Investments generate first profit for Fusion IP
UNIVERSITY spin-out specialist Fusion IP today reported its first profit and said it was confident about the future.
Reporting its half year results for the six months ended January 31, the Sheffield-based group said it made a £900,000 profit over the period, excluding subsidiary spin-out costs and amortisation.
Loss for the period including the cost of subsidiary spin-outs and amortisation was £1.2m. The figure compares to a loss of £2.2m over the same period last year.
David Baynes, chief executive of Fusion, said: “This has been a good period for the company, one in which we have raised funds, broadly progressed the portfolio, signed agreements with key new investors and importantly moved towards profitability.
“Our relationships with our universities remain as positive as ever and our IP pipelines continue to look very strong. We look forward to the rest of the financial year.”
Fusion, which announced a deal which saw national player IP Group take a near 20% stake in the business last November, raised £3m from the tie up.
Fusion has funds of £6.8m at the end of the period and created three new spin-out companies: Asalus Medical Instruments, Seren Photonics and Progenteq.
