Business
2024 Annual Results
2024 Annual Results.
About this update from Ip Group Plc
[{"type":"text","content":"\n\n\n\n\n\nFOR RELEASE ON\n\n\n25 March 2025\n\n\n\n\n \n \n(\"IP Group\" or \"the Group\" or \"the Company\") IP Group plc 2024 Annual Results Release\n \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 2024.\n \nHighlights\n \nOutperformed on exits, despite reduction in NAV per share:\n- Total cash proceeds from exits of £183.4m (+ 375%) including:\n- £134m: Sale of Featurespace Ltd to Visa (£119m cash received in the year) - largest ever exit\n- £30m: Sale of Garrison Technology Ltd to Everfox\n- £9.2m: Sale of Kynos Therapeutics Ltd to Dr Falk Pharma GmbH\n- up to £15m: Secondary sale of minority holdings in six portfolio companies at small premium to NAV\n- Strong balance sheet and liquidity with gross cash of £285.6m, up 26% from £226.9m in 2023\n- NAV/share down 15% to 97.7p with closing NAV of £952.5m, driven by decrease in market value of Oxford Nanopore (ONT) and valuation reductions for First Light Fusion and Istesso in challenging market conditions\n- Raised further £95m of third-party funds (Hostplus & Parkwalk) - third-party AUM now £678m, up from £650m in 2023\n- Total net overheads run rate reduced by 23% by year end, a 12% reduction for the year\n \nAccelerated buybacks:\n- Since January 2024, announced buybacks of up to £80m representing 19% of current market capitalisation\n- Completed £30m of share buyback programme during year, with £50m balance ongoing\n- 10% of share capital retired to date, increased shareholder authority now sought in order to complete ongoing programme\nSignificant portfolio and pipeline opportunity:\n- £784m of capital raised (up 17%) with £63m invested across 38 companies, reflecting maintained discipline\n- Istesso: Phase 2b study of leramistat in rheumatoid arthritis demonstrated novel mechanism of ...