IP Group news 0

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 2012.

Financial and operational highlights

• Net assets at 30 June 2012 increased to £250.7m (HY11: £222.6m; FY11: £221.6m)
• Investment in portfolio companies increased to £15.8m (HY11: £5.5m; FY11: £14.3m)
• Portfolio realisations: £0.5m (HY11: £0.2m; FY11: £3.7m)
• Adjusted profit before tax of £31.2m (HY11: £1.1m loss; FY11: £0.5m profit), excluding £2.5m reduction in fair value of Oxford Equity Rights asset (HY11: £3.0m; FY11: £6.0m)
• Net cash and deposits at 30 June 2012: £43.2m (HY11: £67.7m; FY11: £60.5m)

Portfolio highlights

• Fair value of investment portfolio increased to £171.5m (HY11: £115.3m; FY11: £123.8m)
• Value of ten largest holdings: £132.2m (HY11: £84.4m; FY11: £89.0m)
• Oxford Nanopore completed £31.4m further private financing after unveiling GridION and MinION products at a major industry conference
• Retroscreen Virology Group and, post-period end, Revolymer admitted to AIM, raising gross proceeds of £15m and £25m respectively at IPO
• Recommended offer of up to £357m for Proximagen Group by Upsher-Smith

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

“I am pleased to report that the first half of 2012 has seen a number of positive developments across the Group’s portfolio which has increased in value to £171.5m. The Group has continued to increase the rate of deployment of the funds raised through its 2011 placing and our balance sheet remains strong with cash resources of £43.2m. Many of our portfolio companies have announced significant further financings this year, including Oxford Nanopore and the admission to AIM of Retroscreen Virology and Revolymer.

I was particularly pleased to note the announcement during the period of the proposed acquisition of Proximagen Group, This was a significant achievement not only for the company itself but also for its staff and shareholders including the Group and King’s College. The Group’s initial cash proceeds of £15.4m, to be received in August, reflect a 35 times return on our capital and this provides an excellent example of the value that can be created from applying our model to a university spin-out company.

Intellectual property and its commercialisation remains an important factor in economic development and the Group’s core competencies in this field enable us to be confident that the Group remains well-placed to deliver medium to long-term value for shareholders.”

For more information, please contact:

IP Group plc
Alan Aubrey, Chief Executive Officer	020 7444 0050
Greg Smith, Chief Financial Officer	020 7444 0050

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

FTI Consulting
John Dineen, Simon Conway	020 7831 3113

IP Group plc is referred to as “IP Group”, “the Group” or “the Company”.

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 798KB opens in a new window)