Business
Final Results
Final Results.
About this update from Ip Group Plc
[{"type":"text","content":"\n \n \n RNS Number : 6971F\n IP Group PLC\n 11 March 2020\n \n \n \n \n \n \n \n \n FOR RELEASE ON \n \n \n \n \n 11 March 2020 \n \n \n \n \n \n \n \n \n \n \n \n \n (\"IP Group\" or \"the Group\" or \"the Company\")\n \n IP Group plc Annual Results Release\n \n \n \n \n \n IP Group plc (LSE: IPO), the developer of intellectual property-based businesses, today announces its annual financial results for the year ended 31 December 2019.\n \n \n \n \n Portfolio highlights\n \n · Fair value of portfolio: £1,045.6m (2018: £1,128.2m)\n \n · 169% increase in cash realisations to £79.5m, which exceeded investment into portfolio for the first time since 2007 (2018: £29.5m)\n \n · Investment into portfolio: £64.7m (2018: £100.9m)\n \n · Net portfolio fair value reduction1 of £43.9m, approximately 4% (2018: £48.4m, 4%)\n \n · Oxford Nanopore announced investment and secondary share sales totalling £109.5m, having more than doubled revenue and orders in 2018 to $43.7m and $60.6m respectively\n \n · Istesso announced positive outcome from Phase 2a study of MBS2320 for rheumatoid arthritis\n \n · Significant commercial progress at Ceres Power including first product launch with Japan's Miura and further £8m licence and joint development agreement with Korea's Doosan\n \n · Total funds raised by portfolio companies of £430m (2018: £717m) including financing rounds for Inivata (£40.0m), Featurespace (£25.0m) and Azuri Technologies (£20.0m)\n \n Financial and operational highlights\n \n · Hard NAV1 £1,141.5m or 108 pence per share (2018: £1,217.5m, 115 pence per share)\n \n · Net assets £1,141.9m (2018: £1,218.2m)\n \n · Strong liquidity with gross cash and deposits at 31 December 2019 of £194.9m (2018: £219.0m) and net cash of £112.4m (2018: £121.2m)\n \n · Return on Hard NAV1 of negative £73.7m (2018: negative £75.6m)\n \n · Loss for the year of £78.9m (2018: £293.8m loss)\n \n · Net overheads reduced by 13% to £22.6m (2018: £26.0m)\n \n · Parkwalk Advisors, the Group's specialist EIS subsidiary, grew assets under management to £300m (2018: £220m)\n \n · Further encouraging progress made in developing the Group's businesses in the US and Australia\n \n · Board strengthened through appointment of two additional independent non-executive directors\n \n Post period end highlights\n \n · Ceres Power anno...