19th Nov 2015 09:19
LONDON (Alliance News) - Frontier IP Group PLC on Thursday reported a leap in profit after revenue doubled, and said there is growing potential for an uplift in the value of its core portfolio of investments.
Chief Executive Neil Crabb said that potential for an increase in the value of the company's portfolio is due to "strong commercial progress" within the core portfolio.
Frontier IP, which works with institutions such as universities and companies to help commercialise intellectual property, said it made a GBP647,000 pretax profit in the year ended June 30. That was 24 times the GBP27,000 pretax profit recorded in the prior financial year, as revenue soared to GBP1.6 million from GBP786,000 due to an unrealised profit on the revaluation of investments.
Net assets per share rose to 20.9 pence from 18.1p, while the fair value of Frontier IP's portfolio companies increased to GBP2.8 million from GBP1.3 million over the year to June 30.
"Looking ahead, we are working on a number of new opportunities and intend to continue to grow our portfolio by taking more significant stakes and extending our sources of deal flow. In line with our strategy of broadening the range of capital available to our portfolio companies, we expect to see further portfolio fundraisings during the current financial year," Chairman Andrew Richmond said.
Shares in Frontier IP were up 9.1% at 21.00p on Thursday morning.
By Samuel Agini; [email protected]; @samuelagini
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