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Intellectual property-based businesses IP group reported narrower annual losses as cost cuts helped offset a decline in net assets amid a fall in the value of its property portfolio.
For the year ended 31 December 2019, pre-tax losses were narrowed to £78.8m from £293.7m on-year net assets fell to £1.141.9m from £1,218.2m.
The fair value of portfolio fell to £1,045.6m from £1,128.2m, while the net value fell 4% on-year.
The portfolio value reduction, whilst 'disappointing,' reflected the ongoing rationalisation in the portfolio and significant headwinds, particularly in the UK market, the company said,
'Realisations from our maturing companies, the ongoing focusing and rationalisation of the portfolio as well as tight cost control has placed the group in a strong financial position and these remain three areas of focus for the group in 2020,' the company said.