IP Group looking ahead with confidence

IP Group, which develops intellectual property-based businesses, posted a half year statutory loss but said it was looking ahead with confidence. The statutory loss for the period totalled £2.0m, compared to £28.7m profit the same period the previous year, resulting from a reduced change in fair value of equity and debt investments, which fell from £32.3m to £2.2m year-on-year. Net assets rose to £261.6m from £250.7m a year earlier. The fair value of the investment portfolio rose from £171.5m to £191.9m, while the value of the ten largest holding climbed from £132.2m to £145.7m. Portfolio realisations rose from £0.5m to £2.8m. Alan Aubrey, Chief Executive of IP Group, said: "It has been another productive first half for both the group and its portfolio companies. "In the portfolio, not only have some notable commercial and technical milestones been achieved, but it was also pleasing that our companies raised approximately £55m of financing during the period." Looking ahead, the company said it was feeling confident in its "ongoing ability to deliver significant shareholder value", added: "While sources of capital for, and the risks inherent in, early-stage businesses are challenges facing the group and its spin-out companies, the board remains confident that intellectual property and its commercialisation remain important factors in the economic development of the UK and other mature Western Economies. "This favourable long-term macro environment, coupled with the group's core competencies in this field, gives the directors confidence that the group remains well placed to deliver medium to long-term value for shareholders." NR Ip Group