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(Alliance News) - IP Group PLC on Wednesday reported a slowed decline in net asset value, citing global issues such as supply chain disruptions and inflation and interest rate trends.
IP Group invests in companies pursuing breakthrough science and innovation, such as Oxford Nanopore Technologies PLC.
The company said net asset value per share declined 14% to 114.8 pence as at December 31 from 132.9p a year prior.
The contraction on return on NAV was 13% in 2023, compared to a decline of 20% in 2022.
Pretax loss narrowed 49% to GBP176.3 million from GBP343.5 million.
"We continue to monitor the impact of the ongoing wars in Ukraine and the Middle East, heightened geopolitical tension, supply chain disruption, inflation and interest rate trends, elevated levels of the cost of living and volatile capital markets," IP Group said. and note
It added that "the greatest impact to the group has been the marked decline in the valuation of technology and life sciences sector listed companies, which we consider heighten our principal risks of macroeconomic environment and access to capital risks."
The company proposed a final dividend to 0.76 pence per share, upped from 0.72p a year prior. This brought the total for 2023 to 1.27p, up 4.1% from 1.22p.
Looking ahead, IP Group cited opportunities to benefit from increased public policy support in the UK for science and innovation, with GBP109 million capital across the company's third party managed funds including its subsidiary Parkwalk Advisors.
Chief Executive Officer Greg Smith said: "The group and its portfolio remain well-funded and we are confident the group will reap the benefits of our maturing portfolio given the number of key milestones anticipated over the next 12 to 18 months, particularly in life sciences.
"The group is committed to delivering value for all stakeholders and anticipates that the next 18 months could be transformational to fair value growth."
IP Group shares fell 2.3% to 50.40 pence each on Wednesday morning in London.
By Tom Budszus, Alliance News slot editor
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