Imagination said it planned further cost cuts on top of those announced in February, in an acceleration of its restructuring.

The outfit has been struggling to ease its reliance on the iPhone and iPad maker, particularly as Apple sales slow.

Imagination said it would reduce its cost base by an additional $18 million a year by 2017, by shedding 200 staff and shutting down or selling non-core units.

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

For the current year, the company said revenues from royalties and licensing continued to be in line with expectations, and that the action announced on Thursday would help its recovery.

Chief Executive Andrew Heath said in a statement:

"This swift and decisive action will put us back on a sound financial footing and will enable us to have the necessary resources to further strengthen our three core businesses."