Profits fall at Imperial Innovations

Imperial Innovations, which invests in the commercialisation of technology, kept piling cash into new ventures despite profits falling in the first half.

The firm said profits during the six months to the end of January were £0.9m, down from £1.3m the year before.

During this time it invested £10.4m in 14 portfolio companies, compared with £6.3m in 2010/11.

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Since the end of this period, the group said it had continued to invest in its portfolio companies investing £15.3m in eight companies.

"We have over £100m available to back further our top companies, as well as maintaining our very active programme of investing in new enterprises from the four leading research-based universities," said Chairman Martin Knight.

"At a time when energy storage and power capacity is so critical in a number of consumer and automotive markets, Nexeon's battery technology couldn't be better positioned," he said.

"Meanwhile, Circassia's novel approach to the huge allergy market is making excellent progress with its proprietary Tolermune technology which tolerises the body to the allergen, such as cat, ragweed, house dust mite or grass."

The firm's shares traded up 1.4% following the announcement.