Frontier IP Group plc – Final Results

Frontier IP Group plc – Final Results

Financial highlights       

·    Fair value of our portfolio increased by 47% to £13,252,000 (2018: £9,041,000)

·    Total revenue increased by 81% to £4,268,000 (2018: £2,363,000) – reflecting an unrealised profit on the revaluation of investments of £3,850,000 (2018: £2,064,000)

·    Revenue from services increased by 40% to £418,000 (2018: £299,000)

·    Profit before tax increased by 160% to £2,350,000 (2018: £902,000)

·    Basic earnings per share increased to 5.77p (2018: 2.36p)

·    Cash balances at 30 June 2019 of £1,466,000 (2018: £1,111,000)

·    Net assets per share as at 30 June 2019 of 41.4p (2018: 33.2p)


Corporate highlights

·    Team strengthened with the appointment of Matthew White, former Head of Innovation at AB Sugar, as Chief Commercialisation Officer with a seat on the board, and Alex Pugh as analyst. Post period end, Lucy Rowbotham, former Director of the Medical Technology Division at Cambridge Consultants, joined as Technology Commercialisation Director. Expanded funded intern programme

·    John Price, who has had a long and distinguished career at Mars, Incorporated and Air Vice-Marshal Gary Waterfall CBE appointed post year end as specialist advisers. Their roles are to deepen and expand industrial partnerships for the Group and its portfolio companies. They will focus respectively on food and agritech, and defence

·    Strategic partnership agreed with UK Department for International Trade to support growth in Portugal: Frontier IP selected as partner in Emporia4KT, major project to maximise value of academic research to Europe’s marine and coastal economies

·    Collaboration agreement signed with Royal Academy of Engineering, resulting in successful joint event at the Academy’s headquarters in April 2019

·    Post year end, we announced N+1 Singer as the Group’s sole broker. Allenby Capital remains our Nominated Adviser

·    Launch of an accelerated bookbuild shortly to raise in aggregate gross proceeds of £3.5 million with the ability to upscale to £4.0 million subject to demand, by way of a placing


Portfolio highlights

·    Good commercial progress and strong industry engagement within the portfolio overall, reflected in the increase in fair value

·    Exscientia secured US$26 million in Series B funding, announced drug-discovery collaboration agreements with Roche, Celgene and GT Apeiron; achieved first milestone for GSK and, post period end, first for Sanofi

·    The Vaccine Group and its partners party to more than US$9 million grant funding from the US, UK and Chinese governments

·    Alusid raised £1.34 million; Parkside Architectural Tiles, the commercial arm of Topps Tiles, launched Alusid-made Sequel range

·    Pulsiv Solar won Innovate UK grant and entered into an agreement with Bosch UK to optimise the design of its solar-microinverter

·    Amprologix announced strategic relationship with Ingenza and won £1.2 million Department of Health and Social Care funding to accelerate development of new antibiotic

·    Fieldwork Robotics signed collaboration agreement with Hall Hunter Partnership, won Innovate UK grant to accelerate development of raspberry harvester; prototype completed initial field trials

·    Nandi Proteins-led project won Coeliac UK and Innovate UK grant to improve taste and texture of gluten-free bread; partners include AB Mauri and Agrii, part of Origin Enterprises

·    Tarsis Technology entered collaboration agreement with a world-leading crop protection company

·    Core portfolio additions in the year include first three from Portugal: NTPE, Des Solutio and Insignals Neurotech. In the UK, we announced the addition of Amprologix and incorporated CamGraPhIC

·    Post year end announced a new portfolio company- Elute Intelligence Holdings- which has been formed from CFL Software, an existing UK software business


Neil Crabb, Chief Executive Officer of Frontier IP, said: The year to June 2019 represented further strong progress for the Group. Our innovative business model and committed approach to executing our strategy means we believe we are well placed to weather any market and political headwinds and in a good position to deliver another positive performance over the year to come.”

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