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IP Group PLC

IP Group PLC Group’s portfolio has been robust in the first half

IP Group plc (LSE: IPO), the developer of intellectual property-based businesses, today announced its half-yearly results for the six months ended 30 June 2018.


Portfolio highlights

– Net portfolio gains £0.7m (HY17: £28.7m; FY17: £94.2m)

– Fair value of portfolio: £1,163.7m (HY17: £663.0m; FY17: £1,130.6m)

– Capital provided to portfolio companies and projects: £46.9m (HY17: £20.1m; FY17: £71.2m)

– Significant funding rounds completed by Oxford Nanopore Technologies (£100.0m), Crescendo Biologics ($70.0m), Carisma Therapeutics ($53.0m) and Enterprise Therapeutics (£29.0m)

– Microbiotica entered into multi-year strategic collaboration with Genentech, a member of the Roche Group, in a deal worth up to $534.0m

-Ceres Power signed strategic collaboration with China’s Weichai Power comprising both product development and launch, and an equity investment; subsequently announces oversubscribed £20.0m fundraising in July

Financial and operational update

– Net assets of £1,489.8m (HY17: £966.4m; FY17: £1,508.5m)

– Hard NAV1 of £1,298.5m (HY17: £898.0 m; FY17: £1,326.2m)

– Return on Hard NAV2 of negative £13.1m (HY17: £21.3m positive; FY17: £64.1m positive)

– Gross cash and deposits at 30 June 2018: £258.5m (HY17: £263.1m; FY17: £326.3m)

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

“The underlying performance of the Group’s portfolio has been robust in the first half with a number of our companies completing both major fundraisings and collaborations. Our portfolio is well diversified, both by sector and stage of development, with multiple opportunities to crystallise value and there are a number of inflection points for several of our companies over the next six to twelve months. IP Group remains financially sound with a strong balance sheet, net assets of £1.5bn and exposure to the UK, US, Australasia and, increasingly, Asia. The Group remains excited by the opportunities within the portfolio and we look to the second half of the year and beyond with confidence.”