5th Aug 2021 09:47
(Alliance News) - IP Group PLC on Thursday said its net asset value grew during a busy first half across its portfolio.
The London-based investor in intellectual property-based businesses also followed up its maiden full-year payout with a first-ever interim dividend, alongside a share buyback.
IP Group's net asset value per share grew 8.1% to 135.4 pence at June 30, from 125.3p in December.
Shares in the company were 1.8% lower at 121.80p each in London on Thursday morning.
"IP Group has continued to make strong headway in 2021 with much activity in the portfolio. Three companies have been sold for significant returns, one company has floated on Nasdaq and Oxford Nanopore Technologies, our largest holding, has confirmed it is planning an IPO in the second half of the year," Chief Executive Alan Aubrey said.
IP Group has an about 15% stake in Oxford Nanopore Technologies, which was valued at GBP359 million after a private fundraise by the Oxford University spin-out back in May. It is a technology commercialisation company focused on DNA and RNA strand sequencing.
IP Group posted a hefty profit hike. Pretax profit jumped to GBP116.5 million from GBP11.7 million a year earlier.
Aubrey added: "We continue to be excited by the prospects for the second half of the year including the opportunities our portfolio businesses have from the renewed focus on innovation and sustainability."
IP Group declared a maiden interim dividend of 0.48p per share. It followed its first ever final dividend of 1.0p per share.
In addition, the company has set aside GBP20 million for its first-ever share buyback.
By Eric Cunha; [email protected]
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