LONDON (Alliance News) - IP Group PLC Thursday said the value of its portfolio has fallen since the start of the year after divesting from some of its portfolio whilst making new investments.
The developer of intellectual property-based businesses said the value of its portfolio stood at GBP539.3 million as at April 30, compared to GBP552.2 million at the end of 2015. That decline reflects GBP13.5 million worth of disposals and GBP8.4 million of investments.
Only GBP7.7 million worth of the decline since the start of the year was a result of the value of its existing investments falling, which it said was mainly from investments in AIM-listed companies.
The majority of the proceeds generated from IP's disposals in the last four months, totalling GBP13.1 million, came from the sale of its holding in Tracsis PLC.
The GBP8.4 million worth of investments in the first four months of this year was made through incubation, seed and further capital being provided to 19 of its portfolio companies.
IP said its US operations continue to progress after recently signing a collaboration agreement with the University of Washington, and extending existing agreements with Universities in Pennslyvania, Columbia and Princeton, pushing the total number of US university partners up to four.
IP Group's US partner has also signed an institutional agreement with the contractor on the Argonne National Laboratory, a science and engineering research facility in Illinois, pushing the amount of laboratory partners up to three in total.
Cash at the end of April stood at GBP180.0 million whilst net assets stood at GBP769.0 million, equal to 136.0 pence per share.
Shares in IP Group were down 1.8% at 158.20 pence shortly after market open Thursday.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
Ip Group (IPO)
Tracsis (TRCS)