IP Group Outlook Confident As Swings To 2017 Profit On Portfolio Value

29th Mar 2018 09:58

LONDON (Alliance News) - IP Group PLC on Thursday expressed confidence for the year ahead, as it swung to profit and doubled its portfolio value.

The intellectual property business posted a pretax profit of GBP53.4 million in 2017, compared with the GBP14.8 million loss it made the prior year. IP Group reported an increase in the fair value of its portfolio to GBP1.1 billion from GBP614.0 million in 2016.

It had assets of GBP1.5 billion as at the end of December, up from GBP768.7 million assets it had the year before.

During the year the company completed several major acquisitions and expanded geographically. IP Group now operates in the UK, US and Australia.

In February, the group completed the purchase of EIS fund manager Parkwalk Advisors Ltd, which has delivered GBP1.6 million in revenue since integration. It also signed landmark agreements with nine Australian universities, which will see at least AUD200.0 million invested in finding and developing companies involved in disruptive innovation, it said.

"2017 was a significant year for the company, with the combination of IP Group and Touchstone Innovations and the acquisition of Parkwalk Advisors helping to create a business with greater resources that is better equipped to find, invest and develop businesses based on science and technology, said IP Group Chief Executive Officer Alan Aubrey.

"Overall, the underlying performance of the group's enlarged portfolio was strong with a number of key milestones attained. The integration of Touchstone Innovations with IP Group is proceeding to plan and we are confident for the year ahead and beyond," Aubrey added.

Shares in IP Group were trading 6.2% higher at 114.00 pence per share on Thursday.

---

Related Shares:

Ip Group