18th Jun 2020 10:25
(Alliance News) - IP Group PLC on Thursday said its business has not been hurt by the pandemic as it posted a large year-on-year increase in its income since the beginning of the year.
The intellectual property commercialisation company said since the start of the year, it has invested GBP27.7 million in 30 companies with its realisations for the year to date at GBP113.8 million compared with GBP79.5 million recorded for the whole of 2019.
IP Group said that since the end of December, it has netted GBP73 million through the sale of 19.3 million shares in Ceres Power Holdings PLC and completed a GBP30 million fundraise for 20%-owned Featurespace Ltd. The Featurespace transaction is expected to result in a fair value gain of around GBP10 million with IP's holding to be valued at around GBP40 million.
It has also invested USD25 million in 26%-owned Inivata with the investment expected to result in a gain of GBP7.0 million, valuing its holding at GBP31 million. Its participation in Oxford Nanopore Technologies Ltd's GBP29.3 million fundraise in January, GBP48.4 million fundraise in May, as well as a GBP22.0 million partial sale in January, takes its holding in the Oxford University spin-out to 16%.
"While the year to date has undoubtedly been a period of significant change and we have experienced volatility, particularly in the capital markets, we remain positive on our portfolio's prospects. Our team continues to work with our individual portfolio companies as they assess and mitigate potential impacts on their businesses, respond to opportunities, and manage their capital and resource requirements," IP Group said.
The stock was trading 0.5% higher at 62.01 pence a share on Thursday morning in London, and down 18% from the start of 2020.
By Ife Taiwo; [email protected].
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