed the business is "on track" with its restructure, as pre-tax losses narrowed to £2.6m.
In its results for the six months to 31 October 2016, the listed company, which supplies graphics technology to Apple, reported that revenues increased to £64.4m, compared to £60.8m in the same period of 2015.
Losses before tax dropped to £2.6m from £5.8m a year earlier. It comes ten months after the business set out plans to cut operating costs by £15m - later increased to £27.5m.
The interim results were announced at the same time as Peter Hill was confirmed as chairman, who will join on 1 January 2017. He is currently chairman of Keller Group and Volution Group.
Andrew Heath, chief executive of Imagination Technologies, said: "We have successfully executed the restructuring programme, initiated last February, on time and in line with our expectations. The £27.5m of cost savings, identified earlier in the year, have been delivered - this has enabled the business to return to profitability."
He added: "We are now in a much better position to exploit our leading technologies, across a range of increasing opportunities and execute our refreshed strategy. In addition, Imagination Technologies said underlying trading performance of the group for H1 is in line with our expectations and we additionally benefitted from the strong dollar.”
Imagination Technologies current chairman, Bert Nordberg, is stepping down to devote his time to his other significant roles, having successfully overseen the change in executive leadership with the appointments of Andrew Heath as chief executive and Guy Millward as chief financial officer.