IP Group PLC on Tuesday announced a smaller net asset value per share for 2024, as it prioritised profitable exits.

The London-based active investor in early stage science companies said its NAV per share was 97.7 pence at December 31, down 15% from 114.8p a year prior.

IP Group shares fell 3.6% to 42.65p each on Tuesday morning in London.

Chief Executive Greg Smith said: ‘The group prioritised profitable exits during 2024, outperforming a relative lack of liquidity across the venture capital market, despite our negative NAV per share performance. These exits included our largest ever cash realisation with the sale of Featurespace to [Visa Inc], alongside a number of other holdings, at or above carrying values.

‘The £183 million of cash proceeds strengthened our liquidity position and enabled us to significantly increase our share buyback programme while continuing to invest for growth.’

The company paid no dividend for 2024, compared to a total dividend of 1.27p for 2023.

Looking ahead, Chair Douglas Flint said: ‘The board is confident that there is substantial unrecognised value within the portfolio.

‘Our principal objective in the coming year is to harness what we believe is a strong desire amongst UK institutions to support this segment of the UK growth story and configure our business in whatever way is needed to be successful.’

CEO Smith added: ‘As the UK’s most active investor in university spin-outs, IP Group has an exciting and compelling portfolio of companies which is attracting strong interest from third parties.

‘While the current macro environment remains challenging, the board has ensured the group is appropriately sized and well financed and continues to focus on delivering returns for shareholders.’

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