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Shares in UK chip-designer Imagination Technologies have plunged 69 per cent after Apple – its biggest customer – informed the company it will no longer be using its chips in its new products launching in less than two years’ time.

At the start of Monday trading, shares were down to 85p – their lowest level since 2009.

It comes after Apple – which accounts for half the UK company’s revenues – said it would be “working on a separate, independent graphics design in order to control its products and will be reducing its future reliance on Imagination’s technology”.

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