IP Group's portfolio powers ahead

IP Group, the developer of intellectual property-based businesses, yesterday said its companies were making strong progress, despite the challenging economic conditions.
By The Newsroom
Published 26th Aug 2010, 23:14 BST
Updated 26th Aug 2010, 23:14 BST

On June 30, the value of the group's portfolio was stable at 101.3m and consisted of interests in 64 companies.

During the half year ended June 30, the group made total investments of 3.1m, compared to 1.6m for the equivalent period in 2009. Over the half year two of its portfolio companies – the York-based Tissue

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Regenix Group and Ilika – achieved listings on the Alternative Investment Market (AIM), raising 4.5m and 5.2m respectively.

Syntopix Group, a Bradford-based spin-out from the University of Leeds which develops compounds to treat skin disorders, also announced a collaboration with Sinclair Pharma following the completion of a 2m placing in March 2010.

Alan Aubrey, the 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.

"Cash balances remain strong, our pipeline of activity is healthy and this, coupled with the portfolio's progress to date, continues to give us confidence that the group will generate long term returns for shareholders."

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