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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Frontier IP Group PLC | AQSE:FIPP.GB | Aquis Stock Exchange | Ordinary Share | GB00B63PS212 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 42.50 | 40.00 | 45.00 | 42.50 | 41.7556 | 42.50 | 5,764 | 16:29:52 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMFIPP
RNS Number : 4693R
Frontier IP Group plc
09 March 2016
9 March 2016
AIM: FIPP
Frontier IP Group plc
("Frontier IP" or "the Group")
Frontier IP Group plc is focused on the commercialisation of intellectual property
Half-yearly results for the six months to 31 December 2015
Financial Highlights
-- Group revenue quadrupled to GBP992,000 (2014: GBP244,000) - principally reflecting a higher gain on the revaluation of investments of GBP883,000 (2014: GBP160,000)
-- Revenue from services increased 30% to GBP109,000 (2014: GBP84,000) -- Profit before tax of GBP549,000 (2014: loss of GBP242,000)
-- Fair value of the portfolio up 31% to GBP3,745,000 at 31 December 2015 (30 June 2015: GBP2,859,000),an increase of 138% year on year (31 December 2014: GBP1,574,000)
-- Basic earnings per share of 2.07p (2014: basic loss per share of 1.07p)
-- Cash balances as at 31 December 2015 of GBP264,000 (30 June 2015: GBP636,000; 31 December 2014: GBP184,000)
-- Net assets per share increased to 23.0p as at 31 December 2015 (30 June 2015: 20.9p; 31 December 2014: 17.0p)
Operational Highlights
-- Further progress in funding the portfolio including: - PulsiV Solar announced its first fundraising - Nandi Proteins fundraising successfully completed post period-end
-- First milestone achieved in our strategy of developing relationships internationally with the announcement, in January 2016, of our agreement with Évora University in Portugal
Andrew Richmond, Chairman, commented,
"I am pleased to report that we made excellent progress over the first half of the financial year. We continued to actively pursue the growth of our portfolio and this was reflected in a 31% increase in the fair value of our portfolio compared to 30 June 2015 and in a 138% increase compared to 31 December 2014. We have been successful in securing investment in our portfolio with the completion of fundraisings in PulsiV Solar and Nandi Proteins and look forward to seeing further progress within the portfolio. In line with our aim to extend our sources of exploitable IP, we were pleased to announce our agreement with Évora University in Portugal in January this year, our first relationship to be established by the Group with a university outside of the UK. We remain encouraged by the opportunities for growth in our portfolio."
Enquiries
Frontier IP Group plc T: 0131 240 1251 Neil Crabb, Chief Executive Company website: www.frontierip.co.uk Cantor Fitzgerald Europe T: 020 7894 7000 (Nominated Adviser and Joint Broker) David Foreman, Catherine Leftley, Corporate Finance David Banks, Corporate Broking Peterhouse Corporate Finance Limited T: 020 7469 0935 (Joint Broker) Lucy Williams Kreab T: 020 7074 1800 Robert Speed, Matthew Jervois
Notes to Editors:
Frontier IP specialises in assisting institutions and companies in the commercialisation and exploitation of their intellectual property. It establishes formal and informal relationships with sources of exploitable IP, principally universities. Its core business is building and growing a portfolio of equity stakes in spin-out companies by taking an active involvement in the commercialisation and funding of these businesses. Frontier IP currently has seventeen companies in its portfolio, which exploit IP from a range of institutions. www.frontierip.co.uk
Interim Management Statement
Summary
Frontier IP's core strategy is to generate value by providing best practice IP commercialisation services to institutions and start-ups, by developing a portfolio of companies capable of commercial success and by providing access to capital for these portfolio companies.
I am pleased to report that we made excellent progress in each of these areas in the first half of the financial year. We continued to actively pursue the growth of our portfolio and this was reflected in a 31% increase in the fair value of our portfolio compared to 30 June 2015 and a 138% increase compared to 31 December 2014. We provided access to capital for portfolio companies Pulsiv Solar Limited ("PulsiV Solar") and Nandi Proteins Limited ("Nandi Proteins"), which significantly contributed to increasing total revenue in the half-year.
PulsiV Solar, which provides a pioneering technology which significantly improves the energy efficiency of photovoltaic solar panels, completed its first fundraising and has continued to make good progress since. Its operation is expanding and results from early testing continue to show significant increases in energy generation when compared with conventional inverter technology.
Post period-end, Nandi Proteins completed a further fundraising at a significantly higher valuation - twice the price per share of the previous fundraising announced in November 2014. Interest in its ingredient-replacement technology is growing, as it offers the food industry the potential to address increasing obesity levels.
Our access to sources of intellectual property ("IP") is expanding, and we were pleased to announce in January 2016 our agreement with Universidade de Évora, Portugal ("Évora"), the first such agreement to be established by the Group with a university outside of the UK. Frontier IP has been engaged to accelerate the commercial value of IP developed within or owned by Évora and will receive a share of the equity in each spin-off company created by the university, as well as a share in the licensing revenue it receives.
Opportunities continue to be encouraging and, looking ahead, we expect to see further progress in our portfolio over the remainder of the financial year.
Results
Financial assets at fair value through profit and loss at 31 December 2015 increased to GBP3,745,000 (30 June 2015: GBP2,859,000; 31 December 2014: GBP1,574,000). Revenue from services over the first half increased by 30% to GBP109,000 (2014: GBP84,000) while the 306% increase in total revenue to GBP992,000 (2014: GBP244,000) reflected higher investment revaluations (unrealised) of GBP883,000 (2014: GBP160,000). The profit before tax was GBP549,000 (2014: loss GBP242,000). Administrative expenses decreased by 9% to GBP443,000 (2014: GBP487,000) primarily reflecting reduced consultancy fees. Basic earnings per share was 2.07p (2014: loss per share of 1.07p).
Cash balances stood at GBP264,000 as at 31 December 2015 (30 June 2015: GBP636,000; 31 December 2014: GBP184,000). Net assets per share as at 31 December 2015 were 23.0p (30 June 2015: 20.9p; 31 December 2014: 17.0p).
Operational Review
We are pleased to report good progress in a number of our portfolio companies during the period, contributing to significant growth in total revenue for the half-year.
The fundraising in PulsiV Solar has enabled it to accelerate the development of its solar inverter technology, with the latest prototype well-advanced. Existing and new IP has been secured and the PulsiV Solar team is expanding with the appointment of its first full time employee. The global solar inverter market is forecast to be valued at approximately $7 billion in 2015 and PulsiV Solar's technology can be integrated into new systems or retrofitted to existing solar panels.
Post period-end, we completed a further fundraising in Nandi Proteins, which will enable it to take advantage of the current high level of interest in its technology from multi-national food companies. In particular, the sugar, fat and additive replacement properties of its technology are very relevant at a time when food companies are under increasing legislative pressure to reduce the level of these ingredients in their products. Nandi Proteins is working to scale up its technology to meet this potential demand in the coming year.
Following its first fundraising in early 2015, Alusid Limited ("Alusid") has established a pilot plant, produced its first sample product, SilicaStone, which won Product of the Year - Surfaces at Mixology North, a prestigious interior design awards event and reached the final three in the Innovation category at the Homes & Gardens magazine Designer Awards. Discussions with both suppliers of recyclable raw materials and potential customers are well underway and Alusid will shortly be seeking to raise further funds to enable it to meet projected demand.
Cambridge Sensor Innovation Limited ("CSI"), which exploits a novel sensor technology developed by Dr. Mark Williamson at the Department of Chemical Engineering and Biotechnology at the University of Cambridge, made good progress in developing its next generation sensor technology during the period and a first order for this new generation technology has been received from a global speciality chemicals company. The next challenge for CSI will be to create the capacity to manufacture in larger volumes and it will shortly be seeking third party funding to achieve this goal.
In order to maintain the growth in our portfolio we continue to work with new and existing partners to source and identify new opportunities and are working on a range of pipeline projects.
As stated in the Group's Annual Report & Financial Statements 2015 we anticipate undertaking an equity placing during this second half, using the authorities granted at our most recent Annual General Meeting. This funding will provide ongoing working capital for the Group and support delivery of the strong growth opportunities available to us.
Outlook
Frontier IP has made encouraging progress over the first half and the continuing growth in value of our portfolio is especially pleasing. We remain very positive about the opportunities within our portfolio and from our sources of exceptional IP and look forward to reporting on further progress over the second half of the financial year.
Neil Crabb
Chief Executive Officer
9 March 2016
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(MORE TO FOLLOW) Dow Jones Newswires
March 09, 2016 02:00 ET (07:00 GMT)
For the six months ended 31 December 2015
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Six months Six months Year
ended ended ended
31 December 31 December 30 June
Notes 2015 (unaudited) 2014 (unaudited) 2015
(audited)
GBP'000 GBP'000 GBP'000
Revenue
Revenue from services 109 84 170
Other operating income
Unrealised profit on the
revaluation of
investments 7 883 160 1,421
Total revenue 992 244 1,591
Administrative expenses (443) (487) (945)
Profit/(loss) from operations 549 (243) 646
Interest income on short-term
bank deposits - 1 1
Profit/(loss) before tax 549 (242) 647
Taxation 5 - - -
Profit/(loss) and total
comprehensive income/(expense)
attributable to the equity
holders of the parent 549 (242) 647
================== =================== ===========
Profit/(loss) per share
attributable to the equity
holders of the parent
Basic earnings/(loss) per
share 6 2.07p (1.07)p 2.76p
Diluted earnings/(loss)
per share 6 2.05p (1.05)p 2.71p
All of the Group's activities are classed as continuing and there were no comprehensive gains or losses in any period other than those included in the statement of comprehensive income.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
At 31 December 2015
As at As at As at
31 December 31 December 30 June
2015 2014 2015
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
ASSETS Notes
Non-current assets
Tangible fixed assets 1 2 2
Goodwill 1,966 1,966 1,966
Financial assets at fair
value through profit and
loss 7 3,745 1,574 2,859
Trade receivables 117 84 29
-------------- -------------- -----------
5,829 3,626 4,856
-------------- -------------- -----------
Current assets
Trade receivables and other
current assets 154 145 188
Cash and cash equivalents 264 184 636
-------------- -------------- -----------
418 329 824
Total assets 6,247 3,955 5,680
LIABILITIES
Current liabilities
Trade and other payables (128) (119) (123)
-------------- -------------- -----------
(128) (119) (123)
-------------- -------------- -----------
Net assets 6,119 3,836 5,557
============== ============== ===========
EQUITY
Called up share capital 2,660 2,253 2,660
Share premium account 5,200 4,794 5,200
Reverse acquisition reserve (1,667) (1,667) (1,667)
Share based payment reserve 58 134 45
Retained earnings (132) (1,678) (681)
-------------- -------------- -----------
Total equity 6,119 3,836 5,557
============== ============== ===========
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six month period ended 31 December 2015
Share-
Share Reverse based Profit
Share premium acquisition payment and
capital account reserve reserve loss Total
account
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1st July
2014 2,253 4,794 (1,667) 125 (1,436) 4,069
Share-based
payments - - - 9 - 9
(Loss)/comprehensive
expense for
the period - - - - (242) (242)
At 31 December
2014 2,253 4,794 (1,667) 134 (1,678) 3,836
---------- ---------- -------------- --------- ---------- --------
Issue of shares 407 406 - - - 813
Share-based
payments - - - 19 - 19
Transfer on
expiry of warrants
in prior year - - - (108) 108 -
Profit/comprehensive
income for
the period - - - - 889 889
---------- ---------- -------------- --------- ---------- --------
At 30 June
2015 2,660 5,200 (1,667) 45 (681) 5,557
---------- ---------- -------------- --------- ---------- --------
Share-based
payments - - - 13 - 13
Profit/comprehensive
income for
the period - - - - 549 549
At 31 December
2015 2,660 5,200 (1,667) 58 (132) 6,119
========== ========== ============== ========= ========== ========
CONSOLIDATED STATEMENT OF CASH FLOWS
For the six months ended 31 December 2015
Six months Six months Year
ended ended ended
31 December 31 December 30 June
2015 2014 2015
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Cash flows from operating activities
Cash used in operations (369) (315) (730)
Taxation paid - - -
------------- ------------- -----------
Net cash used in operating
activities (369) (315) (730)
------------- ------------- -----------
Cash flows from investing activities
Purchase of tangible fixed
assets - - (1)
Purchase of financial assets
at fair value through profit
and loss (3) (89) (33)
Interest received - 1 -
------------- ------------- -----------
Net cash used in investing
activities (3) (88) (34)
------------- -------------
Cash flows from financing activities
Proceeds from issue of equity
shares - - 854
Costs of share issue - - (41)
------------- ------------- -----------
Net cash generated from financing
activities - - 813
------------- ------------- -----------
Net (decrease)/increase in
cash and cash equivalents (372) (403) 49
Cash and cash equivalents at
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March 09, 2016 02:00 ET (07:00 GMT)
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