Fusion IP plc (AIM: FIP), the university IP commercialisation company that turns world class research into business, is pleased to announce its Preliminary Results for the twelve months ended 31 July 2011.

Highlights:

·       Revenue & portfolio return increased by 35% to £5.9m (2010: £4.4m)

·       EBITDA increased by 650% to £3.0m (2010: £0.4m)

·       Profit before taxation of £1.0m (2010: £1.6m loss)

·       Cash balances of £2.0m (2010: £4.6m)

·       Co-investment agreement with IP Group implemented on three occasions

·       One new portfolio company started and funded in the year (Perlemax)

·       6 portfolio companies in trading phase of growth, three of which are trading profitably

·       Portfolio company Simcyp increased turnover by 25% to £5.9m (2010: £4.7m) and profit by 35% to £2.3m (2010: £1.7m)

·       Portfolio company Magnomatics increased turnover by 62% to  £1.3m (2010: £0.8m)

·       £1.6m invested in the portfolio companies by Fusion (2010: £1.8m)

·       £6.1m invested in the portfolio companies by third party investors (2010: £6.9m)

·       15 funding rounds completed by portfolio companies (2010: 20)

Post year end highlights:

·       Diurnal, our Cardiff-based drug development company, completed a £335k funding round in August that will enable its lead product, Chronocort®, to complete the profile stage of its Phase I clinical trials

·       Mesuro, our Cardiff-based Radio Frequency (RF) technology company, raised a further £440k in August to support its growing sales activity

Recognition:

Following on from last year’s awards for Magnomatics and Simcyp, our portfolio companies continue to be recognised for their achievements:

·       In December 2010 MedaPhor, our Cardiff-based ultrasound simulation company, won the MediWales Industry Innovation Award for its new ScanTrainer ultrasound simulator that is revolutionising how medical trainees acquire the necessary obstetrics and gynaecology skills needed to safely examine patients

·       In October 2011 Simcyp won Insider’s ‘Growth 100 Rising Star Award’ for the UK’s most promising business.

Commenting on these Preliminary Results, David Baynes, CEO of Fusion IP, said:

© Publicnow - 2011