IP Group news 0

IP Group plc (LSE: IPO), the developer of intellectual property based businesses, today announces its annual results for the year ended 31 December 2009.

Financial highlights

• Net assets stable at £171.0m (2008: £173.8m)
• Assets managed on behalf of third parties increased to £63m following award of mandate to manage £25m North East Technology Fund in January 2010
• Cash balance at 31 December 2009: £28.1m (2008: £33.3m) and zero borrowings
• Investment in portfolio companies: £5.7m (2008: £8.6m)
• Revenue from services of £1.5m (2008: £1.9m)

Portfolio highlights

• Fair value of investment portfolio: £101.3m (2008: £98.4m)
• Over £75m of capital raised by portfolio companies during the year, of which over £20m was raised in private financing rounds
• Significant commercial and technical milestones achieved by portfolio companies during 2009
• Oxford Nanopore Technologies completes £17.4m fund raising in 2010 following $18m investment from and strategic alliance with Illumina Inc in 2009

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

“The underlying performance of our portfolio companies in 2009 was encouraging with notable milestones achieved including the successful completion of a number of fund raisings. The current year has begun on a similar note with the completion of a successful fundraising by Oxford Nanopore Technologies Limited, our largest holding, together with some modest realisations.

IP Group is financially strong with no borrowings and a portfolio which is well diversified, generally well funded and maturing. We have a good pipeline of opportunities from our partners, augmented by our strategic deal with Fusion IP plc. While the financing environment remains difficult, particularly for smaller companies, we remain confident in our ability to deliver shareholder value over the medium to long 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, John Dineen

Notes

(i) Nature of announcement

This Annual Results Release was approved by the directors on 1 March 2009.

The financial information set out in these preliminary results does not constitute the company's statutory accounts for 2008 or 2009. Statutory accounts for the years ended 31 December 2009 and 31 December 2008 have been reported on by the Independent Auditors. The Independent Auditors' Report on the Annual Report and Financial Statements for 2008 was unqualified, did not draw attention to any matters by way of emphasis, and did not contain a statement under 237(2) or 237(3) of the Companies Act 1985. The Independent Auditors' Report on the Annual Report and Financial Statements for 2009 was unqualified, did not draw attention to any matters by way of emphasis, and did not contain a statement under 498(2) or 498(3) of the Companies Act 2006. Statutory accounts for the year ended 31 December 2008 have been filed with the Registrar of Companies. The statutory accounts for the year ended 31 December 2009 will be delivered to the Registrar following the Company's annual general meeting.

The 2009 Annual Report and Accounts will be published on 29 March 2010 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 within the Group’s portfolio of investments.

Preliminary results can be viewed in the PDF file format (PDF 222 KB opens in a new window)