Fusion IP ‘confident’ about 2014
FUSION IP today said it was looking forward to 2014 with confidence after raising £20m in a placing with investors.
The group recently signed new agreements with the University of Nottingham and Swansea University.
The Sheffield-based company, which turns research into business, has announced its preliminary results for the 12 months ended July 31 2013.
David Baynes, the chief executive of Fusion IP, said: “As an innovator in the field of university IP commercialisation, we continue to work closely with both research-intensive universities and investment funds, to ensure we maximise our ability to create world class businesses from university research. With a number of our exciting companies moving towards maturity we look forward to 2014 with confidence.”
Total revenue and portfolio returns decreased to £3.04m, compared with £4.75m the year before, due to a reduction in revenue and fewer funding rounds.
The group generated an operating profit, excluding subsidiary spin-out costs and amortisation, of £1.25m, compared with £3.04m the year before.
Doug Liversidge, the company’s chairman, said: “It is well acknowledged that the UK needs to maximise the commercial benefit of the extraordinary science that emanates from its world-class universities. We believe that Fusion, with its access to some of the UK’s leading research-intensive universities, is well placed to generate some of the high technology growth businesses of the future.”