IP Group launches share buyback as interim profits surge
By Iain Gilbert
Date: Friday 29 Oct 2021
(Sharecast News) - Intellectual property-based business developer IP Group said on Thursday that it will launch a £20.0m share buyback after witnessing a rise in interim profits.
For the six months ended 30 June, IP Group saw pre-tax profits surge to £116.5m from £11.7m a year earlier as portfolio returns and revenues jumped to £145.5m from £34.2m, respectively.
Hard net asset value rose 9% to £117.9m in the half.
The FTSE 250-listed firm also followed up its maiden final dividend with an interim dividend of 0.48p per share and stated it would now put aside £20.0m toward buying back the shares.
Chief executive Alan Aubrey said: "IP Group has continued to make strong headway in 2021 with much activity in the portfolio.
"We continue to be excited by the prospects for the second half of the year including the opportunities our portfolio businesses have from the renewed focus on innovation and sustainability."
As of 0915 BST, IP Group shares were down 1.29% at 122.40p.
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