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Imperial Innovations Release: Portfolio Value Up 21% to £188.2 Million - £95.2 Million Invested Over Last Three Years


10/16/2013 8:44:05 AM

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16 October 2013 -- Imperial Innovations Group plc (AIM: IVO, “Innovations” or “the Group”), a leading technology commercialisation and investment group, has published its results for the year ended 31 July 2013.

Highlights

- Portfolio value up 21% to £188.2 million (2012: £155.6 million)

- £95.2 million invested over last three years

- £22.2 million (2012: £37.9 million) invested in 28 companies (2012: 29 companies)

- A number of portfolio companies being positioned for sale or IPO

- Significant progress with Circassia. Commenced phase III trials for cat allergy treatment. Positive results from phase II house dust mite allergy treatment trial and post year end from phase II grass allergy trial

- Six new companies added to the portfolio: two from Cambridge, two from Imperial College London and one each associated with UCL and Oxford

- Available cash resources of £80 million including £30 million from European Investment Bank (“EIB”) at 31 July 2013

- Net assets of £230.5 million at 31 July 2013 (2012: £228.2 million)

- Pre-tax profit of £3.8 million (2012: £5.1 million)

- Net fair value gains £10.8 million (2012: £14.7 million)

- Dr Nigel Pitchford and Tony Hickson appointed directors. Nigel becomes Chief Investment Officer while Tony remains as Managing Director of Technology Transfer – see separate release

Martin Knight, Chairman of Innovations, said:

“We made good progress over the course of the last year. Our portfolio of companies has added substantial value and our investments are now valued at £188.2 million. Two of the key strengths of our business model were particularly in evidence.

“Firstly we continued to invest across the spectrum from seed investing through the early, middle and late stages of the growth of our investee companies. Our ability and willingness to fund our investee companies from the very outset right through to their maturity is a material strength and remains core to our investment case.

“Secondly, our portfolio now has demonstrable strength in depth at all of these stages, especially at the late stage. Because of this, we are confident in the prospects for future value uplifts in our portfolio.

“Our portfolio of investee companies continues to grow in stature and value. We have an admired executive team with a deep understanding of how to commercialise early stage technology, whilst our leading management teams are running the businesses established from technology created in the UK’s leading research intensive universities.

“This is a potent and exciting combination which we believe will deliver good value, particularly as a number of our leading portfolio companies are approaching value creation events such as trade sale or IPO.”

A complete copy of the Annual Report and Accounts for the year ended 31 July 2013 can be found at http://www.imperialinnovations.co.uk/annualreport2013.pdf

Enquiries:

Imperial Innovations Group Plc

+44 (0)20 7594 6506

Russ Cummings, Chief Executive Officer

Terry Nicklin, Director of Communications

College Hill

+44 (0)20 7457 2020

Adrian Duffield/Mel Toyne-Sewell/Tim Watson

J.P. Morgan Cazenove

+44 (0)20 7742 4000

Michael Wentworth Stanley/Alec Pratt

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