The company that provides the graphics processors of the iPad and iPhone has seen a 53% rise in profits.

Hertfordshire based Imagination Technologies posted a 53% rise in full year profits. However, an analyst has suggested that the UK company is too reliant on Apple. "We continue to believe that Imagination will struggle to hit this target primarily relying on only one of the key smartphone players, Apple," an analyst at Liberum Capital told The Telegraph.

Chief executive Hossein Yassaie said: "Despite the global economic environment, over one million devices are now being shipped with our IP daily.”

In addition to its Apple-based business, Imagination Technologies also earns royalties from licensing the intellectual property for its systems-on-chip including its Meta processor cores and PowerVR graphics engines, to the likes of Intel, Samsung, Qualcomm and Huawei.

The company also makes Pure digital radios. Revenues for that brand of radios rose £1m to £29.3m, thanks for an increase in demand from overseas.

“We remain very confident of our continued good progress given the growing demand across our IP families, the growth in design wins across a widening range of end-user markets, and the momentum in our partners' chip volume." Yassaie the BBC.

He added that Imagination's "smart" technologies are "being adopted more widely across new and existing partners" noting an increased demand from China.

Back in 2008, Apple bought a 3.6% stake in the company that developed the graphics technology used in the iPad and iPhone. A year later Apple bought more shares in Imagination Technologies, bringing its stake in the company to 9.5%. Intel also has a stake in the company.

Back in 2008 Imagination Technologies announced it had reached a new multi-year, multi-use license agreement which gives an "an international electronics systems company" [Apple] access to Imagination’s wide range of current and future PowerVR graphics and video IP cores.