22nd Nov 2024 14:17
(Alliance News) - Frontier IP Group PLC on Friday said its full-year pretax loss narrowed, and announced a fundraising initiative to strengthen its balance sheet and support its portfolio companies.
For the year ended June 30, the London-based intellectual property commercialization firm reported a 68% reduction in pretax loss, narrowing to GBP1.4 million from GBP4.4 million the prior year. Revenue slipped 3.8% to GBP358,000 from GBP372,000.
The company's cash balance at the end of June halved, dropping 50% to GBP2.3 million from GBP4.6 million, reflecting investment activities, including proceeds from Exscientia disposals. The fair value of its portfolio edged up 0.9% year-on-year to GBP33.2 million from GBP32.9 million.
The company launched a GBP3 million fundraising effort, including a GBP2.7 million placing of 9.78 million shares at 28 pence each and a retail offer via PrimaryBid targeting up to GBP1 million.
The funds will be used to provide working capital, support portfolio companies selectively, and deliver on anticipated portfolio realisations.
Portfolio companies continued to make progress, with Cambridge Raman Imaging launching ultra-fast lasers that exceeded revenue expectations and Fieldwork Robotics securing over GBP2 million in investment while appointing a new chief executive officer. Nandi Proteins achieved its first licensing deal with a global food ingredients firm, and Deakin Bio-Hybrid Materials raised GBP693,000 in an oversubscribed funding round.
At the end of June, net assets per share dipped slightly to 79.7p, a 2.6% decline from 81.8p the previous year, while cash balances halved to GBP2.3 million from GBP4.6 million, reflecting investment activity and operational expenditures.
The company noted ongoing global uncertainty continues to make market conditions difficult to predict but emphasized confidence in its portfolio's potential to generate value through planned realisations and targeted support.
Shares in Frontier IP Group were up 3.2% at 28.90p in London on Friday afternoon.
By Eva Castanedo, Alliance News reporter
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