News: The UK chip designer said it is planning to fill 50 posts in its PowerVR graphics and multimedia division.
UK technology R&D firm Imagination Technologies has confirmed plans to cut 200 jobs as part of its cost-cutting measures.
The job cuts are in addition to the 150 headcount reduction resulting from the initial restructuring announcement last month.
The company is however planning to fill 50 posts in its PowerVR graphics and multimedia division, which it sees as a core business.
Imagination recently launched the latest version of its PowerVR Graphics SDK (Software Development Kit), designed to support all aspects of graphics and GPU compute application development.
As part of its restructuring programme, Imagination is planning to save £15m in operating expense in the next financial year, ending April 2017.
The company said that it would also see an extra £12.5m in savings by seeking to sell or close down"cash consuming units, including those in consumer radio.
Imagination experienced considerable interest in its digital radio business Pure, which it is planning to divest by the end of this year.
The company plans to refocus and rescale the System on a Chip design business. Further reductions are also planned in overheads, which are not focussed on the company’s core activities.
Imagination Technologies interim chief executive Andrew Heath said: "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. They are unaffected by these cuts."
"The ongoing operational review will identify clearly where we need to focus, building on our current strengths and allocating the right capital to ensure growth and attractive returns."
The company said it will carry out asset write-downs and record several contract and tax provisions. The cash cost of the total reduction will be less than £5m, restricted to redundancy payments, and will be funded from the current resources.
Last month, Imagination’s CEO, Sir Hossein Yassaie, stepped down amid poor financial results in the last few months.
In its last full financial year 2013/2014 (April to April), the company saw revenues of £170.8m, however, estimates for this year reveal the company to have stagnated with nearly no growth.