IP Group news 0

IP Group plc (LSE: IPO), the UK's leading university intellectual property commercialisation company, today announces its annual results for the year ended 31 December 2008.

Financial highlights

• Net assets: £173.8m (2007: £213.8m)
• Cash balance at 31 December 2008: £33.3m (2007: £46.0m) and zero borrowings
• Cash invested in portfolio companies: £8.6m (2007: £6.8m)
• Revenue from services of £1.9m (2007: £2.0m)

Portfolio highlights

• Fair value of investment portfolio: £98.4m (2007: £126.1m)
• Portfolio of companies in which the Group has a fair value holding of £3m or above at year end: 10 (2007: 12)
• Over £55m of capital raised by portfolio companies during the year, of which over £30m was raised in private financing rounds
• Significant commercial and technical milestones achieved by portfolio companies during 2008
• Landmark $18m investment from major US corporate into Oxford Nanopore Technologies, the Group's largest holding, since the period end

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

"While we have not been immune to the effects of the economic crisis, the Group remains well positioned financially with a well diversified portfolio, strong cash resources and no borrowings. Furthermore, the majority of our largest portfolio companies, which make up around three quarters of the value of our portfolio, are debt free and well funded.

Operationally, the portfolio has seen a number of significant commercial and technical developments and is maturing across all sectors. The pipeline of opportunities from our 10 university partners, where we have unrivalled, exclusive access to intellectual property, remains strong.

We continue to manage our cash balances prudently while maintaining conservative treasury policies and we are carefully monitoring our cost base, having already taken action to position the business appropriately for the current economic climate. All of these factors give us continued confidence that the business remains well positioned for the creation of long term shareholder value."

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, John Dineen

Notes

(i) Nature of announcement

This Annual Results Release was approved by the directors on 2 March 2009.

The financial information in the announcement does not constitute the company's statutory accounts for the years ended 31 December 2008 or 31 December 2007 but is derived from those accounts. The statutory accounts for the year ended 31 December 2007 have been delivered to the Registrar of Companies and those for the year ended 31 December 2008 will be delivered following the Company's annual general meeting. The auditors reported on those accounts; their reports were unqualified, did not include references to any matters to which the auditors drew attention by way of emphasis without qualifying their reports and did not contain statements under the Companies Act 1985, s 237(2) or (3).

The 2008 Annual Report and Accounts will be published on 26 March 2009 and a copy will be posted on the Group's website (www.ipggroupplc.com). A copy will also be lodged with the UK Listing Authority's Document Viewing Facility which is situated at: Financial Services Authority, 25 The North Colonnade, Canary Wharf, London E14 5HS.

(ii) Forward looking statements

This Annual 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 with the Group's portfolio of investments.

(iii) Investor presentation

A presentation for analysts and investors will take place at 10:00 a.m. (GMT/London) on Tuesday 3 March 2009 at 24 Cornhill, London EC3V 3ND.

Preliminary results can be viewed in the PDF file format (PDF 304 KB opens in a new window)