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IP Group Says First-Half Net Loss Widens on Impairment Charge

Aug. 31 (Bloomberg) -- IP Group Plc, a U.K. developer of renewable energy, medical and chemicals businesses using university research, posted a wider first-half loss as it took a 3 million-pound ($4.9 million) charge.

The net loss for the six months to June 30 swelled to 4.1 million pounds from 3.8 million pounds a year earlier, the London-based company said today in a statement distributed by the Regulatory News Service. Net assets rose 33 percent to 222.6 million pounds.

IP Group took an impairment charge relating to consideration paid to the University of Oxford. The company raised 55 million pounds from a placing and open offer in June to strengthen its balance sheet and increase investment in start-ups.

“We continue to believe that innovation has never been of such importance to the U.K. economy and that the group will play an increasingly central role in helping U.K. innovation reach the market,” Chief Executive Alan Aubrey said in the statement.

To contact the reporter on this story: Ben Edwards in London at bedwards35@bloomberg.net.

To contact the editor responsible for this story: Colin Keatinge at ckeatinge@bloomberg.net

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