28th Mar 2014 13:14
LONDON (Alliance News) - Imperial Innovations Group PLC Friday saw pretax profit rise in the half-year ended January 31, 2014, boosted by the success of its largest investment, Circassia Pharmaceuticals PLC.
The technology investment company posted a pretax profit of GBP24.4 million, up from GBP921,00 in the previous year, although revenue remained broadly flat at GBP1.6 million, benefiting from a GBP33.2 million gain from the uplift in the value of its portfolio, mostly due to Circassia.
Imperial had net assets of GBP254.8 million, up from GBP227.6 million.
Circassia launched its initial public offering on the London Stock Exchange main market March 18, 2014, with a market capitalisation of GBP581 million. Following the year end, Imperial saw an unrealised fair value gain in Circassia of GBP8.2 million as at its listing.
Outside of Circassia, the company also saw its investment companies Oxford Immunotec Global PLC launch on the NASDAQ and IXICO PLC listing on AIM towards the end of 2013. It invested GBP17.8 million in seventeen portfolio companies, and added seven new companies to its portfolio, three of which were spin-outs from Imperial College London.
The company's business model involves working with university research at early stages then bringing this through to commercialisation.
Imperial said that Circassia had been the clear "stand out success," and added that as the lead investor, Circassia's successful IPO had been a major success for the company.
"In this period alone, Circassia's IPO, taken together with the flotation of Oxford Immunotec on NASDAQ and the admission to AIM of IXICO, has demonstrated the validity and strength of our business model," Chairman Mark Knight said in a statement.
Imperial expressed optimism for its second-half, bolstered by the Circassia IPO and progress made across its maturing portfolio.
Shares in Imperial Innovations were trading up 5.6% at 425.00 pence Friday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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