IP Group swings to FY loss

Intellectual property investor IP Group swung to a loss in the twelve months ended 31 December, principally due to changes in value of equities and debt investments.

IP Group swung to a loss of £344.5m in 2022, a marked difference when compared to the prior year's profit of £449.3m, and fell from a net portfolio gain of £499.2m to a loss of £309.1m.

Net asset value dropped from £1.73bn to £1.37bn, the group's total portfolio dropped to £1.25bn from £1.5bn and realisations tumbled from £213.9m in 2021 to £28.1m a year later.

However, the FTSE 250-listed group opted to hike its full-year dividend, raising its payout from 1.20p per share to 1.26p.

Chief executive Greg Smith said: "We have continued to see strong commercial progress and interest in our portfolio this year despite the economic headwinds and prevailing geopolitical environment.

"While the share prices of our publicly listed companies and that of the group have come under pressure, we remain focussed on generating returns for all stakeholders and are confident that our high-quality portfolio will generate significant value over time."

As of 0925 GMT, IP Group shares had dropped 5.36% to 58.30p.

Reporting by Iain Gilbert at Sharecast.com