- IP Group delivered 'disappointing' annual results as it swung to a loss on falling net assets driven by share price declines in a number of its AIM listed portfolio companies.

For the year ended 31 December 2018, the company reported a loss of £293.8m compared with a profit of £53.4m a year earlier and hard net asset value fell 5.9% to £1.22bn, with the fair value of the portfolio broadly flat at £1.13bn.

The group's return on hard NAV was negative £75.6m compared with a positive return of £64.1m the prior year.

The net portfolio loss was £48.4m compared with a gain of £94.2m seen last year. The major contributors to the unrealised losses on the revaluation of investments were Diurnal Group plc (£33.1m), Xeros Technology Group plc (£21.1m), Circassia Pharmaceuticals plc (£14.0m), Cell Medica Limited (£12.4m), Mirriad Advertising plc (£12.3m), Actual Experience plc (£8.4m), OxSyBio Limited1 (6.6m), Abzena plc (£5.2m) and Avacta Group plc (£5.0m).

During 2018 the cash proceeds from the realisation of investments increased to £29.5m from £6.6m a year earlier, arising from 14 investments, spread roughly evenly across the sectors and comprising a mix of quoted and private capital, the company said.

IP Group said it remained confident that it would deliver 'appropriate and meaningful returns for stakeholders over the medium to long term.'

At 8:22am: [LON:IPO] IP Group PLC share price was -2p at 88.5p

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