Buoyed by a strong performance from its spin-offs, the Generics group announced a 28 per cent increase in turnover for the first half of 2005.
Generics received a further boost in the first quarter when one of its spin-offs, CMR Fuel Cells, received the 2005 Carbon Trust award for innovator of the year.
CMR was created in 2004 to exploit a groundbreaking flow-through fuel cell utilising mixed reactants developed at Scientific Generics, the group’s main division. The technology involves electrochemical devices that convert fuel directly into electricity at higher efficiency rates and have potential for larger power storage capacity.
A further investment of £250,000 was secured by CMR in July, marking a major step towards its goal of making mass-market fuel cells commercially viable, said Generics. The funds will be used to strengthen and accelerate technical and commercial development.
Another spin-off, Sphere Medical Holdings, also enjoyed a strong start to the year, according to Generics. Sphere was established by the
The group gained further recognition in the first quarter of 2005 by winning an award for its work with
‘I am pleased with both the development of the group during the first six months and the progress in the consulting and IP exploitation in particular,’ said Generics chairman Johan Bjorklund.
‘Our core technology development and consulting activity grew significantly, increasing fee income by 34 per cent year-on-year, while achieving a good, and increasing, profitability.’