Imagination Technologies plans more cost cuts

LONDON, March 17 (Reuters) - Imagination Technologies, a supplier of graphics technology to Apple,said it planned further cost cuts on top of those announced inFebruary, in an acceleration of its restructuring.

The company, which licenses its graphics and videoprocessing technology to semiconductor companies, has in recentyears been struggling to ease its reliance on the iPhone andiPad maker.

Imagination said it would reduce its cost base by anadditional 12.5 million pounds ($18 million) a year by 2017, ontop of the 15 million pounds of cost cuts announced last month,by shedding 200 staff and shutting down or selling non-coreunits.

The company has already said it is planning to sell itsloss-making digital radio business Pure.

For the current year, the company said revenues fromroyalties and licensing continued to be in line withexpectations, and that the action announced on Thursday wouldhelp its recovery.

"This swift and decisive action will put us back on a soundfinancial footing and will enable us to have the necessaryresources to further strengthen our three core businesses,"interim Chief Executive Andrew Heath said in a statement.

($1 = 0.7017 pounds) (Reporting by Sarah Young; editing by Kate Holton)