IP Group sees net assets double

Net assets doubled at IP Group, thanks to a £100m capital raising, the acquisition of Fusion IP and a big increase in the value of its portfolio companies. Year-on-year, net assets at the intellectual property commercialisation firm soared from £261.6m to £528.6m, although this was offset slightly by the operating expenses, reduction in the fair value of the Oxford equity rights asset and the amortisation of intangible assets in the period.Overall, the group's portfolio companies raised a total of £93m during the half year, compared to £55m in the same period in 2013. The fair value of its investment portfolio was upgraded from £285.8m at the end of 2013 to £319.6m at 30 June. The company, which acquired the rest of Fusion IP in March of this year, said the half year had continued 2013's "encouraging" performance. The group swung to a profit for the period, posting £12.6m compared to losses of £2.0m a year earlier. Earnings per share totalled 2.83p, against a 0.51p loss per share in the corresponding six months. During the period, IP extended its agreement with The University of Manchester, one of the UK's major research universities, to include graphene projects. The group also agreed a pilot IP commercialisation collaboration with Princeton University, the group's third such relationship in the US. lan Aubrey, the chief executive of IP Group, said: "I am pleased to be able to report another busy half that has seen the group build on the considerable successes of 2013. "[Our] achievements, combined with the successful admission of three of our portfolio companies to AIM, an increased pipeline of opportunities, and a strong cash and financial position, provide us with a solid platform from which to continue to generate significant value for shareholders over the long-term."NR Ip Group