LONDON (Alliance News) - Technology investment company Imperial Innovations Group PLC Thursday reported a narrowed pretax loss for its first half, and a rise in the value of its net portfolio.
The company invested GBP27.5 million in 17 companies in the half year to end-January, and its net portfolio value increased by GBP27.9 million to GBP355.1 million from GBP327.2 million at the end of its previous financial year.
For the half year the company reported a pretax loss of GBP5.9 million, narrowed from a pretax loss of GBP7.5 million a year before, mostly as a result of a GBP499,000 gain from the change of the fair value of its investments, compared to a GBP7.6 million loss the year before. Revenue declined to GBP2.2 million from GBP2.8 million.
Imperial Innovations' quoted portfolio includes four companies, Circassia Pharmaceuticals PLC, Abzena PLC, Oxford Immunotec Global PLC and Ixico PLC, and was valued at GBP100.0 million at the end of the half year, down from GBP106.8 million at the end of July.
Imperial Innovations said it remains confident that there is potential for a number of companies from its maturing portfolio to generate "significant returns", and it continues to see a "healthy stream of new investment opportunities."
"Overall, we have continued to deploy our capital at speed, investing GBP27.5 million across 17 companies, including GBP10.0 million invested in the new additions in the period. Collectively the portfolio has raised GBP76.0 million of total investment in the first six months of the year," said Chairman Martin Knight in a statement.
"We now have GBP238.6 million available for investment and operations, which puts us in a very strong position with ample capital to continue to scale investment within our maturing portfolio as well as maximise the opportunities expected from the new alliances with UCL Technology Fund and Apollo Therapeutics," Knight added.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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