IP Group news 0

IP Group plc (LSE: IPO), the UK’s leading intellectual property commercialisation company, today announces its half-yearly results for the six months ended 30 June 2008.

Financial and operational highlights

• Net assets increased to £229.8m (H107: £200.2m; FY07: £213.8m)
• Cash balance at 30 June 2008: £39.5m (H107: £47.8m; FY07: £46.0m)
• Profit for the period: £15.8m (H107: £18.8m; FY07: £30.5m)
• Revenue from services increased to £1.1m (H107: £0.5m; FY07: £2.0m)

Portfolio highlights

• Fair value of equity investments increased to £148.4m (H107: £107.3m; FY07: £126.1m)
• Investments in portfolio companies: £4.5m (H107: £3.0m; FY07: £6.8m)
• Capital raised by portfolio companies through private financings in excess of: £25m (H107: £9m; FY07: £30m)
• Portfolio of companies in which the Group has a fair value holding of £3m or above: 11 (H107: 10; FY07: 12)
• Strong portfolio growth experienced during the period in the Chemicals & Materials, Energy & Renewables and Non-Therapeutics sectors
• Revolymer, who are developing non-stick chewing gum, and Oxford Nanopore Technologies both announced £10m financings during the period

Post period end highlights

• Proximagen Neuroscience signs licensing agreement worth up to $232m with Upsher-Smith Laboratories Inc to develop Parkinson’s disease treatment
• Summit announces licensing agreement worth up to $143m with BioMarin Pharmaceutical for its Duchenne Muscular Dystrophy
• Oxford Advanced Surfaces completes £5m placing with a number of new and existing investors

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

"The Group has continued to make good progress in the first half of the year, despite the continued tough economic environment. We successfully completed two significant private financings in the period as well as a number of smaller additional financings, managed cash balances prudently, increased revenues from services and maintained a growing and diversified portfolio. IP Group remains well positioned with strong cash resources, a diverse and broad portfolio and unrivalled long-term relationships with universities to generate substantial shareholder value over the medium term."

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	020 7831 3113
Ben Atwell, Rob Bailhache, John Dineen

Interim results can be viewed in the PDF file format (PDF 214 KB opens in a new window)