Imperial going hell for leather
Imperial Innovations, which has bolstered its portfolio since setting up in the Cambridge UK technology cluster, has ramped up revenues and profits in a transformational last six months – and it says it is sitting on more potential blockbusters.
IPOs involving IXICO, Circassia and Oxford Immunotec put gloss on already impressive figures for the six months to end-January.
Pre-tax profit rocketed to £24.4 million from £0.9m in the first half of 2013.
Seven new companies were added to the portfolio and Imperial ended the period with net assets of £254.8m (H1 2013: £227.6m).
Chairman Martin Knight said: “The clear highlight for the period under review was the progress that Circassia made towards its IPO on the main market of the London stock exchange.
“Circassia raised £200m, which we believe to be the biggest ever biotech fundraising at IPO in the UK market. With cash resources of more than £220m, Circassia is on a sound footing to fulfil its potential of becoming a leading international biopharmaceutical company.
“As Circassia’s lead investor, this has been a major success for us, translating into a significant profit and increase in net asset value for the group.
“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.
“We have a number of other companies that are treading the same path as Circassia and share the same potential for success. These are well-funded businesses with high quality management teams and strong prospects.”