Fusion IP confident on portfolio prospects
UNIVERSITY research commercialisation firm Fusion IP saw pre-tax losses fall from £1.2m to £414,000 in the first half of the year.
The company this morning reported an increase in revenue and portfolio returns of 15% to £2.09m while profits stripped out of spin-out costs and amortisation grew by 42% to £1.22m.
Fusion IP generated an an underlying profit from operating activities of £569,000 for the six months to the end of January compared to a loss of £213,000 the previous year.
Fusion IP chief executive David Baynes said: “We continue to make good progress and believe we have an exciting portfolio of companies, a number of which have potential to generate significant value.
“This value is not always fully reflected in the carrying value of our investments. An increasing number of our companies are generating revenue and are growing fast and we look forward to continuing to grow the value of our portfolio and updating shareholders with progress in the year ahead.”
The company said the change in its reported loss was down to a 15% increase in portfolio and revenue returns, an 8% cut in operating expenses and and 40% cut in subsidiary spin-out operating expenses.
Sheffield-based Fusion IP holds interests in a portfolio of companies based on research generated by the University of Sheffield and Cardiff University.
