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Interim Results

IP Group has strong H1

18 July 2017 08:20

IP Group has reported a strong first half performance with the fair value of its portfolio increasing to £663.0m at the end of June - up from £525.7m a year ago and £614.0m at the end of 2016.

It said this reflected a net fair value increase of £28.5m during the period with significant net fair value increases in three sectors: Technology (£12.7m increase), Cleantech (£19.1m increase) and Biotech (£8.2m increase), more than compensating for a net fair value reduction in the Healthcare sector (£10.9m decrease).

It said this fair value excluded consolidated portfolio companies, including Modern Biosciences Limited, whose lead programme for the treatment of rheumatoid arthritis was partnered with Janssen Biotech Inc.

Chief executive Alan Aubrey said: "The underlying performance of the Group and its portfolio companies in the first half of 2017 has been strong with a net portfolio fair value increase of £28.5m.

"It has been particularly encouraging that a number of our private companies including Ultrahaptics and, more recently, Creavo, have successfully completed large fundraisings following significant commercial progress, attracting new investors to their registers.

"In the first half, we were also delighted to announce a £207m capital raising, the expansion of our business into Australasia, a firm intention to make an all-share offer for a combination with Touchstone Innovations plc and the completion of our acquisition of Parkwalk Advisors Ltd.

"The formal documents in connection with our offer for Touchstone Innovations plc are expected to be posted today.

"IP Group has a strong balance sheet, with net assets now approaching £1bn, a diverse portfolio comprising a broad range of early to mature businesses across four sectors and we believe the fundamentals of the business are strong."

At 8:20am: (LON:IPO) IP Group PLC share price was -1.25p at 135.75p

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