IP Group PLC (LON:IPO) said its day-to-day operations have been “largely unaffected” in the year to date despite the coronavirus pandemic.
In an update statement to be delivered at its AGM on Thursday, the FTSE 250 firm, which focuses on developing intellectual property-based businesses, said it remained well financed with gross cash of £256.6mln following what it said were “record realisations” of £113.8mln in the year to date compared to £79.5mln in the whole of 2019.
IP Group also said it has invested £27.7mln into 30 of its portfolio companies, adding that it is continuing to assess and respond to the impacts of coronavirus on its portfolio.
“While the year to date has undoubtedly been a period of significant change and we have experienced volatility, particularly in the capital markets, we remain positive on our portfolio's prospects”, the group said.
Since 31 December, the company highlighted fundraisings at three of its portfolio firms, Ceres Power Holdings PLC (LON:CWR), Featurespace Ltd and Oxford Nanopore Technologies Ltd, as well as a strategic collaboration deal by Inivata Ltd.
Shares in IP Group were 1.1% lower at 61p in early deals on Thursday.