IP Group plc (LSE: IPO), the university intellectual property commercialisation company, today announces its half-yearly results for the six months ended 30 June 2009.
Financial and operational highlights
• Net assets at 30 June 2009: £169.5m (FY08: £173.8m; H108: £229.8m)
• Cash and fixed term deposits at 30 June 2009: £30.6m (FY08: £33.3m; H108: £39.5m)
• Reduction in net cash used in operating activities to £1.0m (FY08: £3.5m; H108: £1.3m)
Portfolio highlights
• Fair value of investment portfolio: £97.1m (FY08: £98.4m; H108: £148.4m)
• Portfolio of companies in which the Group has a fair value holding of £3m or above at period end: 10 (FY08: 10; H108: 11)
• Over £70m of capital raised by portfolio companies during the period, including $18m (£12m) strategic investment in Oxford Nanopore Limited by NASDAQ-listed Illumina Inc. and £50m placing by Proximagen Neuroscience plc in one of the UK’s largest biotechnology placings in the past five years
• Continued consolidation of complementary businesses and technologies by a number of portfolio companies, including Avacta Group plc and Tracsis plc
Commenting on the Group’s half-yearly results, Alan Aubrey, Chief Executive of IP Group, said:
“The Group’s portfolio of intellectual property based companies has continued to make good progress during the first half of 2009. While the financing environment has remained challenging, a number of portfolio companies have completed significant financings from a range of sources, including two significant placings on AIM, and a number of private fund raisings. Portfolio company financings during the period spanned the full range of investment stages and sectors within the portfolio and included both new and existing investors.
Our maturing portfolio of companies continues to attract investment from and collaborate with industry partners, and a number of companies are acting as consolidators of their specialist sectors. The Group continues to manage its cash resources prudently and maintain its conservative treasury policies and has a promising pipeline of spin-out opportunities from its partner research institutions.”
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 with the Group’s portfolio of investments.
