Fusion IP reduces losses

The company said it made a loss of 1.6m for the year to the end of July compared to 5m the previous year.

It also saw revenue grow more than 700 per cent to 4.4m.

Fusion IP, which has 23 companies in its portfolio, has 10-year agreements with Sheffield and Cardiff universities to commercialise their intellectual property.

Chief executive David Baynes said: "This has been an encouraging year for the company. We have taken considerable strides towards profitability and the agreements with Cardiff University and the University of Sheffield continue to provide us with world class IP for creating companies with significant long term value.

"The quality of this year's spin out companies, along with our universities continued growth in research awards, is testament to the quality of our exclusive commercialisation agreements.

"We expect to create further companies in 2010/11, and remain confident that we will be able to exit companies for good value when the time is right."