Intellectual property development firm IP Group said its portfolio produced a net unrealised fair value gain of 7m pounds since its half year results in June.
The group, which was founded in 2001 and has been trading as a listed company since 2003, said as at October 22nd 2012, the fair value of the group's portfolio rose to £168.2m
During the period from July 1st 2012 to October 22nd 2012, the group provided incubation, seed and development capital totalling £5.6m to 16 portfolio companies.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Chief Executive Alan Aubrey commented: "Further positive progress has been made by the group since our half-year results, with the portfolio producing net unrealised fair value gains of £7m."
"In line with previous commitments the group has continued its increased rate of capital deployment yet has maintained a strong cash and financial position, helped in part by the £15m initial proceeds received as a result of the Proximagen sale to Upsher-Smith."
IP Group, whose portfolio now consists of holdings in 66 intellectual property based companies, said investments for the year to date have risen to £21.4m from £7.9m the year before.
At October 22nd 2012, the group had no borrowings, cash of £53m, a diversified portfolio valued at £168m and net assets of £257m, representing 70p per share.
M&S shares shift from frumpy to fabulous as pre-tax profits are up by 56%
M&S is performing strongly and has announced it will pay a dividend for the first time since the pandemic.
By Dr Matthew Partridge Published
The rise and fall of Sam Bankman-Fried – the “boy wonder of crypto”
Why the fate of Sam Bankman-Fried reminds us to be wary of digital tokens and unregulated financial intermediaries.
By Jane Lewis Published