"Overall the progress is very much on track," Sir Hossein said. "It's steady as she goes, there have been significant developments in the recent period."
He dismissed concerns that Imagination's dominance in graphics chips for smartphones – the company powers devices including the iPhone and the Samsung Galaxy S4 – was under threat from well-heeled competitors such as ARM Holdings, which is making strides in the space. "We are comfortable that we have got coverage of the market, we are a market leader," Sir Hossein said.
He added that the company was integrating well with MIPS, the US chip designer it bought last year, and that MIPS was well placed to take advantage of the opportunity to design chips for "wearable technology" such as Google's internet-connected glasses and Samsung's Galaxy Gear smartwatch. "It's a completely new segment of the market but we are already in a number of designs," Sir Hossein said.
Shares fell 2.7pc to 334.7p in a bout of profit taking after a recent strong run.
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