16th Mar 2022 10:30
(Alliance News) - IP Group PLC shares rose on Wednesday after the firm reported record results for 2021, helped by a strong contribution from its portfolio company Oxford Nanopore Technologies.
Shares were up 6.3% at 94.90 pence each on Wednesday morning in London.
In 2021, the London-based intellectual property commercialisation company's total portfolio value increased 27% to GBP1.51 billion versus GBP1.18 billion in 2020.
Its net asset value rose 31% to GBP1.74 billion from GBP1.33 billion, while its net asset value per share increased 33% to 167.0 pence at December 3 from 125.3p a year before.
IP Group's return on NAV more than doubled to GBP452.2 million from GBP189.5 million in 2020.
The company credited this "record" performance to a "standout contribution" that came from an uplift in value in portfolio firm Oxford Nanopore Technologies PLC. IP Group added that its Life Sciences and Technology businesses also delivered "extremely strong performances" in the year.
The FTSE 250 firm recommended a final dividend of 0.72p per share, bringing its total annual payout to 1.2p. This reflects a 20% increase from the total payout of 1p the year before.
IP Group said that it entered this year in a very strong financial position, with a maturing portfolio offering "considerable opportunities for future value delivery".
In regard to the conflict in Ukraine, the firm noted that many of its areas of focus, particularly in cleantech, will have greater relevance in a scenario where Europe seeks to reduce its dependency on Russian oil and gas.
"2021 was a landmark year for IP Group as we celebrated our 20th anniversary by recording our best set of financial results to date, including record profits, cash realisations, portfolio investment, and a return on NAV of almost half a billion pounds," Chief Executive Greg Smith said.
By Abby Amoakuh; [email protected]
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