LONDON (Reuters) - Imagination Technologies, which provides graphics technology to Apple has cut its outlook for licensing this year, saying activity had been a "little muted" since November, sending its shares down 14 percent. It had looked for 10 percent growth in licensing in the year to end-April, but now expects single-digit growth. "We currently expect licensing revenue to be close to last year's level with the potential of single digit growth dependent on exact closure timing of the remaining deals," it said on Wednesday. Imagination receives revenue from selling licenses to partners that incorporate the technology in their chips, and a royalty on every chip shipped. The company said it expected its partners to ship more than 1.3 billion chips based on its technology in this financial year, up from 1.25 billion last year. Shares in the group were down 10 percent at 232 pence by 8:20 a.m., after falling as much as 14 percent to a two-year low of 222.5 pence. Analyst Robert Lamb at Jefferies said the lower guidance could drive cuts of 5-10 percent in market consensus for operating profit and earnings per shares for this year and next. "We think the market will now see increased risk to financial year 16 licensing and this will weigh on the stock in early trading today," he said. (Reporting by Paul Sandle; editing by Sarah Young and Jane Merriman)