LONDON (Alliance News) - IP Group PLC, which works with university partners to commercialise scientific research, on Tuesday said it now expects that 2015 was its most successful year in terms of financial performance since its formation.
The group said it was boosted by a flurry of activity across its portfolio in the second half of 2015, including the admission of Diurnal Group PLC to AIM in December and fundraisings by listed portfolio companies Xeros Technology Group PLC, hVIVO PLC and Applied Graphene Materials PCL.
There also were moves to raise money by First Light Fusion Ltd and Ultrahaptics Ltd, two of its unquoted companies.
IP Group said it now expects the fair value of its portfolio to exceed GBP550.0 million as of December 31, 2015, a jump from the GBP350.0 million recorded one year earlier.
During 2015, the group provided GBP76.0 million of capital to its portfolio companies and a further GBP40.0 million strategic investment into Oxford Science Innovations PLC.
IP Group had gross cash and equivalents of more than GBP175.0 million at the end of 2015, up from GP97.0 million one year earlier.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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