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FIPP Frontier Ip Group Plc

40.50
0.00 (0.00%)
Last Updated: 07:37:12
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Frontier Ip Group Plc LSE:FIPP London Ordinary Share GB00B63PS212 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 40.50 40.00 41.00 40.50 40.50 40.50 719 07:37:12
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Real Estate Agents & Mgrs 372k -3.24M -0.0580 -6.98 22.65M

Frontier IP Group plc Final Results (3928U)

24/10/2017 7:00am

UK Regulatory


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RNS Number : 3928U

Frontier IP Group plc

24 October 2017

Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR)

24 October 2017

AIM: FIPP

Frontier IP Group plc

("Frontier IP", the "Group" or "the Company")

Audited final results for the year ended 30 June 2017

Frontier IP Group Plc is focused on the commercialisation of intellectual property

Financial Highlights

-- Total revenue increased by 14% to GBP2,309,000 (2016: GBP2,030,000) - reflecting an unrealised profit on the revaluation of investments of GBP2,045,000 (2016: GBP1,809,000)

   --      Fair value of portfolio companies increased by 45% to GBP6,729,000 (2016: GBP4,651,000) 
   --      Revenue from services increased by 19% to GBP264,000 (2016: GBP221,000) 
   --      Profit before tax increased by 9% to GBP1,229,000 (2016: GBP1,131,000) 
   --      Basic earnings per share decreased to 3.73p (2016: 4.08p) 
   --      Placing raised GBP3,000,000 (gross) 
   --      Cash balances at 30 June 2017 of GBP2,329,000 (2016: GBP771,000) 
   --      Net assets per share as at 30 June 2017 of 30.7p (2016: 24.9p) 

Operational Highlights

-- Further expansion into Portugal with the signing of a second partnership in the region with the Faculty of Science and Technology within the Universidade NOVA de Lisboa

   --      Cambridge office opened and team expanded 

Portfolio

-- Four additions to the portfolio including Tarsis Technology Limited, our third spin-out from the Department of Chemical Engineering and Biotechnology at the University of Cambridge

-- Good commercial progress within the portfolio overall, reflected in the increase in fair value, including:

-- Exscientia Limited signed a EUR250 Million collaboration with Sanofi and, post-period end, entered into a Drug Discovery Collaboration with GSK and securing a EUR15M minority investment from Evotec AG

-- Post-period end, Nandi Proteins Limited successfully concluding further investment of approximately GBP1 million

Neil Crabb, Chief Executive Officer of Frontier IP, said:

"I am pleased to report on another year of progress as we continue to develop our portfolio and lay the foundations for future value creation."

Enquiries

 
 Frontier IP Group Plc                    T: 0131 240 1251 
 Neil Crabb, Chief Executive 
  Company website: www.frontierip.co.uk 
 
 Cenkos Securities plc (Nominated         T: 0131 220 6939 
  Adviser and Joint Broker) 
 Neil McDonald / Beth McKiernan 
 
 Peterhouse Corporate Finance             T: 020 7469 0935 
  Limited (Joint Broker) 
 Lucy Williams 
 
 Kreab (Financial PR)                     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

Chairman's Statement

Performance

The Group continues to successfully pursue its core strategy of generating stakeholder value by providing best-practice IP commercialisation services to academic institutions and start-ups, to develop a portfolio of companies capable of commercial success and to provide access to capital for these portfolio companies. I am pleased to report that the success of this strategy is reflected in the continued increase in the value of our portfolio creating a strong platform for further growth.

We have made excellent progress this year in all key areas and I am particularly pleased to see the team's efforts bearing fruit. We have again materially increased the value of our portfolio, extended our access to sources of high-quality IP and seen two Core Portfolio companies raise the capital they need to move through to the next phase of their commercialisation.

KEY EVENTS

We continue to build value in our maturing portfolio, seeing both the fair value and number of new portfolio companies increase. We are again pleased to report a significant increase in the fair value of our portfolio to GBP6.7 million.

The completion of successful fundraisings, post-period end, for Nandi Proteins Limited ("Nandi") and Exscientia Limited ("Exscientia") contributed significantly to the increase in the value of the portfolio. We also welcomed four new additions to our portfolio with our third spin-out from University of Cambridge and an accelerated spin-out rate at University of Plymouth.

We were pleased by the support we received from new and existing shareholders through the successful completion of a placing which raised GBP3 million for the Group. The success of the placing affirms the Group's approach to building value and supports accelerating our growth, both in the UK and overseas.

In line with our strategy of extending our access to sources of high-quality exploitable research we were pleased to conclude a second commercialisation partnership in Portugal with the Universidade NOVA de Lisboa, Faculty of Science and Technology ("FCT Nova"), reflecting the Group's view that there is significant opportunity in the region. In line with this, post-period end, we earned our first revenue from the FCT Nova partnership.

In recognition of our developing a deeper relationship with the University of Cambridge, we opened our Group office in Cambridge. We also continue to expand the team, as demand for our services grows, to maintain a professional and customer-focused service to institutions and spin-outs. In order to remain competitive and attract and retain a high-calibre team, our Remuneration Committee conducted a periodic review of our rewards structure, in consultation with key shareholders, resulting in a recommendation to extend the Group's Employee Share Scheme, approval for which will be sought at its Annual General Meeting in November 2017.

Results

For the year to 30 June 2017, total revenue increased by 14% to GBP2,309,000 (2016: GBP2,030,000) as a result of booking an unrealised profit of GBP2,045,000 (2016: GBP1,809,000) on the revaluation of investments, principally due to the movement in fair value of Exscientia and Nandi Proteins. Revenue from services, principally board retainers, fund management fees and licence income, increased by 19% to GBP264,000 (2016: GBP221,000).

The fair value of our portfolio increased by 45% to GBP6,729,000 (2016: GBP4,651,000).

Profit before tax increased by 9% to GBP1,229,000 (2016: GBP1,131,000) reflecting the increased revenue and reduced consultancy costs. The basic earnings per share were 3.73p (2016: 4.08p).

Outlook

We have seen an encouraging start to the new financial year with a very high level of activity. While technology development is an inherently uncertain process, we are optimistic that our Core Portfolio will show another year of good progress and growth and that we will continue to see strong, commercialisable IP arising from our partnerships and build on our developing relationships in Cambridge and Portugal.

Andrew Richmond

Chairman

Our Performance

Chief Executive Officer's Statement

"I am pleased to report on another year of progress as we continue to develop our portfolio and lay the foundations for future value creation. Our portfolio is growing, with four new spinouts during the year, and maturing, with a number of our portfolio companies making significant technical and commercial progress. In particular, we have seen strong interest from industry, both scientific and investment, the collaboration and investment deals secured by Exscientia being a prime example.

The quality of new opportunities that the Group is seeing from the academic and research community both within the UK and abroad is growing - we established a third spin-out from the University of Cambridge and we were pleased to welcome our second partnership in Portugal during the year. We are looking forward to another productive year and plan to continue to expand our team to meet the needs of our developing portfolio and partnerships."

Key Performance Indicators

The key performance indicators for the Group are:

 
 KPI                     Description                  2017 Performance 
----------------------  ---------------------------  -------------------- 
 Fair value of           Movement in the              GBP6,729,000 (2016: 
  the portfolio           value of equity              GBP4,651,000) 
                          in the portfolio 
----------------------  ---------------------------  -------------------- 
 Total revenue           Growth in the                GBP2,309,000 (2016: 
                          aggregate of revenue         GBP2,030,000) 
                          from services 
                          and change in 
                          fair value of 
                          the portfolio 
----------------------  ---------------------------  -------------------- 
 Profit                  Profit before                GBP1,229,000 (2016: 
                          tax for the year             GBP1,131,000) 
----------------------  ---------------------------  -------------------- 
 Net assets per          Value of the Group's         30.7p (2016: 24.9p) 
  share                   assets less the 
                          value of its liabilities 
                          per share outstanding 
----------------------  ---------------------------  -------------------- 
                         Aggregate percentage 
                          equity earned 
 Total initial            from new portfolio 
  equity in new           companies during 
  portfolio companies     the year                    80% (2016: 0%) 
----------------------  ---------------------------  -------------------- 
 

We are pleased to report that the Group again achieved increases in all five of its Key Performance Indicators. The Chairman's Statement and Operational Review contain further information on progress in the business during the year.

The Group's services revenue for the year to 30 June 2017 increased to GBP264,000 (2016: GBP221,000) and, with administrative expenses of GBP1,082,000 (2016: GBP900,000), the Group continues to consume significant cash from operating activities, however the Directors continue to pursue opportunities that will assist in reducing the gap.

Operational Review

Corporate

In recognition of our developing a deeper relationship with the University of Cambridge, in November 2016 we were pleased to open a Group office in Cambridge. We also expanded the team in Cambridge with a new commercialisation professional, who will be primarily focused on our activity in Cambridge.

In February 2017 we were pleased to announce the appointment of Cenkos Securities plc as the Group's Nominated Adviser and Joint Broker.

In March 2017 the Group successfully completed a placing to raise gross proceeds of GBP3 million through the issue of 7,500,000 ordinary shares at 40 pence per share. The new funds will support accelerating the Company's growth and developing and expanding its resourcing in areas of key activity, both in the UK and overseas.

Portfolio - Key Developments

Exscientia

We were very pleased to see the strong commercial progress at Exscientia during the year and the significant increase in value of our minor equity stake. In particular, Exscientia secured a EUR250 Million collaboration with Sanofi and, post-period end, entered into a Drug Discovery Collaboration with GSK and finalised a EUR15M investment from Evotec AG.

Third Portfolio Company from University of Cambridge

In December 2016 we added new portfolio company Tarsis Technology Limited ("Tarsis"), in which we received a 20 per cent. stake. Tarsis is the Group's third spin-out from the Department of Chemical Engineering and Biotechnology at the University of Cambridge.

Nandi

In September 2016, Nandi and Heriot-Watt University Edinburgh were part of a consortium awarded a GBP1 million grant from Innovate UK, enabling the development of new processes and products that lead to the availability of healthier food choices for consumers - this project is also supported by industry partners Devro plc and Kerry Group plc. Post-period end, Nandi raised approximately GBP1 million from new and existing investors, to further its commercialisation and enable scale-up.

Alusid

Alusid Limited ("Alusid") showed good progress during the period. In particular, we were pleased to note the on-going protection of Alusid's IP with the grant of the core patent in the US in September 2016. Further recognition of Alusid's progress came when it won this year's IChemE Global Award 2016 for Best Business Start-Up against a shortlist of international nominees. It has also received its first commercial orders and is currently seeking to raise further funds to enable it to meet projected demand.

New Portfolio Companies from University of Plymouth

During the period, the Group welcomed three additions to its portfolio from University of Plymouth - The Vaccine Group Limited ("The Vaccine Group"), Molendotech Limited ("Molendotech") and Fieldwork Robotics Limited ("Fieldwork Robotics"). Further details on The Vaccine Group and Molendotech can be found in the section on Core Portfolio.

Fieldwork Robotics will exploit the technology developed by Dr. Martin Stoelen, a Lecturer at the School of Computing, Electronics and Mathematics at the University of Plymouth. Fieldwork aims to develop and commercialise a robotics technology which has a range of potential industrial applications. Its first target is planned to be the high-value fruit (such as tomatoes) picking market and producers of value added fruits have already demonstrated early interest in the technology.

Sources of IP

In line with our business model, our strategy is to seek to increase both the size of equity stakes we receive from our sources of IP and extend our portfolio pipeline for sources of high-quality IP. We continually review our partnerships, both formal and informal, for quality of dealflow and economic viability. This approach ensures that effort is focused where it is most effective and there is most potential value. Our expansion in Portugal, the opening of our office in Cambridge and the recruitment of further staff to support our partnerships and portfolio companies is a clear demonstration of our commitment to this approach.

We were pleased to secure a commercialisation agreement with the Faculty of Science and Technology within the Universidade NOVA de Lisboa ("FCT Nova"), the Group's second in Portugal. The Universidade NOVA de Lisboa is a research-intensive university (QS Top Universities 2016) and FCT Nova has particular research strengths in Engineering, Materials, Energy and Life Sciences. Frontier IP and FCT Nova will work together to maximise the commercial value of intellectual property developed within or owned by FCT Nova. Frontier IP will receive a share of equity in each spin-off company created by FCT Nova, as well as a share in the licensing revenue it receives.

Post-period end the Group earned its first revenue from the FCT Nova partnership in the form of a share of income from a new licence entered into by the university.

Operations

Remuneration Framework

We believe that our people should be appropriately rewarded and incentivised to meet or exceed performance expectations. We achieve this through periodically benchmarking remuneration practice against companies of a similar size and nature.

In order to remain competitive and attract and retain a high-calibre team, the Remuneration Committee conducted a periodic review of the Group's rewards structure in conjunction with advisors and key shareholders.

The key recommendations arising from this review are summarised as follows:

-- the limit on the number of shares that may be subject to options in any ten year period be increased from a maximum of 10% to a maximum of 15% of the ordinary share capital;

-- options granted under the revised scheme rules may be granted at nominal cost (10p per share); and

-- new malus provisions be included to prevent vested options from being exercised in circumstances where the Company has suffered reputational damage or financial loss as a result of an option holder's actions.

Following extensive consultation with key shareholders, approval to implement these recommendations will be sought at the Group's Annual General Meeting in December 2017. The relevant resolutions will be set out in the Notice of Annual General Meeting which will be posted to shareholders along with the Group's Annual Report and Financial Statements for the year ended 30 June 2017.

Financial Review

Key Highlights

Profit after tax for the Group for the year to 30 June 2017 was GBP1,229,000 (2016: GBP1,131,000). This result includes a net unrealised profit on the revaluation of investments of GBP2,045,000 (2016: GBP1,809,000) and reflects an increase in services revenue to GBP264,000 (2016: GBP221,000) and an increase in administrative expenses to GBP1,082,000 (2016: GBP900,000).

The value of the Group's investments increased to GBP6,751,000 (2016: GBP4,673,000). Net assets increased to GBP11,759,000 (2016: GBP7,668,000) reflecting the proceeds of the GBP3,000,000 (gross) placing and the profit for the year.

In March 2017, the Company conducted a placing of 7,500,000 new ordinary shares of 10p for cash at a price of 40p per share raising GBP3,000,000 before expenses.

Revenue

Total revenue for the year to 30 June 2017 increased 14% to GBP2,309,000 (2016: GBP2,030,000). Revenue from services increased 19% to GBP264,000 (2016: GBP221,000). The Group's net unrealised profit on the revaluation of investments increased 13% to GBP2,045,000 (2016: GBP1,809,000). Unrealised gains on revaluation of investments of GBP2,069,000 (2016: GBP2,045,000) were offset by impairments of GBP24,000 (2016: GBP236,000). GBP1,046,000 of the gain relates to Exscientia Limited and GBP505,000 to Nandi Proteins Limited, both of whom completed a fundraising subsequent to the year end.

Administrative Expenses

Administrative expenses increased by 20% to GBP1,082,000 (2016: GBP900,000). The increase is primarily due to additional personnel and professional fees.

Earnings Per Share

Basic earnings per share was 3.73p (2016: 4.08p). Diluted earnings per share was 3.63p (2016: 4.04p)

Statement of Financial Position

The principal items in the statement of financial position at 30 June 2017 are goodwill GBP1,966,000 (2016: GBP1,966,000) and financial assets at fair value through profit and loss, principally holdings in portfolio companies, GBP6,751,000 (2016: GBP4,673,000). The carrying value of these items is determined by the Directors using their judgement when applying the Group's accounting policies.

The Group had net current assets at 30 June 2017 of GBP2,716,000 (2016: GBP883,000). The current assets at 30 June 2017 include debtors of GBP431,000 which are more than 90 days overdue, of which GBP332,000 is due from Nandi and GBP76,000 is due from Alusid. The non-current trade receivables of GBP321,000 comprise GBP268,000 due from Nandi and GBP53,000 due from Alusid. Other debtors include unsecured interest free loans to Nandi of GBP165,000 and to Alusid of GBP165,000. Subsequent to the year end, Nandi completed a fundraising and repaid the loan.The Group converted GBP200,000 of trade receivables into shares in Nandi at the fundraising and Nandi has commenced repaying the balance of the trade receivables over eighteen months under a repayment plan. Alusid is in the process of raising additional funds and the directors are confident that Alusid will be able to raise sufficient funds to finance Alusid's business plan, repay the loan and commence payment of the debt.

Net assets of the Group increased to GBP11,759,000 at 30 June 2017 (30 June 2016: GBP7,668,000). The number of issued ordinary shares also increased to 38,278,520 at 30 June 2017 (2016: 30,778,520) resulting in net assets per share of 30.7p (2016: 24.9p).

Cash

The Group's cash balances increased during the year by GBP1,558,000 to GBP2,329,000 at 30 June 2017. This was as a result of a placing of new shares which raised GBP2,810,000 net of expenses. The cash generated by the share placing was used to fund the operation of the business.

Consolidated Statement of Comprehensive Income

For the year ended 30 June 2017

 
                                                      2017      2016 
                                           Notes   GBP'000   GBP'000 
 Revenue 
 Revenue from services 
                                                       264       221 
  Other operating income 
  Unrealised profit on the revaluation 
  of investments                                     2,045     1,809 
 
 Total revenue                                       2,309     2,030 
 
 Administrative expenses                           (1,082)     (900) 
 
 Profit from operations                              1,227     1,130 
 
 Interest income on short term deposits                  2         1 
 
 Profit from operations and before 
  tax                                                1,229     1,131 
 
 Taxation                                    3           -         - 
 
 Profit and total comprehensive income 
  attributable to 
                                                  --------  -------- 
 the equity holders of the parent                    1,229     1,131 
                                                  ========  ======== 
 
 Profit per share attributable to 
  the equity holders of the Company: 
 Basic earnings per share                    4       3.73p     4.08p 
 Diluted earnings per share                  4       3.63p     4.04p 
 

All of the Group's activities are classed as continuing.

There is no other comprehensive income in the year (2016: nil).

consolidated Statement of Financial Position

At 30 June 2017

 
                                                       2017      2016 
                                           Notes    GBP'000   GBP'000 
 Assets 
 Non-current assets 
 Tangible fixed assets                                    5         2 
 Goodwill                                             1,966     1,966 
 Financial assets at fair value through 
  profit and loss                            5        6,751     4,673 
 Trade receivables                                      321       144 
                                                  ---------  -------- 
                                                      9,043     6,785 
                                                  ---------  -------- 
 Current assets 
 Trade receivables and other current 
  assets                                                537       223 
 Cash and cash equivalents                            2,329       771 
                                                  ---------  -------- 
                                                      2,866       994 
                                                  ---------  -------- 
 Total assets                                        11,909     7,779 
                                                  ---------  -------- 
 
 Liabilities 
 Current liabilities 
 Trade and other payables                             (150)     (111) 
                                                  --------- 
                                                      (150)     (111) 
                                                  --------- 
 
 Net assets                                          11,759     7,668 
                                                  =========  ======== 
 
 Equity 
 Called up share capital                              3,828     3,078 
 Share premium account                                7,789     5,729 
 Reverse acquisition reserve                        (1,667)   (1,667) 
 Share based payment reserve                            130        78 
 Retained earnings                                    1,679       450 
                                                  ---------  -------- 
 
   Total equity                                      11,759     7,668 
                                                  =========  ======== 
 

Consolidated Statement of Changes in Equity

For the year ended 30 June 2017

 
                                                              Share-                        Total 
                                    Share         Reverse      based                       equity 
                        Share     premium     acquisition    payment     Retained    attributable 
                      capital     account         reserve    reserve     earnings              to 
                                                                                           equity 
                                                                                          holders 
                                                                                           of the 
                                                                                          Company 
                      GBP'000     GBP'000         GBP'000    GBP'000      GBP'000         GBP'000 
 
 At 1 July 2015         2,660       5,200         (1,667)         45        (681)           5,557 
 
 Issue of shares          418         529               -          -            -             947 
 Share-based 
  payments                  -           -               -         33            -              33 
 Profit/total 
  comprehensive 
  income for the 
  year                      -           -               -          -        1,131           1,131 
 
 At 30 June 2016        3,078       5,729         (1,667)         78          450           7,668 
                   ----------  ----------  --------------  ---------  -----------  -------------- 
 
 Issue of shares          750       2,060               -          -            -           2,810 
 Share-based 
  payments                  -           -               -         52            -              52 
 Profit/total 
  comprehensive 
  income for the 
  year                      -           -               -          -        1,229           1,229 
 
 At 30 June 2017        3,828       7,789         (1,667)        130        1,679          11,759 
                   ==========  ==========  ==============  =========  ===========  ============== 
 

Consolidated Statement of Cash Flows

For the year ended 30 June 2017

 
                                                   Group     Group 
                                                    2017      2016 
                                                 GBP'000   GBP'000 
 
 Cash flows from operating activities 
 Cash used in operations                         (1,214)     (805) 
 Taxation paid                                         -         - 
                                              ---------- 
 
   Net cash used in operating activities         (1,214)     (805) 
                                              ----------  -------- 
 
 Cash flows from investing activities 
 Purchase of tangible fixed assets                   (5)       (2) 
 Purchase of financial assets at fair 
  value through profit and loss                     (33)       (5) 
 
 
   Net cash used in investing activities            (38)       (7) 
                                              ----------  -------- 
 
 Cash flows from financing activities 
 Proceeds from issue of equity shares              3,000     1,003 
 Costs of share issue                              (190)      (56) 
 
  Net cash generated from financing 
   activities                                      2,810       947 
                                              ----------  -------- 
 
 
  Net increase in cash and cash equivalents        1,558       135 
 
 Cash and cash equivalents at beginning 
  of year                                            771       636 
 
  Cash and cash equivalents at end of 
   year                                            2,329       771 
                                              ==========  ======== 
 

Notes

   1.   General Information 

This preliminary announcement was approved for issue by a duly appointed and authorised committee of the Board of Directors on 23 October 2017.

   2.   Basis of preparation 

The financial information set out in this announcement does not constitute statutory financial statements for the year ended 30 June 2017 or 30 June 2016.

The report of the auditor on the statutory financial statements for each of the years ended 30 June 2017 and 30 June 2016 did not contain statements under section 498(2) or (3) of the Companies Act 2006. The statutory financial statements for the year ended 30 June 2016 have been delivered to the Registrar of Companies. The financial statements for the year ended 30 June 2017 will be delivered to the Registrar of Companies following the Company's Annual General Meeting.

The Directors continue to adopt the going concern basis in preparing the group's financial statements.

While the financial information included in this preliminary announcement has been prepared in accordance with the recognition and measurement principles of International Financial Reporting Standards (IFRS) as adopted by the European Union, this announcement does not itself contain sufficient information to comply with IFRS.

   3.   Taxation 

There is no charge to taxation for the year ended 30 June 2017 (2016: Nil) due to the Group making a taxable loss.

The Group's deferred tax assets, other than those relating to short term timing differences, are not recognised in accordance with Group policy.

   4.   Earnings per share 
   (a)             Basic 

Basic earnings per share is calculated by dividing the profit attributable to the shareholders of Frontier IP Group Plc by the weighted average number of shares in issue during the year.

 
                                      Profit     Weighted        Basic 
                                attributable      average     earnings 
                             to shareholders       number    per share 
                                     GBP'000    of shares       amount 
                                                              in pence 
 
 Year ended 30 June 2017               1,229   32,983,190         3.73 
                           -----------------  -----------  ----------- 
 
 Year ended 30 June 2016               1,131   27,722,650         4.08 
                           -----------------  -----------  ----------- 
 

(b) Diluted

Diluted earnings per share is calculated by adjusting the weighted number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. The Company has only one category of dilutive potential ordinary shares: share options. A calculation is done to determine the number of shares that could have been acquired at fair value (determined as the average annual market value share price of the Company's shares) based on the monetary value of the subscription rights attached to outstanding share options. The number of shares calculated as above is compared with the number of shares that would have been issued assuming the exercise of the share options.

 
                                      Profit     Weighted      Diluted 
                                attributable      average     earnings 
                             to shareholders       number    per share 
                                     GBP'000    of shares       amount 
                                                 adjusted     in pence 
                                                for share 
                                                  options 
 
 Year ended 30 June 2017               1,229   33,897,226         3.63 
                           -----------------  -----------  ----------- 
 
 Year ended 30 June 2016               1,131   27,998,277         4.04 
                           -----------------  -----------  ----------- 
 
   5.   Financial assets at fair value through profit and loss 
 
                           2017      2016 
                        GBP'000   GBP'000 
 At 1 July 2016           4,673     2,859 
 Additions                   33         5 
 Fair value increase      2,045     1,809 
                       --------  -------- 
 At 30 June 2017          6,751     4,673 
                       ========  ======== 
 

The investments held are valued individually at fair value in accordance with the Group's accounting policy on investments and have been categorised as being level 3, that is, valued using unobservable inputs. All gains and losses relate to assets held at the year end, and the fair value movement has been shown in the income statement as other operating income.

Financial assets at fair value through profit and loss comprise the following:

 
                                     2017      2016 
                                  GBP'000   GBP'000 
 Limited partnership interests         22        22 
 Unquoted equity investments        6,729     4,651 
                                 --------  -------- 
                                    6,751     4,673 
                                 ========  ======== 
 

The movement during the year is set out below:

 
 Limited Partnership Interests         2017      2016 
                                    GBP'000   GBP'000 
 At 1 July                               22        47 
 Additions during the year                2         5 
 Fair value decreases during the 
  year                                  (2)      (30) 
                                   --------  -------- 
 At 30 June                              22        22 
                                   ========  ======== 
 
 
 Unquoted Equity Investments           2017      2016 
                                    GBP'000   GBP'000 
 At 1 July                            4,651     2,812 
 Additions during the year               31         - 
 Fair value increases during the 
  year                                2,069     2,045 
 Fair value decreases during the 
  year                                 (22)     (206) 
                                   --------  -------- 
 At 30 June                           6,729     4,651 
                                   ========  ======== 
 
   6.   Availability of statutory financial statements 

Copies of the full statutory financial statements will be available from the Company's offices at 93 George Street, Edinburgh EH2 3ES no later than 8 November 2017 and are available on its website at www.frontierip.co.uk

This information is provided by RNS

The company news service from the London Stock Exchange

END

FR MJBMTMBJTTBR

(END) Dow Jones Newswires

October 24, 2017 02:00 ET (06:00 GMT)

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