A major technology company which employs hundreds of people in south west Hertfordshire will be cutting its spending by £15million next year.

Imagination Technologies, which makes graphics cards for tablets and smartphones, will be also be putting radio brand Pure up for sale.

The Kings Langley based company blamed growing “global uncertainty about future trading prospects with China” and falling sales of key customers like Apple for its planned cost cutting next year.

Sir Hossein Yassaie will be stepping down as chief executive of the company after 18 years in the role.

In December, the company reported widening half-year losses and blamed a slowdown in the semiconductor market.

The company reported that its pre-tax loss in the six months to October deepened to £22.6m, from £10.7m the previous year.

Imagination Technologies expanded its offices in Kings Langley last year.

Bert Nordberg, chairman of Imagination Technologies said: “Trading conditions continue to be very demanding. We need to be very focussed on continuing to meet our customers’ needs, and commercialising our IP, cost effectively, based on our core business.

“The measures announced today will allow the business to maintain the necessary investment in key areas, in order to further strengthen our unique IP, technologies and system solutions. They will also set the group on track to deliver attractive returns in the coming years.”

The company has also announced it will be reviewing its expenditure to identify savings - paving the way for potential job cuts.

Analysts say the company, which relies heavily on making the graphic cards for Apple products, has also suffered from the rise of other phone products like Samsung.

Prince Edward, Duke of Kent, visited the company in May 2014 and was presented with a Pure Evoke D4 digital radio – built using the company’s software.

Sir Hossein Yassaie said: “I am proud of the successes Imagination has achieved over the last decade or so.

“We have built Imagination from very small beginnings into the leading provider of graphics processors as well as general purpose micro-processors and connectivity solutions. Imagination is now one of the genuine UK-headquartered companies with significant global influence and impact.

“It’s now time for someone else to lead this great company. I have been fortunate to work with a hugely talented team and would like to thank all my colleagues for all their support and dedication over the years.

“I would also like to thank the many customers and partners who have chosen to work with us over many years.”