IP Group (IPO)

Sector:

Financials

Index:

FTSE 250

45.25p
   
  • Change Today:
    -0.60p
  • 52 Week High: 61.40
  • 52 Week Low: 43.55
  • Currency: UK Pounds
  • Shares Issued: 1,028.76m
  • Volume: 2,036,210
  • Market Cap: £465.52m
  • RiskGrade: 192

IP Group net asset value falls, but losses narrow

By Josh White

Date: Wednesday 13 Mar 2024

LONDON (ShareCast) - (Sharecast News) - Intellectual property-focussed investor IP Group reported a net asset value of £1.19bn in its results for 2023 on Wednesady, or 114.3p per share, down from £1.38bn and 132.9p per share in 2022.
The FTSE 250 company said despite the decrease, the return on net asset value still improved to -13% from -20% year-on-year, while the loss for the year narrowed significantly to £174.4m from £344.5m.

Total portfolio value stood at £1.16bn, down from £1.26bn in the previous year, while gross cash and deposits increased to £336.9m from £241.5m.

The firm made portfolio investments of £73.2m in 33 companies across its three high-growth sectors, slightly lower than the £93.5m invested in 46 companies in 2022.

IP Group launched a £20m share buyback programme, and announced future cash returns in the form of share buybacks when the share price discount to net asset value exceeds 20%.

It said that over £75m in total cash had been returned to shareholders through dividends and share buybacks since 2021.

The company said its portfolio was maturing, with multiple near-term value creation opportunities.

Over 10 companies were now in clinical studies, with key data expected by the end of 2025.

Capital allocation remained focussed on high-growth sectors such as life sciences, deeptech, and cleantech.

The portfolio raised £0.7bn in total capital in 2023, with leading co-investors including Bosch Ventures, BP Ventures, Clean Energy Ventures, and others.

However, the firm said it had decided to deprioritise future investment in its US platform and cease plans for a China growth fund.

"The market environment for early-stage investing remained challenging in 2023," said chief executive officer Greg Smith.

"In response, we have prioritised and heavily focused our activities and capital on developing leading portfolio opportunities in the high-growth sectors where our teams have deep expertise.

"The group's portfolio successfully raised a total of £0.7bn, with the group investing £73m alongside more than fifty co-investors."

Smith said that, having appropriately managed its level of portfolio investment, the group finished the year in a strong financial position with £227m gross cash, describing that as "an important strategic asset" in the current environment.

"We have an excellent team that combines university relationships with deep sector experience and networks, allowing us to access highly differentiated dealflow," he said of IP Group's outlook.

"We are one of the companies most closely aligned with the UK's 'science superpower' ambition, which we intend to build on this year.

"In pursuing our purpose to accelerate the power of science for a better future by starting and growing businesses driving the energy transition, the digital transformation and improved health outcomes, we can make a significant dent in some of society's biggest needs and deliver compelling financial returns for our shareholders."

At 0815 GMT, shares in IP Group were down 1.03% at 51.07p.

Reporting by Josh White for Sharecast.com.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

IP Group Market Data

Currency UK Pounds
Share Price 45.25p
Change Today -0.60p
% Change -1.31 %
52 Week High 61.40
52 Week Low 43.55
Volume 2,036,210
Shares Issued 1,028.76m
Market Cap £465.52m
RiskGrade 192

IP Group Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
72.24% above the market average72.24% above the market average72.24% above the market average72.24% above the market average72.24% above the market average
55.14% above the sector average55.14% above the sector average55.14% above the sector average55.14% above the sector average55.14% above the sector average
Price Trend
49.83% below the market average49.83% below the market average49.83% below the market average49.83% below the market average49.83% below the market average
41.38% below the sector average41.38% below the sector average41.38% below the sector average41.38% below the sector average41.38% below the sector average
Income
98.24% below the market average98.24% below the market average98.24% below the market average98.24% below the market average98.24% below the market average
100% below the sector average100% below the sector average100% below the sector average100% below the sector average100% below the sector average
Growth
24.43% below the market average24.43% below the market average24.43% below the market average24.43% below the market average24.43% below the market average
13.76% below the sector average13.76% below the sector average13.76% below the sector average13.76% below the sector average13.76% below the sector average

What The Brokers Say

Strong Buy 2
Buy 0
Neutral 0
Sell 0
Strong Sell 0
Total 2
strong_buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

IP Group Dividends

  Latest Previous
  Interim Final
Ex-Div 10-Aug-23 25-May-23
Paid 04-Sep-23 22-Jun-23
Amount 0.51p 0.76p

Trades for 14-Jun-2024

Time Volume / Share Price
16:35 288,192 @ 45.25p
16:35 1,162 @ 45.25p
16:35 4,706 @ 45.25p
16:35 17 @ 45.25p
16:35 620 @ 45.25p

IP Group Key Personnel

CEO Greg Smith

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