IP Group increases buyback programme by £10m

Intellectual property business IP Group said on Thursday that it would increase its current share buyback programme as a result of cash proceeds from H1 exits coming in ahead of the prior year.

IP Group stated that following a "strong performance" on portfolio realisations during the year to date, cash proceeds from exits confirmed or completed now totalled over £43.0m - already exceeding the group's FY23 total.

The FTSE 250-listed company said its previously announced sale of Garrison Technology to US-based cybersecurity firm Everfox was expected to complete during August and added that portfolio business Intelligent Ultrasound Group planned to make a "material return of capital" following the announced sale of its Clinical AI business to GE HealthCare for an enterprise value of £40.5m.

As a result, IP Group plans to up its current share buyback programme by a further £10.0m, increasing it to a total of £30.0m.

IP Group intends to publish its results for the six months ended 30 June on 17 September.

As of 0915 BST, IP Group shares were down 0.41% at 36.0p.

Reporting by Iain Gilbert at Sharecast.com