IP Group

IPO · Main Market · Financial Services · mcap £627m · 72.7p

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Financials · balance sheet 30 Jun 26 · last twelve months · today’s market value

Source: results 15 Sep 26 ↗

Key figures Cash & debt Profit & cash flow Valuation Returns & quality Latest half-year

Market cap: £642.3m
Owner’s net cash: −£77.7m
Net cash / market cap: -12%
EV ex leases: £720.0m
Revenue: £7.4m
Operating profit: £140.0m
Free cash flow after leases: −£8.1m
EV / EBIT: 5.1×
FCF yield: -1.3%
Price / tangible book: 0.64×
ROCE: 12%
Net income (owners): £141.1m

Hover or tap a figure for its formula and the values used – the names are the line names of the key figures below. Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

Key figures As reported

Income statement Balance sheet Cash flow

Annual Half-yearly

Standardised line items in £m, comparable across companies; when a later report restated a period, the later figure is shown and marked ^r (hover for the figure first reported). Italic = calculated (LTM, H2 = FY − H1); a year of other than 12 months is marked (15m). Hover a value for its source.

Latest report: H1 26 (six months to 30 Jun 26), published 15 Sep 26 · read the results ↗

Source ↗

	Reported basis 30 June 2026 £m	Disaggregation adjustment 30 June 2026 £m	Disaggregated basis 30 June 2026 £m
Portfolio return and revenue
Change in fair value of equity and debt investments	42.9	42.9	–
Change in fair value of investment entity subsidiaries	34.9	(34.9)	-
Change in fair value of limited and limited liability partnership interests	-	(4.9)	(4.9)
Gain on deconsolidation of subsidiaries	-	13.4	13.4
Revenue from services and other income	2.1	0.9	3.0
Total portfolio return and revenue	37.0	17.4	54.4
Administrative expenses
Carried interest plan credit/(charge)	-	(1.1)	(1.1)
Share-based payment charge	(0.1)	(1.7)	(1.8)
Other administrative expenses	(3.2)	(9.4)	(12.6)
Total administrative expenses	(3.3)	(12.2)	(15.5)
Operating profit/(loss)	33.7	5.2	38.9
Finance income	0.9	3.0	3.9
Finance costs	(3.2)	-	(3.2)
Profit before taxation	31.4	8.2	39.6
Taxation	(0.2)	(8.2)	(8.4)
Profit for the period	31.2	-	31.2

Source ↗

	Unaudited 30 June 2026 £m	Unaudited 30 June 2025 £m	Audited 31 December 2025 £m
ASSETS
Non-current assets
Goodwill	0.4	0.4	0.4
Property, plant and equipment	-	0.6	-
Equity and debt investments in investment entity subsidiaries	1,022.2	-	1,073.8
Joint venture investment	-	0.5	-
Equity investments	-	686.8	-
Debt investments	3.4	62.0	3.4
Limited and limited liability partnership interests	1.2	51.1	1.2
Receivable on sale of debt and equity investments	-	6.8	-
Total non-current assets	1,027.2	808.2	1,078.8
Current assets
Trade and other receivables	3.9	8.2	3.3
Receivable on sale of debt and equity investments	-	12.0	-
Deposits	-	120.1	-
Cash and cash equivalents	98.5	117.2	16.5
Total current assets	102.4	257.5	19.8
Total assets	1,129.6	1,065.7	1,098.6
EQUITY AND LIABILITIES
Equity attributable to owners of the parent
Called up share capital	17.8	18.4	17.8
Share premium account	102.5	102.5	102.5
Capital redemption reserve	3.5	2.9	3.5
Retained earnings	882.6	772.6	851.3
Total equity attributable to equity holders	1,006.4	896.4	975.1
Non-controlling interest	-	(13.3)	-
Total equity	1,006.4	883.1	975.1
Current liabilities
Trade and other payables	2.8	10.4	3.0
Borrowings	-	6.3	119.7
Total current liabilities	2.8	16.7	122.7
Non-current liabilities
Borrowings	119.8	119.7	-
Carried interest plan liability	-	18.5	-
Deferred tax liability	0.6	4.6	0.8
Loans from limited partners of consolidated funds	-	18.3	-
Other non-current liabilities	-	4.8	-
Total non-current liabilities	120.4	165.9	0.8
Total liabilities	123.2	182.6	123.5
Total equity and liabilities	1,129.6	1,065.7	1,098.6

Source ↗

	Unaudited six months ended 30 June 2026 £m	Unaudited six months ended 30 June 2025 £m	Audited year ended 31 December 2025 £m
Operating activities
Profit/(loss) before taxation for the period	31.4	(42.9)	64.8
Adjusted for
Change in fair value of equity and debt investments	-	35.1	70.1
(Loss)/gain on disposal of equity investments	-	0.5	(37.5)
Change in fair value of limited and limited liability partnership interests	-	7.9	12.8
Change in fair value of investment entity subsidiaries	(34.9)	-	-
Gain on deconsolidation of subsidiaries	-	-	(117.8)
Carried interest plan and other deal incentives credit	-	(5.8)	(7.0)
Carried interest scheme payments	-	(2.8)	(4.3)
Share-based payment charge	0.1	1.2	2.4
Finance income	(0.9)	(5.6)	(10.2)
Finance costs	3.2	3.2	6.4
Depreciation of right-of-use asset, property, plant and equipment	-	0.3	0.5
Corporate finance fees settled in the form of portfolio company equity	-	(0.1)	(0.1)
Changes in working capital
Decrease/(increase) in trade and other receivables	(1.1)	(2.1)	(1.6)
Decrease in trade and other payables	(0.3)	(2.7)	(0.7)
Distributions and drawdowns with limited partners of consolidated funds	-	(1.6)	(1.6)
Other operating cash flows
Cash paid to settle share-based payment liabilities	-	(1.0)	-
Interest received	-	2.3	4.3
Net cash (outflow) from operating activities	(2.5)	(14.1)	(19.5)
Investing activities
Purchase of property plant and equipment	-	-	0.1
Purchase of equity and debt investments	-	(34.3)	(68.0)
Investment in limited and limited liability partnership funds	-	(1.4)	(2.5)
Proceeds from sale of assets held for sale	-	10.0	10.1
Proceeds from sale of equity and debt investments	-	19.8	52.5
Repayment of debt investment by investment entity subsidiaries	86.7	-	-
Distribution from limited partnership funds	0.1	0.5	5.6
Cash flow to deposits	-	(80.0)	(173.2)
Cash flow from deposits	-	130.7	238.2
Interest received on deposits	0.9	2.7	5.8
Cash derecognised on deconsolidation of subsidiaries	-	-	(89.3)
Net cash inflow/ (outflow) from investing activities	87.7	48.0	(20.7)
Financing activities
Repurchase of own shares	-	(25.6)	(45.7)
Lease principal payment	-	(0.3)	(0.5)
Interest paid	(3.2)	(3.3)	(6.4)
Repayment of EIB loan facility	-	(3.1)	(6.3)
Net cash (outflow) from financing activities	(3.2)	(32.3)	(58.9)
Net increase/(decrease) in cash and cash equivalents	82.0	1.6	(99.1)
Cash and cash equivalents at the beginning of the period	16.5	115.6	115.6
Effect of foreign exchange rate changes	-	-	-
Cash and cash equivalents at the end of the period	98.5	117.2	16.5

Source ↗

	2025 £m	2024 £m
Portfolio return and revenue
Change in fair value of equity and debt investments	(70.1)	(246.1)
Gain on disposal of equity and debt investments	37.5	63.7
Change in fair value of limited and limited liability partnership interests	(12.8)	(12.6)
Gain on deconsolidation of subsidiaries 28A	117.8	-
Revenue from services and other income	7.4	5.5
Total portfolio return and revenue	79.8	(189.5)
Administrative expenses
Carried interest plan credit	7.0	7.9
Share-based payment charge	(2.4)	(1.9)
Other administrative expenses	(23.4)	(25.3)
Total administrative expenses	(18.8)	(19.3)
Operating profit/(loss)	61.0	(208.8)
Finance income	10.2	8.8
Finance costs	(6.4)	(6.7)
Profit/(loss) before taxation	64.8	(206.7)
Taxation	2.1	(0.3)
Profit/(loss) for the year	66.9	(207.0)
Other comprehensive income
Items that may be subsequently reclassified to the income statement
Exchange differences on translating foreign operations	0.3	(3.0)
Total comprehensive profit/(loss) for the year	67.2	(210.0)
Attributable to
Equity holders of the parent	67.1	(205.6)
Non-controlling interest	0.1	(4.4)
Total attributable to	67.2	(210.0)
Earnings/(loss) per share
Basic (p)	7.24	(19.97)
Diluted (p)	7.10	(19.97)

Source ↗

	2025 £m	2024 £m
ASSETS
Non-current assets
Goodwill	0.4	0.4
Property, plant and equipment	-	0.8
Investments in investment entity subsidiaries	1,073.8	-
Joint venture investment	-	0.6
Equity investments	-	713.8
Debt investments	3.4	51.6
Limited and limited liability partnership interests	1.2	58.1
Receivable on sale of debt and equity investments	-	18.5
Total non-current assets	1,078.8	843.8
Current assets
Assets held for sale	-	13.9
Trade and other receivables	3.3	6.3
Receivable on sale of debt and equity investments	-	1.6
Deposits	-	170.0
Cash and cash equivalents	16.5	115.6
Total current assets	19.8	307.4
Total assets	1,098.6	1,151.2
EQUITY AND LIABILITIES
Equity attributable to owners of the parent
Called up share capital	17.8	19.5
Share premium account	102.5	102.5
Capital redemption reserve	3.5	1.8
Retained earnings	851.3	842.2
Total equity attributable to equity holders	975.1	966.0
Non-controlling interest	-	(13.5)
Total equity	975.1	952.5
Current liabilities
Trade and other payables	3.0	12.5
Borrowings	119.7	6.3
Total current liabilities	122.7	18.8
Non-current liabilities
Borrowings	-	122.8
Carried interest plan liability	-	27.3
Deferred tax liability	0.8	4.5
Loans from limited partners of consolidated funds	-	19.9
Other non-current liabilities	-	5.4
Total non-current liabilities	0.8	179.9
Total liabilities	123.5	198.7
Total equity and liabilities	1,098.6	1,151.2

Source ↗

	2025 (1) £m	2024 £m
Operating activities
Profit/(loss) before taxation for the period	64.8	(206.7)
Adjusted for
Change in fair value of equity and debt investments	70.1	246.1
Gain on disposal of equity investments	(37.5)	(63.7)
Change in fair value of limited and limited liability partnership interests	12.8	12.6
Gain on deconsolidation of subsidiaries 28A	(117.8)	-
Carried interest plan and other deal incentives credit	(7.0)	(7.9)
Carried interest scheme payments	(4.3)	(2.5)
Share-based payment charge	2.4	1.9
Finance income	(10.2)	(8.8)
Finance costs	6.4	6.7
Depreciation of right-of-use asset, property, plant and equipment	0.5	0.6
Corporate finance fees settled in the form of portfolio company equity	(0.1)	-
Changes in working capital
Decrease in trade and other receivables	(1.6)	(0.7)
Increase in trade and other payables	(0.7)	(7.3)
Distributions and drawdowns with limited partners of consolidated funds	(1.6)	0.1
Other operating cash flows
Interest received	4.3	4.5
Net cash outflow from operating activities	(19.5)	(25.1)
Investing activities
Purchase of property plant and equipment	0.1	-
Purchase of equity and debt investments	(68.0)	(60.8)
Investment in limited and limited liability partnership funds	(2.5)	(2.2)
Proceeds from sale of assets held for sale	10.1	-
Proceeds from sale of equity and debt investments	52.5	182.2
Distribution from limited partnership funds	5.6	1.2
Cash flow to deposits	(173.2)	(230.0)
Cash flow from deposits	238.2	186.6
Interest received on deposits	5.8	5.9
Cash derecognised on deconsolidation of subsidiaries	(89.3)	-
Net cash (outflow)/inflow from investing activities	(20.7)	82.9
Financing activities
Repurchase of own shares	(45.7)	(29.6)
Lease principal payment	(0.5)	(0.4)
Interest paid	(6.4)	(6.8)
Repayment of EIB loan facility	(6.3)	(6.1)
Net cash (outflow) from financing activities	(58.9)	(42.9)
Net (decrease)/increase in cash and cash equivalents	(99.1)	14.9
Cash and cash equivalents at the beginning of the year	115.6	100.9
Effect of foreign exchange rate changes	-	(0.2)
Cash and cash equivalents at the end of the year	16.5	115.6

	LTM Jun 26	FY 25	FY 24
Revenue to operating profit
Revenue	–	7.4	5.5
Operating profit	140.0	61.0	(208.8)
Share-based payments	1.3	2.4^r	(1.9)
Operating profit to net income
Finance costs	(6.4)	(6.4)	(6.7)
Profit before tax	139.1	64.8	(206.7)
Tax	2.0	2.1	(0.3)
Net income (owners)	141.1	66.9	–
Per share
EPS basic	15.3p	7.2p	(20.0p)
EPS diluted	15.1p	7.1p	(20.0p)

	H1 26	vs H1 25	H2 25	H1 25
Revenue to operating profit
Operating profit	33.7	n/m	106.3	(45.3)
Share-based payments	0.1	−92%	1.2	1.2
Operating profit to net income
Finance costs	(3.2)	0%	(3.2)	(3.2)
Profit before tax	31.4	n/m	107.7	(42.9)
Tax	(0.2)	+100%	2.2	(0.1)
Net income (owners)	31.2	n/m	109.9	(43.0)
Per share
EPS basic	3.5p	–	11.8p	(4.5p)
EPS diluted	3.5p	–	11.6p	(4.5p)

	LTM Jun 26	FY 25	FY 24
Operating activities
Cash from operations	(7.9)	(19.5)	(25.1)
Interest paid	(6.3)	(6.4)	(6.8)
Financing activities
Lease principal paid	(0.2)	(0.5)	(0.4)
Share buybacks	(20.1)	(45.7)	(29.6)

	H1 26	vs H1 25	H2 25	H1 25
Operating activities
Cash from operations	(2.5)	n/m	(5.4)	(14.1)
Interest paid	(3.2)	−3%	(3.1)	(3.3)
Financing activities
Lease principal paid	0.0	n/m	(0.2)	(0.3)
Share buybacks	0.0	n/m	(20.1)	(25.6)

	30 Jun 26	31 Dec 25	31 Dec 24
Non-current assets
Goodwill	0.4	0.4	–
Property, plant & equipment	0.0	0.0	–
Non-current assets	1,027.2	1,078.8	–
Current assets
Trade receivables	3.9	3.3	–
Cash	98.5	16.5	115.6
Current assets	102.4	19.8	–
Total assets	1,129.6	1,098.6	–
Current liabilities
Trade payables	2.8	3.0	–
Borrowings, current	0.0	119.7	–
Current liabilities	2.8	122.7	–
Non-current liabilities
Borrowings, non-current	119.8	0.0	–
Deferred consideration	56.4	–	–
Non-current liabilities	120.4	0.8	–
Total liabilities	123.2	123.5	–
Equity
Non-controlling interests	0.0	0.0	–
Total equity	1,006.4	975.1	952.5
Net cash and other figures
Net asset value	1,006.4	975.1	952.5
Treasury shares	–	0.0m	0.0m

	30 Jun 26	31 Dec 25	30 Jun 25	31 Dec 24
Non-current assets
Goodwill	0.4	0.4	0.4	–
Property, plant & equipment	0.0	0.0	0.6	–
Non-current assets	1,027.2	1,078.8	808.2	–
Current assets
Trade receivables	3.9	3.3	8.2	–
Cash	98.5	16.5	117.2	115.6
Current assets	102.4	19.8	257.5	–
Total assets	1,129.6	1,098.6	1,065.7	–
Current liabilities
Trade payables	2.8	3.0	10.4	–
Borrowings, current	0.0	119.7	6.3	–
Current liabilities	2.8	122.7	16.7	–
Non-current liabilities
Borrowings, non-current	119.8	0.0	119.7	–
Deferred consideration	56.4	–	–	–
Non-current liabilities	120.4	0.8	165.9	–
Total liabilities	123.2	123.5	182.6	–
Equity
Non-controlling interests	0.0	0.0	(13.3)	–
Total equity	1,006.4	975.1	883.1	952.5
Net cash and other figures
Net asset value	1,006.4	975.1	883.1	952.5
Treasury shares	–	0.0m	–	0.0m

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