HALF YEAR HIGHLIGHTS
Financial and operational update
- Net assets excluding intangibles and the Oxford equity rights asset increased to £700.6m (HY14: £449.4m; FY14: £451.3m)
- Adjusted profit before tax of £70.1m (HY14: £15.0m; FY14: £16.2m), excluding amortisation of intangible assets and reduction in fair value of Oxford Equity Rights asset of £3.7m (HY14: £2.4m; FY14: £6.7m)
- £178.8m (net of expenses) raised through the issue of new equity capital
- Acquisition of a strategic holding in Oxford Sciences Innovation plc, broadening the Group's exposure to spin-out companies from the University of Oxford
- Modern Biosciences plc reached the first development-related milestone in its agreement with Janssen Biotech, Inc.
- Two further spin-out companies created in the US; the Group has now formed its first spin-out company from each of Columbia, Pennsylvania and Princeton universities
- Net cash and deposits at 30 June 2015: £219.6m (HY14: £122.6m; FY14: £97.3m).
Portfolio update
- Fair value of portfolio: £478.2m (HY14: £319.6m; FY14: £349.9m)
- Capital provided to portfolio companies and projects: £55.1m (HY14: £14.9m; FY14: £46.8m)
- Portfolio realisations: £0.4m (HY14: £3.3m; FY14: £9.7m)
- Group's portfolio companies raised approximately £80m of new capital during the half year
- Oxford Nanopore Technologies Limited held well-received "London Calling" conference and launched PromethION Early Access Programme
- Diurnal Limited made significant progress with its primary lead products for the treatment of chronic endocrine diseases
- Tissue Regenix Group plc and Actual Experience plc completed funding rounds of £20m and £15.2m respectively.
Post-period-end update
- £30m, 8-year debt facility secured from the European Investment Bank, representing an additional source of long-term capital and an evolution in the Group's capital structure
- Oxford Nanopore Technologies Limited and Avacta Group plc completed funding rounds of £70m and £22m respectively
- Elaine Sullivan, appointed as Non-executive Director, brings further life sciences expertise to the Board.
Commenting on the Group's half-yearly results, Alan Aubrey, Chief Executive Officer of IP Group, said:
"The Group has had an extremely active and successful first half with a number of our portfolio companies having made significant advances. We were particularly proud to be a cornerstone investor in Oxford Sciences Innovation plc while Modern Biosciences plc reached the first development-related milestone in its agreement with Janssen Biotech, Inc. The Group is also making solid progress in the US and has now formed its first spin-out company from each of the three universities we are working with there.
Having strengthened the Group's balance sheet with more than £200m of available capital, IP Group is well placed to continue its strategy of supporting compelling opportunities both in the UK and the US. Our performance during the year so far, combined with the Group's pipeline of exciting opportunities and strong cash and financial position, means we are able to look to the second half of the year with confidence."
