Fusion IP makes “good progress”

FUSION IP, the company which turns academic research into business, said pre-tax losses fell from £1.2m to £414,000 in the first half of the year after revenues rose by 15 per cent.
By The Newsroom
Published 30th Mar 2011, 09:31 BST

The Sheffield-based firm said revenue rose to £2.09m while profits stripped out of spin-out costs and amortisation grew by 42 per cent 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.

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The company, which holds interests in a portfolio of companies based on research generated by Sheffield University and Cardiff University, increased the carrying value of its investments by 19 per cent to £12.88m over the period. It also spun Perlemax out from Sheffield University.

David Baynes, chief executive officer of Fusion, 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.”

Related topics:SheffieldFusion