Business
2023 Annual Results
2023 Annual Results.
About this update from Ip Group Plc
[{"type":"text","content":"\n\n\n\n\n\nFOR RELEASE ON\n\n\n13 March 2024\n\n\n\n\n \n \n(\"IP Group\" or \"the Group\" or \"the Company\") IP Group plc 2023 Annual Results Release\nFocused and well positioned for the future;\nsignificant inflection points expected over the short term.\nIP Group plc (LSE: IPO), which invests in breakthrough science and innovation companies with the potential to create a better future for all, today announces its annual financial results for the year ended 31 December 2023.\nHighlights\nMaturing portfolio with multiple near-term value creation opportunities\n- Significant portfolio inflection points, including over 10 companies now in clinical studies and expecting key data by the end of 2025, expected to evidence strong value creation\n- Capital allocation prioritised to high-growth sectors where we have deep expertise and experience\no Healthier future (Life Sciences): Istesso on track to deliver Phase 2b data for Leramistat (MBS2320) in rheumatoid arthritis in H1 2024; Pulmocide Phase 3 study of novel anti-fungal for invasive pulmonary Aspergillus underway\no Tech-enriched future (Deeptech): Featurespace posts double-digit revenue growth; significant fundraisings completed for Quantum Motion, Accelercomm & Garrison, portfolio poised to benefit from growth in 2024\no Regenerative future (Cleantech): Significant capital ($15m) committed to Hysata Series B fund raise, which will complete in 2024. Technical milestone achieved in 2023\n- £0.7bn of total capital raised by portfolio in 2023 alongside leading co-investors including Bosch Ventures, BP Ventures, Clean Energy Ventures, L&G, M&G, Merck Ventures, Morningside, Pfizer, Roche and Sofinnova (2022 £1.0bn)\n- Decisive action to focus on the highest-growth opportunities, deprioritising future investment in our US platform and cessation of plans for China growth fund\nFinancial strength maintained during challenging markets\n- Strong balance sheet and liquidity with gross cash of £226.9m (2022: £241.5m)\n- £73.2m portfolio investment into 33 companies across our three high-growth sectors (2022: £93.5m, 46 companies) represe...