Last checked at 15 Jun 2023 07:00
FOR RELEASE ON | 15 June 2023 |
IP Group plc - AGM statement
IP Group plc (LSE: IPO) ("IP Group" or "the Company" or "the Group"), which invests in breakthrough science and innovation companies with the potential to create a better future for all, issues the following statement ahead of its Investor Update event and Annual General Meeting ("AGM") taking place this morning.
This statement provides an update on the Group's progress for the period since 31 December 2022. No material new information will be released by the Company during the event or AGM. The Group anticipates releasing its results for the six months to 30 June in early August, following the completion of its half-yearly valuation process.
IP Group remains well financed and, as at 14 June 2023, had gross cash and deposits of £260m (FY22: £241.5m), following the scheduled drawdown of £60m long-maturity debt but prior to the payment of dividends. The Group has invested £51m into the portfolio in the year to date, making notable investments into 10 existing portfolio companies as well as a number of smaller size investments into current and new opportunities across all three of our thematic focus areas of life sciences, cleantech and deeptech.
Realisations are also in line with the Group's expectations, totalling £31m in the year to date, mainly from the second tranche of consideration from the sale of WaveOptics in 2021 which was received in May 2023.
The Group aims to deliver returns to shareholders primarily in the form of long-term capital appreciation.
Subject to the Group's capital allocation policy, the majority of cash realisations will be typically reinvested with a smaller proportion used to deliver a cash return to shareholders.
Accordingly, the Board has recommended a final dividend of 0.76p per share, which if approved at today's AGM, would give a total 1.26p for the full year 2022 compared with 1.2p per share in 2021. Subject to its approval at the AGM later today, the final dividend will be paid on 22 June 2023 to shareholders on the register on 26 May 2023.
This announcement may contain forward looking statements. These statements reflect the Board's current view, are subject to a number of material risks and uncertainties and could change in the future. Factors which could cause or contribute to such changes include, but are not limited to, the general economic climate and market conditions, as well as specific factors relating to the financial or commercial prospects or performance of individual companies within the Group's portfolio.
For more information, please contact:
IP Group plc | www.ipgroupplc.com |
Liz Vaughan-Adams, Communications | +44 (0) 20 7444 0050+44 (0) 20 7444 0062/+44 (0) 7967 312125 |
Portland | |
Vic Wallin | +44 (0) 7973 823119 |
Alex Donaldson | +44 (0) 7516 729702 |
Notes for editors
About IP Group
IP Group accelerates the impact of science for a better future. As the most active UK based, early stage science investor, we develop and support some of the world's most exciting businesses in deeptech, life sciences and cleantech (led by Kiko Ventures). Through Parkwalk, the UK's largest growth EIS fund manager, we also back world-changing innovation emerging in leading universities and research institutions. Our specialist investment team combines sector expertise with an international approach. Together we have a strong track record of success, having backed high-profile companies including Oxford Nanopore Technologies plc, First Light Fusion, Hysata, and Oxbotica. IP Group is listed on the Main Market of the London Stock Exchange under the code IPO.
For more information, please visit our website at www.ipgroupplc.com.
ENDS