Top

News & Events

Strong underlying performance and progress across maturing portfolio

Strong underlying performance and progress across maturing portfolio

London – 27 March 2015

Portfolio developments

  • £22.4 million invested in 13 portfolio companies (H12014: £17.8 million in 17) including:
    • £7.5 million first tranche invested as part of £50.0 million funding round for Cell Medica
    • £2.7 million first tranche invested as part of £18.0million funding round for Veryan
  • Completed the sale of a software business realising £4.1 million, representing an IRR of 65% and a 2.4x multiple on cash invested in an investment made in January 2013
  • One new company added to unquoted investment portfolio with an investment of £0.8 million

Financial highlights

  • Net portfolio value up by £10.0 million to £262.0 million (FY 2014: £252.0 million)
    • £5.6 million net gain in value of unquoted portfolio offset by a £13.0 million decrease in the value of quoted portfolio
  • Post period end invested further £9.6 million in five companies, taking the total invested to £32.0 million
  • Post period end recovery in the value of quoted portfolio of £8.2 million (as at 25 March 2015)
  • Pre-tax loss of £7.0 million (H1 2014: pre-tax profit of £24.4 million)
  • Net assets of £397.8 million (FY 2014: £404.8 million)
  • Cash and short-term investments of £152.8million (H1 2014: £48.1million, FY 2014:£176.5million)
  • Revenues £2.8million (H1 2014: £1.6million) as a result of strong licence and royalty income streams


Martin Knight, Chairman of Imperial Innovations, said:

“We are focussed on deploying our considerable capital resources, investing £22.4m across our portfolio in the first half and £32m in the year to date.  Along with our co-investors, we have now committed £1 billion in investment in UK innovation since our IPO in 2006.

“Our focus on the Golden Triangle of Oxford, Cambridge and London puts us at the heart of UK science, making connections between the academic community and the commercial world.  This is greatly assisted by our reputation and capital strength.

“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.”


A pdf copy of the results is available at http://www.imperialinnovations.co.uk/interim2015.pdf.


Issued for and on behalf of Imperial Innovations by Instinctif Partners.

For more information please contact imperialinnovations@instinctif.com.

back to news

People

Melanie Toyne-SewellManaging Partner

Tim WatsonAssociate Partner