IP Group reports half year profit

FTSE 250 intellectual property development firm IP Group reported an adjusted half year pre-tax profit versus a loss the previous year as net assets increased.

The group, which recently announced the proposed acquisition of Proximagen Group, also said it expects full-year revenues in excess of £8.5m and adjusted EBITDA in excess of £3m.

For the half-year ended 30 June 2012 adjusted pre-tax profit came in at £31.2m, excluding a £2.5m reduction in fair value of Oxford Equity Rights asset, compared to a loss of £1.1m in the same half in 2011.

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Net assets at 30 June 2012 increased to £250.7m from £222.6m a year earlier.

In June IP Group announced it would invest in The Marblar platform, an online network for inventors to interact directly with the scientific research community to come up with new ways to exploit scientific discoveries.

It is aimed at boosting the chances of turning scientific discoveries into viable products and businesses.

Commenting on the half-yearly results, chief executive Alan Aubrey, said: "The group has continued to increase the rate of deployment of the funds raised through its 2011 placing and our balance sheet remains strong with cash resources of £43.2m."

"Many of our portfolio companies have announced significant further financings this year, including Oxford Nanopore and the admission to AIM of Retroscreen Virology and Revolymer."

IP added that it remains well placed for future trading.

CJ