REG - IP Group PLC - Year-end update

IPAnnouncement

30/01/2024 17:15

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RNS Number : 4255B  IP Group PLC  30 January 2024

 FOR RELEASE ON  30 January 2024

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE UK
VERSION OF THE MARKET ABUSE REGULATION (EU NO. 596/2014) WHICH FORMS PART OF
ENGLISH LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018.

 

IP Group plc - year-end update

 

IP Group plc (LSE: IPO) ("IP Group" or "the Group"), which invests in
breakthrough science and innovation companies with the potential to create a
better future for all, issues an unaudited year-end update ahead of its
results for the 12 months to 31 December 2023 now that the Group's usual
year-end process is sufficiently progressed.

The market environment for early-stage investing remained challenging in 2023
and, against this backdrop, we saw some further softening of valuations in the
final quarter of 2023. As a result, the Directors currently expect NAV per
share to be between 111 pence and 117 pence at the year end.

Within this context, many of the Group's leading portfolio companies made
strong progress, with some significant inflection points expected in 2024.

The Group continues to appropriately manage its investment levels and remains
in a strong financial position with gross cash and deposits of £227m at
year-end.

IP Group expects to announce its 2023 results on Wednesday 13 March 2024
following the completion of our usual year end valuations process.

 

Notes

- The share price of Oxford Nanopore Technologies plc was approximately 208
pence at the end of 2023.

- 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 several 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
 Liz Vaughan-Adams, Communications  +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 Oxa. 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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