- Touchstone Innovations swung into the black in the year to the end of July with a pre-tax profit of £46.8m against a loss of £63.1m in 2016.

Net portfolio value rose by 38% (£126.0m) to £461.1m (2016: £335.1m); unquoted portfolio value was up by 43% (£127.0m) to £419.2m (2016: £292.2m).

Net assets increased by 10% to £503.5m (2016: £455.9m); NAV per share increased to £3.12 (2016: £2.83) rising to an adjusted NAV per share of £3.16, when excluding one-off corporate finance costs of £5.5m.

Chief executive Russ Cummings said: "Our patient and focused approach to investing for the long-term continues to show real results, as demonstrated by the strong growth in NAV and profit.

"Excluding the one-off costs associated with the IP Group plc offer, our NAV would be £3.16 per share, up 12% from £2.83 a year ago. Including one-off costs the NAV per share is £3.12.

"The implied value per Touchstone share of the offer from IP Group plc as at the close of business on 12 September 2017 was £2.661. This is 15% less than the NAV per Touchstone share (after one-off costs) of £3.12 as at 31 July 2017.

"We now have a dozen unquoted companies of material scale and considerable potential, many of which made significant progress and a number of which are approaching key inflexion points.

"We also have great depth to our portfolio, with another 20 or so portfolio companies showing rapid development.

"We are actively involved in discussions about partnerships, licensing and other corporate developments across a number of our larger unlisted portfolio companies that may lead to transactions resulting in fair value gains.

"We have access to outstanding opportunities from the UK's Golden Triangle cluster and the people, platform, skills and financial resources to continue to build value over the long term."

At 9:24am: [LON:IVO] Touchstone Innovations PLC share price was +3p at 263p

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