IP Group shares lift on portfolio rise
Intellectual Property investor IP Group said its portfolio was up by more than 50%, in a half yearly update on Wednesday.
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Shares in the FTSE 250 listed stock were up 2.16% to 214.02p at 0807 BST.
IP Group said its portfolio was up to £478.2m in the first half of 2015 from £319.6m in the first six months of last year. At the end of the 2014 financial year the portfolio value was £349.9m.
The listed company said adjusted profit before tax more than tripled to £70.1m from £15m.
IP Group has acquired a strategic holding in Oxford Sciences Innovation, which it said would broaden exposure to spin-off companies from the University of Oxford.
Chief executive Alan Aubrey said the group had also made solid progress in the US.
“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,” he said.