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10 Mar 2021 | 08:34

IP Group recommends maiden dividend following record returns

(Sharecast News) - Intellectual property-based businesses developer IP Group said on Wednesday that it had achieved record returns in 2020, giving the company the confidence to recommend a maiden dividend of 1.0p per share. IP Group said the fair value of its portfolio had increased from £1.04m to £1.16m in the twelve months ended 31 December, while cash realisations had surged an impressive 140% to £191.0m and net portfolio gains grew approximately 22% to £231.4m.

The FTSE 250-listed group reported a hard net asset value per share of £1.33m, or 125.3p per share, and a full-year profit of £185.4m - a marked turnaround when compared to 2019's loss of £78.9m.

As a result of the turnaround, IP Group recommended its maiden dividend of 1.0p per share and also proposed to introduce an optional scrip dividend programme.

Chief executive Alan Aubrey said: "We have great pride in the contribution of many of our companies to the response to Covid-19. The pandemic has focused attention on the importance of innovation of science, accelerating key thematic trends in health, digitisation, and the transition to net-zero. We remain confident that IP Group is well-positioned to benefit from both the increased focus and these thematic trends.

"The current year has started strongly, with much activity in the portfolio including significant fundraisings, and we remain excited by the prospects for 2021."

As of 0830 GMT, IP Group shares were up 1.01% at 120.40p.
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