IP Group receives £13.1m from sale of Tracsis

IP Group has received net cash proceeds of £13.1m from the sale of its entire holding in portfolio company Tracsis.

The FTSE 250 group, which develops intellectual property-based businesses, said total proceeds to date, including dividends, came to £14.3m.

This represents an internal rate of return of around 58% and a multiple of approximately 38 times the group's investment of £400,000.

At 1504 GMT, IP shares were up 1% to 170.20p.