REG - IP Group PLC - Pre-closed-period update

IPAnnouncement

13/01/2022 07:05

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RNS Number : 2824Y  IP Group PLC  13 January 2022

 FOR RELEASE ON  13 January 2022

 

IP Group plc - pre-closed-period update

 

Highlights

·    FY21 profit anticipated to be above £425m (FY20: profit £185.4m)

·    FY21 Hard NAV per share* anticipated to be above 165p (FY20: 125.3p),
a return of at least 31%

·    Net cash and deposits of £276m at 31 Dec 2021 (FY20: £203m)

·    Portfolio companies well-funded having raised over £2bn in 2021
(FY20: £1.1bn)

 

IP Group plc (LSE: IPO) ("IP Group", "the Company" or "the Group"), the
developer of intellectual property-based businesses, issues an unaudited
pre-close update ahead of its results for the 12 months to 31 December 2021.

 

In financial terms, 2021 was another highly successful year with a large
number of significant transactions including the flotation of Oxford Nanopore
Technologies plc on the London Stock Exchange and the sales of Inivata Ltd and
WaveOptics Ltd.

 

Consequently, the Directors currently expect the Group's profit for 2021 to be
above £425m (FY20: profit £185.4m). Hard NAV per share is anticipated to be
above 165 pence, a return of at least 31%.

 

The Group is in a strong financial position with net cash and deposits of
£276m at year-end. The Group's portfolio is well funded with portfolio
companies having raised over £2bn in 2021 (FY20: £1.1bn). This, combined
with the exciting prospects and investment opportunities within the portfolio,
gives us confidence for 2022.

 

IP Group expects to announce its 2021 results in mid-March.

 

Notes

 

*'Hard NAV per share' reflects net assets/total equity less goodwill and
intangibles divided by outstanding shares.

 

The share price of Oxford Nanopore Technologies plc was 697 pence at 31
December 2021.

 

This update is based on unaudited information and is subject to change
following the completion of the Group's usual full year-end reporting process
and annual audit.

 

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)
 David Baynes, Chief Financial and Operating Officer       +44 (0) 20 7444 0050

Liz Vaughan-Adams, Communications
+44 (0) 20 7444 0062/+44 (0) 7979 853802
 Charlotte Street Partners
 David Gaffney                                             +44 (0) 7854 609998
 Andrew Wilson                                             +44 (0) 7810 636995

 

Notes for editors

 

About IP Group

 

IP Group is a leading intellectual property commercialisation company which
focuses on evolving great ideas, mainly from its partner universities, into
world-changing businesses. The Group has pioneered a unique approach to
developing these ideas and the resulting businesses by providing access to
business building expertise, capital (through its 100%-owned FCA-authorised
subsidiaries IP Capital and Parkwalk Advisors), networks, recruitment and
business support. IP Group has a strong track record of success and its
portfolio comprises holdings in early-stage to mature businesses across life
sciences and technology. IP Group is listed on the Main Market of the London
Stock Exchange under the code IPO.

 

Group holdings in portfolio companies reflect the undiluted beneficial equity
interest excluding debt, unless otherwise explicitly stated.

 

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

 

ENDS

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