Portfolio gains for IP Group

published 25 October 2012

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.

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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.