Imperial Innovations H1 - over £25m invested, over £100m left
Imperial Innovations, the university spin-out focused investor targeting Cambridge, reported a fall in pre tax profits and revenue for the six months ended January 31, 2011, but was keen to point out that it had invested over £25m and had more than £100m left to back more companies.
Revenue dropped 10 per cent over H1 2011 to £1.6m, while pretax profit fell 26 per cent to £0.9m (H1 2011: £1.3m).
Despite the slight fall in profits the group invested £10.4m in 14 portfolio companies during the same period, a significant increase from the £6.3m of the preceding half year.
Imperial Innovations has invested a total of £25.7m in the financial year to date with £109.5m still available. This includes £1.2m into Mission Therapeutics in August 2011, part of a £6m investment round.
Since the end of January the group has invested a further £15.3m in eight companies, including the £250,000 that went into Cambridge Communications Systems, a technology company developing a cost effective backhaul solution to mobile infrastructure.