Group pleased with portfolio growth
Donnerstag, 26 August 2010
Leeds-based intellectual property firm IP Group announced that its portfolio companies had made good commercial progress over the past six months.
The group's net assets were flat at £167.4 million during the six months to June 30 from the corresponding period last year, but investment in portfolio companies grew to £3.1 million.
Also, portfolio realisations at the group rose from £100,000 to £700,000 and the fair value of its investment portfolio reached £101.3 million from from £97.1 million.
The group's revenue from services registered a higher £1.1 million.
Alan Aubrey, chief executive of IP Group, said: "Overall, the technical and commercial progress made by the group's portfolio companies towards key milestones has been strong in the period to date with commercial validation by industry having been particularly encouraging.
"The valuation of the portfolio has remained broadly stable despite a challenging financing and operating environment for small capitalisation technology based businesses.
"This valuation has benefited from the completion of a number of further external financings, including the first two portfolio companies joining AIM since 2007, although this has been offset by downward pressure on valuations of other holdings."
He added that he expected the group to generate long term returns for its shareholders as its cash balances were strong and its pipeline of activity healthy.
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