Frontier IP Group plc – FIPP – Final Results

Frontier IP Group plc – FIPP – Final Results

Financial highlights


·    Fair value of our equity portfolio increased by 64% to £31,982,000 (2020: £19,444,000)


·    Profit before tax increased by 145% to £10,242,000 (2020: £4,184,000)


·    Total revenue and other operating income increased by 99% to £12,668,000 (2020: £6,377,000) -reflecting the net unrealised profit on the revaluation of investments of £12,306,000 (2020: £5,973,000)


·    Revenue from services decreased by 10% to £362,000 (2020: £404,000)


·    Basic earnings per share increased to 17.47p (2020: 8.76p)


·    Cash balances at 30 June 2021 of £1,992,000 (2020: £2,968,000)


·    Net assets per share as at 30 June 2021 of 69.8p (2020: 51.0p)


Corporate highlights


·    Raised £2.3 million via an oversubscribed placing and retail offer to support additional investment in the Group and to enable increased capacity for bridge financing and investment in portfolio companies


·    The fundraising was firmly supported by existing shareholders and a significant number of new investors


·    Team strengthened with three key appointments


·    Post period end, first portfolio company IPO - Exscientia listed on Nasdaq Global Select Market raising gross proceeds of approximately $304.7 million through a public offer and a further $160 million through private placements with SoftBank and the Bill & Melinda Gates Foundation, with a value of $2.9 billion


·    Post period end, Professor Dame Julia King, Baroness Brown of Cambridge DBE FREng FRS, joined the Board of Directors as an independent Non-Executive Director 


Portfolio highlights


·    Robust commercial and technical progress, including industry engagement and increased pace of fundraisings across the portfolio, reflected by the increase in fair value


·    Growing maturity of the portfolio with a number of companies reaching inflection points, reflected by increased pace of funding rounds, strengthening of management teams, and industry engagement. Fundraisings and grant awards included:  

o  Exscientia closing a Series C funding round at $100 million and raising a further $225 million in a Series D round, led by new investor SoftBank. Post period end, the company raised total gross proceeds of $464.7 million through listing on the Nasdaq Global Select Market with a value of $2.9 billion   

o  Cambridge Raman Imaging raised £250,000 through an equity funding round and involvement in €5 million pan-European project to develop new medical imaging technologies

o  Pulsiv completed £1.5 million equity funding round. In addition, the company converted £500,000 of debt plus accrued interest into equity, including a £250,000 loan from the UK government's Future Fund scheme

o  AquaInSilico was selected to receive $250,000 after being named as an Ocean Innovator by the United Nations Development Programme's Ocean Innovation Challenge. The company also received a €60,000 EIT RawMaterials grant

o  Fieldwork Robotics raised £675,000 through an equity funding round and received £229,000 in grants from schemes managed by Innovate UK

o  Elute Intelligence raised £250,000 in its first equity funding round

o  Nandi Proteins raised £720,000 through a convertible loan, including £360,000 from the UK government's Future Fund, matched by Frontier IP and Shackleton Finance

o  Alusid raised £250,000 in a convertible loan, including £125,000 from the UK government's Future Fund, matched by Frontier IP and a private investor

o  InSignals Neurotech gained €100,000 investment from Portugal Ventures

o  Post period end, CamGraPhIC raised £1.6 million


·    Strong commercial and technical progress made by a number of portfolio companies, including developing new and existing industry partnerships:

o  Exscientia expanded its collaboration with Bristol Myers Squibb. Agreement includes upfront and commercial milestone payments potentially worth more than $1.2 billion. Post period end, Exscientia entered a $70 million collaboration with the Bill & Melinda Gates Foundation

o  The Vaccine Group entered into first commercial agreement, with The Pirbright Institute and ECO Animal Health, and made good progress on developing its novel vaccine platform

o  Fieldwork Robotics secured collaboration agreements with Bosch and Bonduelle, one of the world's leading vegetable producers

o  Cambridge Raman Imaging signed a licence with Motic, a leading manufacturer of medical imaging devices

o  Elute Intelligence launched its Patent Reader product following successful pilot with dedicated user group comprising multinationals, high-tech SMEs and professional intellectual property service providers


·    Steps taken to strengthen leadership and teams across portfolio to oversee scale up of companies:

o  Pulsiv appointed former Aixtron and Arm executive Darrel Kingham as Chief Executive Officer, Dr Zaki Ahmed as Chief Strategy Officer, and announced appointment of Adam Westcott as Chief Financial Officer

o  The Vaccine Group appointed GALVmed Chief Scientific Officer Jeremy Salt as Chief Executive Officer. He is a former senior director for the world's biggest animal health group Zoetis

o  Nandi Proteins appointed David Flower, a former senior director with Boon Rawd Brewing Company and Kerry Foods, as Chief Executive Officer

o  Alusid appointed David Taylor, founding chief executive for both English Partnerships and Amec Developments, property entrepreneur and Pro-Chancellor of the University of Central Lancashire to its board of directors as the University's representative

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