IP Group plc reported broadly stable private portfolio values in H124, assisted by the positive revaluation of Featurespace, an AI-powered fraud and financial crime detection business, which delivered strong top-line growth of 46.5% in 2023 to £50.4m. This helped offset a further carrying value reduction of First Light Fusion and a partial write-down of Ultraleap Holdings, a human-machine interface business. The de-rating of listed Oxford Nanopore (ONT) was therefore the major driver behind IP Group’s 9% NAV fall in total return (TR) terms in H124. Roughly half of ONT’s share price decline has reversed post reporting date, supported by its half-year trading update and the Novo Holdings investment.
19 September 2024
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