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Four IPOs, £150m raised and portfolio value up 38% to £252m

05:54 EDT 16 Oct 2014 | Instinctif Partners

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 2014.

Portfolio developments

  • Circassia, the Group’s largest investment, listed on LSE with market capitalisation of £581.0 million in March 2014
  • Three further public company transactions:
  • Abzena listing on AIM in July 2014
  • Oxford Immunotec IPO on NASDAQ in November 2013
  • IXICO listing on AIM in October 2013
  • Significant progress across the rest of maturing asset portfolio
  • 13 new companies added to portfolio (2013: 11) comprising six accelerated-growth companies, plus seven lighter-touch organic growth spin-outs
  • 402 invention disclosures reviewed (2013: 386) 27 commercial agreements signed (2013: 32) and 57 patents filed (2013: 43)

Financial highlights

  • Completion of placing in June 2014 raised £150.0 million before issue costs
  • Pre-tax profit of £27.4 million (2013: £3.8 million)
  • Net assets of £404.8 million (2013: £230.5 million)
  • Net portfolio value up by £69.4 million (38.0%) to £252.0 million since 1 August 2013 (2013: £182.6 million)
  • Net fair value gains of £40.5 million (2013: £10.8 million)
  • £32.8 million invested in 25 portfolio companies (2013: £22.2 million in 28 companies)
  • Portfolio raised £315.4 million (2013: £61.4 million) in the year
  • Cash and short-term liquidity investments of £176.5m (2013: £65.6 million)

Martin Knight, Chairman of Innovations says:

“The Group made significant progress last year, marked by 38% 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.”

Download the full pdf version of the release at http://www.imperialinnovations.co.uk/r/9-603/

About Imperial Innovations - www.imperialinnovations.co.uk

Imperial Innovations Group plc creates, builds and invests in pioneering technologies developed from the academic research within the ‘Golden Triangle’ broadly bounded by London, Cambridge and Oxford, which is home to the UK’s four leading research-intensive universities.

This area is home to many new technology companies through its proximity to the academic communities of Imperial College London, the University of Cambridge, the University of Oxford and University College London, as well as other leading research institutions.
Imperial College London, the University of Cambridge, the University of Oxford and University College London collectively have research income of £1.4 billion per annum and are ranked as four of the top ten Universities in the world (source: QS World University Rankings 2014/15).

Innovations supports scientists and entrepreneurs in the commercialisation of their ideas through the licensing of intellectual property, by leading the formation of new companies, providing facilities in the early stages, providing investment and encouraging co-investment to accelerate development, providing operational expertise and recruiting high-calibre management teams. It also runs an incubator in London that is the initial home for many of its technology spin-outs.

Since admission of its shares to trading on AIM in 2006, Innovations has raised more than £346.0 million of equity from investors, which has enabled it to invest in some of the most exciting spin-outs to come out of UK academic research. In addition, the Group has a £30.0 million loan facility from the European Investment Bank (EIB) for investment in biotech and therapeutics businesses.

During the period from admission on AIM up until 31 July 2014, Innovations has invested a total of £176.0 million across its portfolio companies, which have raised collectively investment of £822.5 million.

Imperial Innovations Group Plc Russ Cummings, Chief Executive Officer Jon Davies, Director of Communications Instinctif Partners Adrian Duffield/Melanie Toyne-Sewell J.P. Morgan Cazenove (Nominated Adviser) Michael Wentworth Stanley/Alec Pratt Cenkos Securities Andy Roberts/Christopher Golden 020 3053 8834 020 7457 2020 020 7742 4000 020 7397 8900 NEXT ARTICLE

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