Our view: IP Group had an extremely successful first half with quite a few of its portfolio companies making significant advances. The company has till date backed nearly 20 spin-out companies from the University Of Oxford that enjoys an impressive track record in innovation and entrepreneurship. The Group is also making solid progress in the US after forming its first spin-out company from each of the three universities that it is working with. IP Group 's balance sheet was considerably strengthened with over £200m of available capital while the company overall remains well placed to continue its strategy of supporting compelling opportunities both in the UK and the US. Thus in view of the above results and the overall progress made by IP Group through its portfolio companies, we reiterate a Buy on the stock.