27th Mar 2015 09:02
LONDON (Alliance News) - Technology commercialisation and investment company Imperial Innovations Group PLC on Friday swung to a loss in the first half of its financial year, as revenue surged higher on strong licence and royalty income but it increased the amount invested in businesses in the period.
Imperial Innovations said its pretax loss for the six months to the end of January was GBP7 million, compared to a GBP24.4 million profit a year earlier. Revenue for the company increased to GBP2.8 million from GBP1.6 million on the back of strong licence and royalty income streams.
The loss was driven by a lack of major initial public offerings or trade sales completed in the half, compared to last year.
Imperial invested GBP22.4 million in 13 portfolio companies in the half, up from GBP17.8 million invested in 17 companies a year earlier, and completed sales totalling GBP4.1 million.
Its overall net portfolio value increased to GBP262 million from GBP229.6 million a year earlier and from GBP252 million at the start of its financial year.
"We are very encouraged by the performance of our portfolio as a whole, with many of our companies making significant technical, clinical and commercial progress, particularly within our unquoted portfolio. We remain confident that that there will be significant value enhancing events. The outlook is as good, if not better, than six months ago," said Imperial Innovations Chairman Martin Knight.
Shares in Imperial were down 1.3% to 481.25 pence on Friday.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Imperial Innovations Group