- Intellectual property-based businesses developer IP unveiled a £20 million share buyback plan and declared its maiden interim dividend after reporting a rise in first-half profit.

For the six months ended 30 June 2021, pre-tax profit swelled to £116.5 million from £11.7 million as potfolio returns and revenue jumped to £145.5 million from £34.2 million.

Hard net asset value rose £117.9m, or 9%, from £14.2 million last year.

The company followed up its maiden final dividend with an interim dividend of 0.48p per share, and said it would allocate £20 million toward buying back the shares.

Story provided by