Losses grow at IP firm backed by Woodford

LOSSES at Allied Minds, the technology company backed by star fund manager Neil Woodford, widened in the first half of the year, writes Lucy Burton.

Woodford’s fund owns just under a third of the intellectual property group, which yesterday reported an 11pc increase in pre-tax losses to $58.2m (£54m) in the six months to June 30 as sales rose to $2m from $1.3m a year ago.

Shares, which were 470p at the start of the year, slipped 1p to 160p. They fell nearly 30pc in April after the company unveiled a radical overhaul, including the disposal of seven subsidiaries under new management.

Woodford Investment Management said yesterday it was still backing Allied Minds’ strategy.