IP Group plc (LON:IPO), which invests in breakthrough science and innovation companies with the potential to create a better future for all, has issued the following statement ahead of its Investor Update event and Annual General Meeting 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 IP Group 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.
