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Annual Results

IP Group posts FY loss

07 March 2017 09:57

The total fair value of IP Group's portfolio, which comprises holdings in 90 companies, increased by 11.3% in 2016 to £614.0m (2015: £552.2m), representing a net fair value increase, excluding net investment, of £6.5m (2015: £86.2m).

The group said this increase was driven primarily by a number of larger private company transactions towards the end of 2016, which were partly offset by reductions in the share prices of a number of its quoted portfolio companies.

The latter were impacted by a generally weaker appetite for listed small-cap and biotech assets despite generally reporting positive commercial and technical progress during the year.

Financial and operational highlights:

- Net assets £768.7m (2015: £781.9m) - Hard NAV £706.5m (2015: £714.3m)

- Return on Hard NAV of negative £7.6m (2015: positive £84.0m)

- Loss for the year £14.8m (2015: profit £75.1m)

- Gross cash and deposits £112.3m (2015: £178.8m)

- Acquisition of Parkwalk Advisors Ltd, the UK's largest EIS growth fund manager focused on university spin-outs

Chief executive Alan Aubrey said: "2016 was another productive year for the Group that saw our portfolio companies record impressive commercial progress and raise a total of approximately £230m.

"The first half of the year saw major commercial developments in our key assets across all four of the sectors in which we operate; Healthcare, Technology, Cleantech, Biotech and we recorded successful exits from three companies.

"That strong operational performance continued in the second half of the year which also saw significant fundraisings from three of our largest portfolio companies as well as the acquisition of Parkwalk Advisors.

"We believe the fundamentals of the business remain strong; the Group is well-capitalised with a robust balance sheet and our portfolio is well diversified with a broad range of early to mature businesses across four sectors.

"Geographically, we also have a developing operation in the US, a healthy pipeline of new opportunities and our most valuable portfolio company holdings are making excellent commercial progress.

"All of these factors combine to ensure that the Group remains well positioned for the future and give us continued confidence for this year and beyond."

At 9:57am: (LON:IPO) IP Group PLC share price was -1.85p at 153.15p

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