Ip Group Share News (IPO)

Shares in IP Group, which develops intellectual property based businesses, rose strongly on Tuesday morning after the group posted a leap in adjusted pre-tax profit for the year ended December 31st. In a record year for FTSE 250-listed IP, earnings rose to £77.6m (2012: £46.7m), on revenue of £85.4m (2012: £52.5m). The company also revealed that its net assets had increased to £337.0m (2012: £263.1m), while the fair value of the portfolio grew to £285.9m (2012: £181.8m) across 72 companies. The value of its ten largest holdings increased to £225.2m, up from £138.2m a year earlier. Chief Executive Officer Alan Aubrey said: "2013 was a record year with the strongest financial performance since the group was formed in 2001. "The current year has started well with Actual Experience listing on AIM and Xeros Limited also announcing its intention to float on AIM [...]. We remain confident in the group's ability to deliver significant shareholder value."The group also said that during the year there had been "significant strategic progress" with a commercialisation agreement with the University of Manchester, an investment in Cambridge Innovation Capital, as well as pilot agreements with two of the US's eight Ivy League universities.Since the year-end the group has announced the recommended acquisition of the remaining 79.9% of Fusion IP that it does not currently own, which it has predicted will create a stronger UK-based IP commercialisation company with greater critical mass including a portfolio valued at over £300m and approximately £140m of cash.NR