The investor in breakthrough science and technology companies, IP Group, this morning issued full year results. NAV was up by 13% and following the sale of Metsera to Pfizer, the group has been able to recognise future royalties on a discounted basis. The company has a strong cash balance sheet and management are optimistic over the outlook, noting that many investee companies have recently received funding and expectations are for significant cash realisations to be made over the next couple of years. The IP Group share price was up 9% in early trade.
Full year results from builders merchants and DIY store Wickes were released this morning, showing revenues up 5.9% and an improved adjusted gross profit margin of 40 basis points. Management note a strong year of progress with retail taking record market share, adding that store refurbishment plans have been delivering results too so the investment drive here will now accelerate. The Wickes share price was trading as much as 5% higher at the open although was quick to hand back some of those gains.
The online review website announced this morning that it would kick off a further £22.5m share buyback once the previous round completes. A £30m capital return was announced late last year, with this then being expanded by a further £10m in January and the round appears to be more than 99% complete. That news comes on top of earnings that saw profitability reported as being ahead of expectations and forecasts of high teens revenue growth for the year ahead. The Trustpilot share price was up almost 20% approaching 9am.
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