- Intellectual property investor IP Group swung to a profit in the first half of the year as record sales and a positive returns boosted performance.

For the six months ended 30 June, the company reported a pre-tax profit of £11.7m compared with a loss of £49.5m on-year, while net assets fell to £1,156.8m from £1,172.4m.

Net portfolio gains rose 3% to £34.9m, compared with a reduction of £36.7m on-year.

The company achieved 'record realisations to the end of July of more than £168m, more than double the £79.5m achieved for the whole of 2019,' the company said.

Investment into its portfolio fell to £36.9m from £39.0m.

'The cash realisations from the portfolio, the positive portfolio return and continued prudent cost control have placed the Group in an even stronger, more liquid financial position than at the beginning of 2020,' the company said.

At 8:34am: [LON:IPO] Ip Group PLC share price was -0.8p at 74.8p

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