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
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+44 (0) 20 7444 0062/+44 (0) 7967
312125
|
Portland
|
Vic Wallin
Alex Donaldson
|
+44 (0) 7973 823119
+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.
ENDS