REG - IP Group PLC - AGM Statement

IPAnnouncement

15/06/2023 07:00

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RNS Number : 7735C  IP Group PLC  15 June 2023

 FOR RELEASE ON  15 June 2023

 

IP Group plc - AGM statement

 

IP Group plc (LSE: IPO) ("IP Group" or "the Company" or "the Group"), which
invests in breakthrough science and innovation companies with the potential to
create a better future for all, issues the following statement ahead of its
Investor Update event and Annual General Meeting ("AGM") taking place this
morning.

 

This statement provides an update on the Group's progress for the period since
31 December 2022. No material new information will be released by the Company
during the event or AGM. The Group anticipates releasing its results for the
six months to 30 June in early August, following the completion of its
half-yearly valuation process.

 

IP Group remains well financed and, as at 14 June 2023, had gross cash and
deposits of £260m (FY22: £241.5m), following the scheduled drawdown of £60m
long-maturity debt but prior to the payment of dividends. The Group has
invested £51m into the portfolio in the year to date, making notable
investments into 10 existing portfolio companies as well as a number of
smaller size investments into current and new opportunities across all three
of our thematic focus areas of life sciences, cleantech and deeptech.

 

Realisations are also in line with the Group's expectations, totalling £31m
in the year to date, mainly from the second tranche of consideration from the
sale of WaveOptics in 2021 which was received in May 2023.

 

The Group aims to deliver returns to shareholders primarily in the form of
long-term capital appreciation.

Subject to the Group's capital allocation policy, the majority of cash
realisations will be typically reinvested with a smaller proportion used to
deliver a cash return to shareholders.

 

Accordingly, the Board has recommended a final dividend of 0.76p per share,
which if approved at today's AGM, would give a total 1.26p for the full year
2022 compared with 1.2p per share in 2021. Subject to its approval at the AGM
later today, the final dividend will be paid on 22 June 2023 to shareholders
on the register on 26 May 2023.

 

 

This announcement may contain forward looking statements. These statements
reflect the Board's current view, are subject to a number of material risks
and uncertainties and could change in the future. Factors which could cause or
contribute to such changes include, but are not limited to, the general
economic climate and market conditions, as well as specific factors relating
to the financial or commercial prospects or performance of individual
companies within the Group's portfolio.

 

For more information, please contact:

 

 IP Group plc                                             www.ipgroupplc.com (http://www.ipgroupplc.com)
 Liz Vaughan-Adams, Communications                        +44 (0) 20 7444 0050

+44 (0) 20 7444 0062/+44 (0) 7967 312125
 Portland
 Vic Wallin                                               +44 (0) 7973 823119
 Alex Donaldson                                           +44 (0) 7516 729702

 

Notes for editors

 

About IP Group

 

IP Group accelerates the impact of science for a better
future. As the most active UK based, early stage science investor, we
develop and support some of the world's most exciting businesses in
deeptech, life sciences and cleantech (led by Kiko Ventures). Through
Parkwalk, the UK's largest growth EIS fund manager, we also back
world-changing innovation emerging in leading universities and research
institutions. Our specialist investment team combines sector expertise with
an international approach. Together we have a strong track record of success,
having backed high-profile companies including Oxford Nanopore Technologies
plc, First Light Fusion, Hysata, and Oxbotica. IP Group is listed on the Main
Market of the London Stock Exchange under the code IPO.

 

For more information, please visit our website at www.ipgroupplc.com
(http://www.ipgroupplc.com/) .

 

ENDS

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