Interim management report 2009
29th January 2010
Ipso Ventures plc (AIM: IPS) ("IPSO", the "Company" or the "Group"), the demand led technology commercialisation business, is pleased to announce its unaudited interim results for the six months to 31 October 2009.
Key points:
- Value added to the investment portfolio
- Created the UK’s first commercial photovoltaic testing business, our first investment in the renewables sector, and generated immediate customer revenue
- First license revenues for Axilica with the prospect of non-dilutive funding from a major European project initiative in Q1 2010
- Medermica’s novel pH sensor device developed on plan and now ready for licensing
- Polyfect’s technology has attracted the interest of international manufacturers with the imminent prospect of a product commercialisation relationship
- Financing
- Business costs structure successfully adjusted by management team
- First batch of investments approaching cash generative exits
- Seeking further equity funding to provide additional working capital as well as to make further investments prior to securing the first exit
- Value added to the business model
- Industrial partner relationships developed and strengthened to promote our market pull investment strategy, as opposed to the more usual technology push, approach
- Discussions with major corporates for new partnerships to exploit their ideas and technology
- Establishment of new complementary revenue sources in human capital and university advisory work. These revenue sources have begun generating cash and reducing overheads
Despite the economic climate all our investments are progressing well.
Simon Hunt, Chairman of IPSO, said: "2010 is a big year for IPSO: We now have a well developed commercialisation process and have the realistic prospect of becoming a self-sustainable business. This will be an unusual achievement in new technology investment.
We believe that a successful exit from one of our investment businesses will be achieved during 2010, which would validate our value creation strategy."