Good Q3 for Generics Group
Generics Group announces positive Q3 results, which show continued growth in technology consulting and increasing success in the venture portfolio.
Generics Group has announced positive Q3 results, which show continued growth in technology consulting and increasing success in the venture portfolio.
Regional sales in Germany have been strong and performance in the UK market has improved in 2005, with Scientific Generics achieving a record revenue week in November and the highest four-week-month revenue ever.
Turnover for the period increased to £15.7m, up 28 per cent year-on-year (Q3 2004: £12.3m) supported by the continued growth in core consulting and IP exploitation activities generating a £0.4m profit (Q3 2004: loss of £0.1m), while absorbing costs of growth of £0.4m.
SGAI Tech, Scientific Generics' Hong Kong based joint venture with Automatic Manufacturing (AM), provides an integrated end-to-end research, development and manufacturing capability, performing ahead of forecast and securing more than £3m of orders.
AM won the 2004 Hong Kong Grand Award for Industry and John Mok, Chairman, was named Director of the Year in the Private Company Executive Directors category in the Hong Kong Institute of Directors 'Director of the Year 2005 Awards'.
The sale of Generics' investee company Imerge to Nortek left Generics a portfolio BVCA valuation of £11.5m and a cash balance of £4.1m.
Operational highlights across the portfolio include the Turftrax contract with Ladbrokes to promote its in-race data for a share of subscribers' revenue introduced by Ladbrokes and Atraverda's test programme running with the US military.
Various other funding, IPO and disposal opportunities continue to be developed across Generics' portfolio, with prospects for CMR and Sphere being particularly strong.
CMR has been selected by the World Economic Forum as one of its Technology Pioneers for 2006.
Sphere was recently named the winner of the 2005 Frost and Sullivan Award for Innovation in the field of point-of-care technologies.
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