31st Mar 2014 12:27
LONDON (Alliance News) - Frontier IP Group PLC Monday swung to a pretax profit in the half year ended December 31, 2013, and expressed confidence for further positive momentum for the remainder of the year.
Frontier IP commercialises intellectual property in the university sector.
The company posted a pretax profit of GBP3,000, up from a pretax loss of GBP85,000 in the same period a year before. The earlier loss was caused by a bad debt provision of GBP119,000 against Nandi Proteins Ltd. Revenue rose to GBP345,000 from GBP104,000.
Frontier IP raised GBP1.1 million through equity placings during the period, which it said will support the development and growth of its existing relationships.
Frontier IP has fourteen companies in its portfolio, having taken a 21% stake in Plymouth University spin-out PulsiV Solar Ltd during the period.
The company said it had seen encouraging developments with a number of companies in its portfolio. It said it had increased its stake in Nandi Proteins by around 20%.
Frontier said it appointed James Fish as finance director and company secretary, replacing Marilyn Cole. It also appointed Michael Bourne as a non-executive director. Bourne founded Reabourne Technology Investments Ltd.
"We remain encouraged by the opportunities available to us and look forward to reporting on further progress over the second half of the financial year," Frontier IP said in a statement.
Shares in Frontier were trading up 0.1% at 26.77 pence Monday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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