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 2013.

Financial and operational highlights

• Net assets at 30 June 2013: £261.6m (HY12: £250.7m; FY12: £263.1m)
• Net cash and deposits at 30 June 2013: £38.1m (HY12: £43.2m; FY12: £47.9m)
• Adjusted profit before tax of £0.5m (HY12: £31.2m; FY12: £46.7m) excluding £2.5m reduction in fair value of Oxford Equity Rights asset (HY12: £2.5m; FY12: £6.0m)
• Statutory loss before tax of £2.0m (HY12: £28.7m profit; FY12: £40.7m profit)
• New intellectual property commercialisation agreement signed with The University of Manchester
• Launch of £30m IP Venture Fund II in partnership with the European Investment Fund (the “EIF”)

Portfolio highlights

• Fair value of investment portfolio: £191.9m (HY12: £171.5m; FY12: £181.8m)
• Value of ten largest holdings: £145.7m (HY12: £132.2m; FY12: £138.2m)
• Investment in portfolio companies: £10.8m (HY12: £15.8m; FY12: £26.3m)
• Portfolio realisations: £2.8m (HY12: £0.5m; FY12: £16.7m)
• The Group’s portfolio companies raised approximately £55m of new capital during the period

Post-period-end highlights

• Retroscreen Virology Group plc raised gross proceeds of £25.5m in a July placing
• Ceres Power Holdings plc entered a partnership agreement with South Korea’s KD Navien and announced Philip Caldwell as incoming CEO
• Avacta Group plc completed a £4.7m placing (before expenses) in August
• Net unrealised fair value increase in the Group’s holdings in quoted companies of £13.4m between 30 June 2013 and 20 August 2013

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

“It has been another productive first half for both the Group and its portfolio companies. At Group level, we were pleased to have reached agreement with the EIF on a second fund and to have signed a commercialisation agreement with The University of Manchester. In the portfolio, not only have some notable commercial and technical milestones been achieved, but it was also pleasing that our companies raised approximately £55m of financing during the period. Progress across our portfolio has continued into the second half of the year, with Retroscreen having raised £25.5m, while Ceres Power announced its first OEM partner. The Group continues to see an excellent pipeline of opportunities which, coupled with the overall maturing of our portfolio across investment stages, gives us increasing confidence in our ongoing ability to deliver significant shareholder value.”

For more information, please contact:

IP Group plc
Alan Aubrey, Chief Executive Officer	020 7444 0050
Greg Smith, Chief Financial Officer	020 7444 0050
Liz Vaughan-Adams, Communications	020 7444 0050 / 07979 853 802

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

FTI Consulting
Ben Atwell, John Dineen	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 that 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.

Throughout this half-yearly results release the Group’s holdings in portfolio companies reflect the undiluted beneficial equity interest excluding debt, unless otherwise explicitly stated.

Half-yearly results can be viewed in the PDF file format (PDF 764KB opens in a new window)