IP Group plc - Half-yearly results for the six months ended 30 June 2010

26 Aug 2010

IP Group plc (LSE: IPO), the developer of intellectual property based businesses, today announces its half-yearly results for the six months ended 30 June 2010.

Financial and operational highlights

  • Net assets at 30 June 2010: £167.4m (HY09: £169.5m; FY09: £171.0m)
  • Investment in portfolio companies increased to £3.1m (HY09: £1.6m; FY09: £5.7m)
  • Portfolio realisations increased to £0.7m (HY09: £0.1m; FY09: £0.5m)
  • Revenue from services increased to £1.1m (HY09: £0.8m; FY09: £1.5m)
  • Net cash and deposits at 30 June 2010: £23.9m (HY09: £30.6m; FY09: £28.1m)
  • Launch of £25m North East Technology Fund managed by the Group in January 2010

Portfolio highlights

  • Fair value of investment portfolio: £101.3m (HY09: £97.1m; FY09: £101.3m)
  • Value of ten largest holdings: £74.2m (HY09: £73.1m; FY09: £72.9m)
  • Tissue Regenix Group plc and Ilika plc achieve listings on AIM, raising £4.5m and £5.2m respectively
  • Oxford Nanopore Technologies Limited completes further £17.4m private financing
  • Further industry validation for portfolio companies' technology in the form of direct investment and commercial partnerships

Commenting on the Group's half-yearly results, Alan Aubrey, Chief Executive of IP Group, said:

“Overall, the technical and commercial progress made by the Group's portfolio companies towards key milestones has been strong in the period to date with commercial validation by industry having been particularly encouraging. The valuation of the portfolio has remained broadly stable despite a challenging financing and operating environment for small capitalisation technology based businesses. This valuation has benefited from the completion of a number of further external financings, including the first two portfolio companies joining AIM since 2007, although this has been offset by downward pressure on valuations of other holdings. Cash balances remain strong, our pipeline of activity is healthy and this, coupled with the portfolio's progress to date, continues to give us confidence that the Group will generate long term returns for shareholders.”

For more information, please contact:

IP Group plc  
Alan Aubrey, Chief Executive Officer 020 7444 0050
Mike Townend, Director of Capital Markets 020 7444 0050
Greg Smith, Group Financial Controller 020 7444 0050
Liz Vaughan-Adams, Communications 020 7444 0062 / 07979 853 802

Further information on IP Group is available on our website: www.ipgroupplc.com

Financial Dynamics  
Ben Atwell, John Dineen 020 7831 3113

This half-yearly results release may contain forward-looking statements. These statements reflect the Board's current view, are subject to a number of material risks and uncertainties and could change in the future. Factors which could cause or contribute to such changes include, but are not limited to, the general economic climate and market conditions, as well as specific factors relating to the financial or commercial prospects or performance of individual portfolio companies within the Group's portfolio of investments.

Half-yearly results can be viewed in the PDF file format (PDF 753 KB opens in a new window)

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