IPH shares soared, seeing an increase of as much as 16.1% to A$8.50, reaching their highest value since March 10.

IPH (ASX:IPH), an intellectual property services provider, reported a 23% increase in its annual net profit after tax, raising it to A$64.5 million.

This substantial growth was driven by AUD/USD currency fluctuations and the acquisition of the Smart & Biggar business.

The company’s 2023 fiscal year revenue was A$496.2 million, representing a 29% increase, and a final dividend of 17.5 AU cents per share was declared.

Additionally, IPH (ASX:IPH) announced the acquisition of the Canadian IP services firm Ridout & Maybee for A$74 million - it will operate under the Smart & Biggar brand.

‘Solid result overall; coupled with the new acquisition, this should see the stock go up,’ UBS analysts commented.

Despite being one of the top gainers on the benchmark, the stock had decreased by about 16.2% this year up to the last close.

IPH (ASX:IPH) is a company that provides intellectual property services throughout the world.