IP Group PLC (LSE:IPO) has said it is on track to deliver more than £250 million of portfolio sales over the next two years after notching up £30 million in the first half, a ninefold increase on the same period last year.
The investment company, which backs spin-outs from universities and early-stage technology firms, said the float of Hinge Health on the New York Stock Exchange had been a “standout milestone”.
Shares in the digital health business listed at $32 in April and ended June at $52, boosting the value of IP Group’s stake to £39.1 million.
Oxford Nanopore, another of the group’s leading holdings, reported half-year revenues of £105.6 million, ahead of guidance, and narrowed losses before interest, tax, depreciation and amortisation.
Other portfolio companies raised £372 million between them, helping to support valuations despite a backdrop of funding delays and pricing pressure for some businesses.
Greg Smith, chief executive, said: “The group made strong progress in the first half of the year, delivering over £30 million in cash proceeds, a near ninefold increase year-on-year.
"The successful IPO of Hinge Health on the NYSE was a standout milestone, and together with gains in Oxford Nanopore, underscores the resilience and quality of our portfolio.”
Net asset value per share stood at 96.2p at the end of June, down slightly from 97.7p at the year-end but lifted to an estimated 100p by mid-September, helped by a post-period gain of £32 million from listed holdings.
That was despite a £43 million loss for the half-year, narrower than the £109.9 million loss a year earlier.
The group has continued with its share buyback programme, retiring 6% of its share capital in the first half and 14% in total to date.
It also ended June with £237.3 million of cash, up nearly 50% on a year earlier, giving it room to keep backing its 21 investments while maintaining financial discipline.
Smith added: “With NAV per share now at 100p as of 12 September, a strong pipeline of new and maturing companies and improving market sentiment, the group remains confident of delivering more than £250 million of exits from private company holdings by the end of 2027.”
The company also highlighted the launch of the Northern Universities Venture Fund with Northern Gritstone and Parkwalk, which it said would broaden its reach into early-stage innovation.