The value of knowledge-exchange activity - which includes commercialisation of research, training, consultancy and sales of intellectual property - rose by 4 per cent year on year.
The figures, published on 23 May, show that activity benefiting small and medium-sized enterprises increased by 11 per cent to £193 million.
Meanwhile, engagement with big business and with public and third-sector organisations rose by 5 per cent to £663 million and £1.29 billion, respectively.
Accounting for inflation, the value of knowledge-exchange activity grew by just 2 per cent on 2010-11 figures, slower growth than in previous years.
However, it comes on the back of a real-terms increase of almost a third since 2005-06.
Notes: Graph shows real-term figures in 2011-12 values
Source: Higher Education Funding Council for England