31st Oct 2013 13:39
LONDON (Alliance News) - Frontier IP Group PLC Thursday said its full-year pretax loss from operations narrowed marginally on last year, despite a significant decline in total revenue.
The intellectual property commercialisation company made a GBP368,000 pretax loss from operations for the year ended June 30, down from GBP380,000 last year.
Frontier IP, which collaborates with universities in order to commercialise academic research, said total revenue was down 48% to GBP117,000 after the company suffered a GBP57,000 unrealised loss on the revaluation of its investments, mainly because Frontier's holding value in one of its portfolio companies declined as a result of a significant fundraising.
"We are working with our university partners on a number of new spin-out opportunities and we expect to see further growth in the number of portfolio companies during the current financial year. We also hope to make further progress in particular on raising new sources of funding for partners and portfolio companies and we are exploring a number of specific opportunities," Andrew Richmond, chairman, said in a statement.
"As we look ahead, we expect to see further positive momentum across our activities over the new financial year," Richmond added.
Frontier IP is also exploring opportunities with its partners with regards to its fund management operations.
Meanwhile, Frontier IP said it was able to release a GBP119,000 provision made in prior periods against money it was owed by Nandi Proteins Ltd, because the company has made "commercial progress".
Frontier said it has begun a fundraising for Nandi in order to meet its ongoing working capital requirements and remains confident of the fundraising's success.
Frontier IP reported GBP155,000 in cash and cash equivalents at the end of the year, a significant increase on last year's GBP44,000.
Frontier IP shares were Thursday quoted at 12.25 pence, down 2%.
By Samuel Agini; [email protected]; @samuelagini
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