Imperial Innovations portfolio value up 38% to £252m
Imperial Innovations is striking it rich in the UK’s golden triangle having seen the value of its portfolio soar almost 40 per cent to £252 million in the year to July 31.
Cambridge, London and Oxford are proving fertile territory for Innovations, as it is known. It opened at Babraham Research Campus two years ago.
Chairman Martin Knight confirmed Business Weekly’s exclusive report of last week which revealed that a new spurt of multi-million pound investment was underway from a £200m war chest.
He said: “The group made significant progress last year, marked by 38 per cent growth in the value of our portfolio, record profits and four public company transactions. We also completed a £150 million fundraising and now have substantial capital resources to deploy.
“The launch of four portfolio companies, including Circassia, the biggest driver of our value growth, on different public markets is a clear demonstration of the strength in depth of our maturing portfolio.
“In addition to our public companies our private company portfolio continues to thrive. During the year we invested £28.6 million to fund 23 private portfolio companies which collectively raised £72.8 million.
“We remain very optimistic about building on our achievements. We have the capital, proven operational and managerial expertise, as well as access to the intellectual property from the academic and research community in the ‘Golden Triangle’ - home to the UK’s four leading research-intensive universities.This all bodes well for the future and further value creation.”
During the year reported in today’s results, Circassia, the group’s largest investment, listed in London with market capitalisation of £581m in March. Abzena, based at Babraham Research Campus, listed on AIM in July; Oxford Immunotec IPO’d on NASDAQ in November 2013 and IXICO on AIM in October 2013.
Thirteen new companies were added to the portfolio – two more than in 2013 – comprising six accelerated-growth companies plus seven, lighter-touch organic growth spin-outs.
Innovations also reports 402 invention disclosures reviewed compared to 386 the previous year; 27 commercial agreements signed and 57 patents filed – nine more than in 2013.
Innovations reports a pre-tax profit of £27.4 million (2013: £3.8m) and net assets of £404.8m (£230.5m).
The net portfolio value was up by £69.4m to £252m since August 1, 2013 (£182.6m); the portfolio raised £315.4m during the 12 months reported compared to £61.4m the prior year.