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Frontier IP Group PLC

Frontier IP Group - Final Results

RNS Number : 3948S
Frontier IP Group plc
06 November 2019
 

Prior to publication, the information contained within this announcement was deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). With the publication of this announcement, this information is now considered to be in the public domain.

 

6 November 2019

 

Frontier IP Group plc

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

 

Audited final results for the year ended 30 June 2019

 

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

 

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."

 

Enquiries

 

Frontier IP Group plc

0207 332 2338

Neil Crabb, Chief Executive


Andrew Johnson, Communications & Investor Relations

07464 546 025

www.frontierip.co.uk




Allenby Capital Limited (Nominated Adviser)

0203 328 5656

Nick Athanas / Nicholas Chambers




N+1 Singer (Broker)

0207 496 3000

Harry Gooden / George Tzimas


 

 

About Frontier IP

Frontier IP unites science and commerce by identifying strong intellectual property and accelerating its development through a range of commercialisation services. A critical part of the Group's work is involving relevant industry partners at an early stage of development to ensure technology meets real world demands and needs.

The Group looks to build and grow a portfolio of equity stakes and licence income by taking an active involvement in spin-out companies, including support for fund raising and collaboration with relevant industry partners at an early stage of development.

 

Chairman's Statement

Performance

The year to June 2019 saw Frontier IP and its portfolio companies make strong progress despite the uncertain political, economic and market environments in which we operate. We materially increased the value of our portfolio, announced four new spin outs, including the first three from our partnerships in Portugal, and further strengthened our relationships with industry, universities and academics.

Importantly, the increase in our portfolio valuations has been underpinned by the achievement of commercial milestones and grant funding. Valuations are a topic our Chief Executive Neil Crabb takes up in his Chief Executive Officer's Statement.

On the portfolio side, Exscientia continues to perform strongly. It is establishing itself as one of the world's leading artificial intelligence-driven drug discovery companies. It raised $26 million through a Series B funding round, signed new drug discovery collaboration agreements with Roche, Celgene and, after the year end, with an exciting early-stage biopharmaceutical company Rallybio. Along with existing collaborations with GSK, Sanofi and Evotec, the company now has upfront and potential milestone payments of significantly more than £300 million.

Among the other highlights for the year, we were delighted to become one of the 14 partners in Emporia4KT, a pan-European project to ensure academic research is put to better use in boosting Europe's Atlantic marine economy. We were also named as a strategic partner of the UK Department for International Trade in Portugal and entered into a collaboration agreement with the Royal Academy of Engineering. The latter resulted in a highly-successful joint event, attended by more than 100 people, at their headquarters in central London in April 2019.

New technologies can help us address some of the toughest issues we are facing today from tackling disease to meeting the challenges posed by environmental changes. Our portfolio companies have the potential to make important contributions.

The Vaccine Group's novel technology, for example, could prevent devastating diseases jump from animals to animals and then to humans. Amprologix is developing new antibiotics to overcome the threat from antimicrobial-resistant superbugs, while Nandi Proteins helps to address consumer desires for fewer E-number additives, less fat and less animal protein in foods.

Des Solutio is working on green chemistry to replace the use of toxic solvents in manufacturing a host of everyday pharmaceuticals, household goods and beauty products; Alusid recycles industrial waste, most of which ends in landfill, to create top-quality tiles and other surfaces. Finally, Pulsiv Solar's technology promises to make significant improvements to the energy efficiency of photovoltaic cells and power converters.

The number of our portfolio companies at the heart of these major trends is reflected in the support of our shareholders. During the year, we were delighted to raise £2.49 million in November 2018 through an oversubscribed placing with new and existing shareholders. We remain optimistic about prospects of generating further value over the coming year and beyond.

Our governance

Good governance is vital for long-term sustainable growth, and we strive to achieve the highest standards for a company our size. We adhere to the Quoted Companies Alliance Corporate Governance Code, introduced in April 2018. To see more details about how we apply the principles of the Code, see the Our Governance section of our website: www.frontierip.co.uk/investors/corporate-governance.

Results

I was very pleased with the Group's strong performance for the year, which was ahead of management expectations. Pre-tax profits increased by 160% and the fair value of our portfolio rose to £13,252,000.

For the year to 30 June 2019, total revenue increased by 81% to £4,268,000 (2018: £2,363,000) as a result of an unrealised profit on the revaluation of investments of £3,850,000 (2018: £2,064,000), principally due to the movement in fair value of Exscientia and The Vaccine Group. Revenue from services, principally board retainers, technical development services and licence income, increased by 40% to £418,000 (2018: £299,000).

Outlook

We have an excellent team in Frontier IP, and I would very much like to thank our people for their hard work this year. It is thanks to their efforts and those of our university, academic and other partners that the Group is well placed to benefit from a portfolio increasing in maturity and breadth. We are confident our portfolio will continue to grow in value.

 

Andrew Richmond

Chairman

 

 

Chief Executive Officer's Statement

Frontier IP Group saw another strong year for the period to June 2019. The fair value of our portfolio rose 47% to £13,252,000. We continued to adhere to our capital efficient business model with p

The reasons for our encouraging progress are explained in more detail in the operational and portfolio reviews elsewhere. However, if I were to highlight one factor it would be the increasing rate at which we and our portfolio companies engage with industry. Industry engagement is a central part of what we do. It helps us validate the technology, understand how it can be scaled up and address real-world market needs and demands. Growing portfolio value is driven by external markers such as third-party investment and commercial milestones which also shows we are consistently and successfully identifying strong, commercialisable intellectual property.

During the year, our portfolio companies entered into partnerships with a host of blue chip or market-leading companies including: Roche and Celgene (Exscientia); AB Foods and Agrii, part of Origin Enterprises (Nandi); Bosch UK (Pulsiv Solar); Parkside Architectural Tiles, the commercial arm of Topps Tiles, (Alusid); Hall Hunter Partnership (Fieldwork Robotics); G's Group (Molendotech); and Ingenza (Amprologix).

We strongly believe public grants play an important role in the funding mix for our portfolio companies. Data shows grants are a strong indicator of improved business performance in time and greater likelihood of a successful future exit. It also provides further validation for the technology being developed and, from a shareholder's perspective, there is the added advantage that such funding is non-dilutive.

Our portfolio companies enjoyed considerable success in winning grant funding to support commercialisation over the year. This included UK government backing for Fieldwork, Pulsiv, Amprologix and Nandi, while The Vaccine Group and its partners are party to more than $9 million in grants from the US, UK and Chinese governments.

Valuations in the wider marketplace have become a source of increasing concern and potential risk, so it is worth reiterating our approach. There are two aspects to the issue. First is the global market perspective, where we are seeing companies yet to justify their business model valued at extraordinary sums, in markets stoked by cheap money and the hunt for returns. There are bubbles in certain areas; the only questions are when and whether they will burst dramatically or deflate slowly.

The second aspect is the question about how to value smaller, illiquid companies still at a relatively early development stage. In too many instances, investors have been prepared to put their money in before the technology is fully proven, encouraging businesses to ramp up cash burn as they strive to justify their new-found valuation. Particularly invidious is the hype around unicorns and the way it skews investor behaviour through the desire to create companies valued at a $1 billion or more. But there's a reason why unicorns are creatures of myth - they do not exist in the real world.  

Many valuations reflect the sums a company is able to raise, rather than bearing any relation to technology or business fundamentals.

Our approach is different and is designed to ensure valuations are based on reality. It also reflects our view that the best way to develop spin outs is by working in partnership with universities, academics and industry, and managing for the long term. These businesses do not always need significant sums to prosper. What they do need is time to overcome the inevitable scientific, technological and commercial obstacles that arise.

Our valuation policy is explained under the heading "Equity Investments" within the annual report and accounts but to summarise; when we first incorporate a spin out, the whole company is valued at between £50,000 and £1 million, depending on whether IP has been transferred or not, additionally taking into account the level of any grant funding that might have been received. At the next stage, valuations are then set through third-party funding rounds or the trading progress of the business following the industry-standard IPEV guidelines. As the business matures a

It is important to remember that we do not typically invest directly ourselves. Price is determined by external investors and achieving commercial milestones, so we are not under pressure to "follow our money". In this way, we hope to mitigate the risks of overvaluation.

The outcome of Brexit is unknown and therefore a potential risk to the Group. The impact on us is softened to an extent by the fact the exposure of the Group and its portfolio companies to physical cross-border trading with the EU is low, and the government has stated it will support existing grant programmes. Ideas remain free to travel unhindered; they know no borders.

Where it might have a more disruptive effect is if it leads to significant cuts to research funding. This may in time reduce the flow of quality IP available for commercialisation. Our portfolio companies may also be affected if there are cuts to grant funding.

However, we see potential opportunities arising from Brexit should it crystallise existing pressures on universities to make more of their research as they tackle problems caused by uncertainty over funding and a downturn in student numbers. Sterling weakness might also create opportunities. British science and technology has long been a magnet for foreign investors and the fall in the pound has enticed them to put a record £5.5 billion so far this year into UK technology companies, according to recent government figures.

Within the Group, we continue to build a platform for future growth, key to which is finding the right people. To this end, I am very pleased with the appointments of Matthew White, a former head of innovation at AB Sugar who is now our Chief Commercialisation Officer and a director of the Group, and analyst Alex Pugh during the year. Post period end, Lucy Rowbotham, former Director, Medical Technology Division, at Cambridge Consultants, joined us as Technology Commercialisation Director in a non-board role. We've also expanded our funded intern programme.

We were also very pleased post the year end to announce the appointments of John Price, who has had a long and distinguished career at Mars, Incorporated and Air Vice-Marshal Gary Waterfall CBE as specialist advisers to deepen and expand industrial partnerships for the Group and its portfolio companies. They will focus respectively on food and agritech, and defence.

There was one departure. Portfolio Director David Cairns decided to leave the company after more than a decade. I would like to thank David for the important contribution he has made over the years to our growth and success, and to wish him all the very best for the future.

I would also very much like to thank our investors and other stakeholders for their continued support. We are well positioned despite the possible market and political headwinds and are confident that the year to come will be as successful as the one that has passed.

Neil Crabb

Chief Executive Officer

 

Key Performance Indicators

The Key Performance Indicators for the Group are:

 

KPI

Description

2019 Performance

Fair value of the portfolio

Movement in the value of equity in the portfolio

£13,252,000 (2018: £9,041,000)

Total revenue

Growth in the aggregate of revenue from services and change in fair value of the portfolio

£4,268,000 (2018: £2,363,000)

Profit

Profit before tax for the year

£2,350,000 (2018: £902,000)

Net assets per share

Value of the Group's assets less the value of its liabilities per share outstanding

41.4p (2018: 33.2p)

Total initial equity in new portfolio companies

Aggregate percentage equity earned from new portfolio companies during the year

123% (2018: 67%)

 

We are pleased to report that the Group achieved significant increases in all of its five Key Performance Indicators.

 

The value of the Group's equity investments increased to £13,252,000 (2018: £9,060,000) with net assets increasing to £17,591,000 (2018: £12,717,000). Profit after tax for the Group for the year to 30 June 2019 was £2,350,000 (2018: £902,000). This result includes a net unrealised profit on the revaluation of investments of £3,850,000 (2018: £2,064,000) and reflects an increase in services revenue to £418,000 (2018: £299,000) and greater administrative expenses of £1,932,000 (2018: £1,465,000) as the Group invested in people and premises. The additional administrative expenses were offset by growth in unrealised profit on revaluation of investments.

 

Operational Review

Corporate

Frontier IP made strong progress during the year as it continued to pave the way for future growth and value, reflected in the significant technological and commercial advances made by a number of portfolio companies outlined in the portfolio review below.

People are the biggest constraint on our ability to scale the business. It is also vital we hire the right people, with the skills to take a proactive approach to identifying IP and making our portfolio companies successful. During the year we were delighted to appoint Matthew White as Chief Commercialisation Officer and a director of the Group. His role before joining us was Head of Innovation for AB Sugar, one of the world's biggest sugar producers and a wholly-owned subsidiary of FTSE 100 multinational Associated British Foods. We were also pleased to appoint analyst Alex Pugh, an economics graduate and qualified chartered account with strong experience in financial markets.

Post year end, Lucy Rowbotham joined as Technology Commercialisation Director. She is a former Director, Medical Technology Division, at Cambridge Consultants, and has extensive experience of technology commercialisation. We have also extended our funded intern programme to contribute technical expertise on a project-by-project basis.

We were also very pleased to announce the appointments post year end of John Price and Air Vice-Marshal Gary Waterfall CBE as specialist advisers on food and agritech, and defence respectively.

The Group extended its existing networks of industry, academic and financial relationships through three important partnerships. In August 2018, we entered into a strategic partnership with the UK Department for International Trade ("DIT") in Portugal. The move means we will be able to build our position as a leading university IP commercialisation partner in the country by opening access to potential industry collaborators and key decision makers in the Portuguese government and economy. The DIT also presented us with the New to Market Award. During the year, we announced our first three spin outs in the country.

In April 2019, we announced a collaboration agreement with the Royal Academy of Engineering, based in London, reflecting our shared aims in supporting new engineering and technology companies. As a result, we held a successful joint event at the Academy's headquarters. More than 100 guests were able to see demonstrations of technology developed by our portfolio companies and from businesses supported by the Academy's Enterprise Hub.

We also announced our involvement as a partner in Emporia4KT, a major project to maximise the value of academic research to Europe's marine and coastal economies on the Atlantic seaboard. Emporia4KT brings together 14 partners from Portugal, Ireland, France, Spain and the UK to develop ways to transfer academic knowledge and innovation to boost activities such as fishing, shipbuilding, tourism and ocean energy. Our role is to develop tools to help partners assess risks, judge cost effectiveness and understand the most appropriate routes for commercialising their IP.

In September 2019, we announced N+1 Singer as the Group's sole broker alongside Allenby Capital Limited as the Group's Nominated Adviser.

Sources of IP

In line with our business model, our strategy is to identify strong, commercialisable IP and earn sizeable equity stakes in spin out companies through the support we provide to validate technology, drive industrial engagement and scaling up.

As part of this, we seek to forge long-term partnerships with sources of IP, both formal and informal, although we keep them under continual review for quality of deal flow and economic viability. This approach ensures that effort is focused where it is most effective and there is most potential value.

We continue to see good flow of intellectual property with strong commercial potential from the University of Plymouth, including announcing our stake in Amprologix during the year. The Group continues to build on its relationships with academics and departments at the University of Cambridge. It incorporated its second graphene spin out from Cambridge alongside Italian research institute CNIT.

Our partnerships in Portugal with NOVA University Lisbon, NOVA School of Science and Technology and INESC TEC also bore fruit, with the incorporation of NTPE, Des Solutio and Insignals Neurotech announced during the year. Portugal is a market underserved by university IP commercialisation specialists, and, alongside our partnership with the UK Department for International Trade in the country, we believe we are well placed to take advantage of opportunities as they arise.

Portfolio Review

Core portfolio

Frontier IP strives to develop and maximise value from its core portfolio, which numbered 17 at the year end. We do so by taking founding stakes in companies at incorporation and then working in long-term partnerships with shareholders, academic and industry partners. Core portfolio companies must meet two out of three criteria:

·    The Group holds at least 10 per cent of the company's equity

·    Our shareholding is worth at least £500,000

·    We see substantial opportunity for a favourable exit, either through trade sale or IPO

The core portfolio made strong progress across a number of fronts during the year. Between them, our spin outs announced 11 agreements with commercial partners. Many of those are leaders in their sectors, a clear indication of our success in driving industry engagement. We incorporated four new spin outs including the first three from our operations in Portugal and core portfolio companies completed two fund raisings and secured seven grant awards.

Alusid: Frontier IP stake: 35.6 per cent

Alusid's innovative formulations and processes create beautiful, premium-quality tiles, table tops and other surfaces by recycling industrial waste ceramics and glass, most of which would otherwise be sent to  landfill. Its processes also use less energy than conventional tile manufacturing.

Alusid took significant strides during the year to June 2019. In September 2018, it raised £1.34 million to support development work on scaling up. Following this, in May, Parkside Architectural Tiles, the commercial arm of Topps Tiles, launched Sequel, an exclusive range of tiles made by Alusid. It also successfully completed trials for volume production using industry-standard equipment and is now looking to move up to volume production through Spanish subcontractors.

Amprologix: Frontier IP stake: 10 per cent

Amprologix is the latest spin out stemming from our formal partnership with the University of Plymouth. The company was incorporated to commercialise the work of Mathew Upton, Professor of Medical Microbiology at Plymouth's Institute of Translational and Stratified Medicine.

The company is initially developing a new family of antibiotics, helping to tackle antimicrobial-resistant MRSA and other superbugs, a major threat to human health globally, based on epidermicin, which is derived from bacteria found on human skin. Progress to date has been rapid and industry involvement is already secured. Ingenza, a leader in industrial biotechnology and synthetic biology, is also a shareholder and is working with Amprologix on scale up.

In February, Amprologix won a £1.2 million UK Department of Health and Social Care contract to accelerate development and scale up of its lead antibiotic candidate, epidermicin NI01.

Cambridge Raman Imaging: Frontier IP stake: 33.3 per cent

Cambridge Raman Imaging was the Group's first graphene spin out, the result of a partnership between the University of Cambridge and the Politecnico di Milano, in Italy. It has been incorporated to commercialise research undertaken into graphene-based ultra-fast lasers, initially for use in Raman-imaging microscopes to diagnose and monitor tumours.

CamGraPhIC: Frontier IP stake: 33.3 per cent

A second graphene spin out, this time from the University of Cambridge and Italian research institute CNIT, CamGraPhIC was incorporated this year to develop graphene-based photonics for high-speed data and telecommunications. Graphene photonics are seen as a key enabler for 5G technologies by the company's industrial partners.

Cambridge Simulation Solutions: Frontier IP stake: 40 per cent

Cambridge Simulation Solutions is developing advanced software to simulate and control complex, discontinuous processes, such as the way neural transmitters work in the brain. There are a number of potential industrial and medical applications for the spin out to explore.

Celerum Limited: Frontier IP stake: 10 per cent

Celerum was formed to commercialise research know-how and IP arising from the work of the Computational Intelligence research group at Robert Gordon University. The company has expertise in translating complex business logic into software models which, when combined with data, can be used for automated fleet scheduling.

Des Solutio: Frontier IP stake: 25 per cent

The Group announced its second spin out from Portugal in October 2018. Des Solutio is developing safer and greener alternatives to the toxic solvents currently used to extract active ingredients by the pharmaceutical, personal care, household goods and food industries. The company is developing strong relationships with potential industry partners.

Des Solutio was established to commercialise the research of Associate Professor Ana Rita Duarte and Dr Alexandre Pavia of the NOVA University Lisbon, NOVA School of Science and Technology.

Exscientia: Frontier IP stake: 3.25 per cent

Exscientia, a spin out from the University of Dundee, now based in Oxford, is a world leader in artificial intelligence-driven drug discovery, a reputation reflected in the number of collaboration agreements struck during the year, bringing upfront and potential milestone payments totalling more than £300 million.

New partners included Roche, Celgene Corporation and, post-period end, Rallybio, an early-stage company seeking to combat rare diseases. During the year, Exscientia also signed a partnership agreement with GT Apeiron Therapeutics, a Shanghai-headquartered drug-discovery platform launched with backing from specialist investor GT Healthcare Capital Partners.

In other developments, the company achieved its first milestone payment resulting from its collaboration with GSK, and completed a $26 million Series B financing round. New investors included Celgene Corporation and GT Healthcare Capital Partners. Existing investor Evotec AG also participated.

Fieldwork Robotics: Frontier IP stake: 27.5 per cent

A prototype of Fieldwork Robotics raspberry-harvesting robot technology successfully completed initial field trials in May 2019. The data gathered was invaluable in further refining the hardware and software as work progresses well on developing a robot capable of harvesting more than 25,000 raspberries a day.

The trials were held at a farm owned and operated by Hall Hunter Partnership, one of the UK's biggest soft-fruit growers, and were the result of a collaboration agreement between the grower and Fieldwork Robotics announced in August 2018. In April 2019, the University of Plymouth spin out unveiled further validation for the technology with the announcement of a £547,250 Innovate UK Industrial Strategy grant to accelerate development of the system.

The academic behind the technology, Dr Martin Stoelen, has also trialled technology to harvest cauliflowers and tomatoes.

Insignals Neurotech: Frontier IP stake: 33 per cent

Insignals Neurotech, incorporated as the Group's third Portuguese spin out in February 2019, is developing wearable devices supporting deep brain surgery to alleviate the symptoms of Parkinson's disease and other neurological disorders. The company was spun out of the Portuguese Institute for Systems and Computer Engineering, Technology and Science ("INESC TEC"), with the support of São João University Hospital, part of the University of Porto. It is commercialising the work of João Paulo Cunha, Associate Professor with Agregoção at the University of Porto and senior researcher at INESC TEC.

Molendotech: Frontier IP stake: 14.1 per cent

Palintest, a subsidiary of FTSE 100 group Halma plc, started commercial roll out of SirenBW, a kit to test bathing water for faecal matter based on Molendotech's proprietary bacterial detection technology  The kit, which can be used on site, cuts testing times from up to two days to under 30 minutes because samples do not need to be sent to a laboratory. Molendotech is now developing water tests to specifically detect E.coli after signing a collaboration agreement with G's Group, one of Europe's leading fresh produce suppliers, as announced in October 2018.

Nandi Proteins: Frontier IP stake: 20.1 per cent

Nandi Proteins develops processes and process control technology to create new ingredients from whey, collagen and vegetable proteins to replace chemical E-number additives, fat and gluten in processed food. The technology is now in the process of being scaled up following successful small-scale trials in collaboration with industry partners, which include Devro and Kerry Foods Group. Coeliac UK and Innovate UK awarded a Nandi-led project a £180,697 grant to improve the taste and texture of gluten-free bread. Other partners include AB Mauri, the ingredients division of AB Foods, and Agrii, part of agri-services group Origin Enterprises.

With its expertise in vegetable proteins and a growing consumer demand for more meat-free products, Nandi is attracting strong interest from major companies in the food industry.

NTPE LDA: Frontier IP stake: 31.6 per cent

NTPE was our first spin out in Portugal. The company is developing Paper-E, a novel technology to print electronic circuits, sensors and semiconductors onto any cellulose-based paper. It does so by replacing the silicon used in electronics with eco-friendly metal oxides and cellulose. Applications include paper-based diagnostic kits, smart packaging, logistics, and for use with banknotes and passports.

The company was spun out of the NOVA University Lisbon, NOVA School of Science and Technology to commercialise the work of professors Elvira Fortunato and Rodrigo Martins, who lead a team of more than 65 researchers.

PoreXpert: Frontier IP stake: 15 per cent

PoreXpert's software and consultancy services provide highly accurate information about the void spaces in porous materials and how gases and liquids behave within them. Customers include a major player in the nuclear industry and there is interest from companies in the oil and gas sector.

Pulsiv Solar: Frontier IP stake: 18.9 per cent

Pulsiv Solar's technology improves the energy efficiency of photovoltaic cells and the power converters used by a host of everyday devices, such as laptops, televisions and mobile phones. The company enjoyed a year of solid progress, winning a £129,929 Innovate UK grant in July 2018 towards a £288,732 project to complete technological development of its solar micro-inverter. Pulsiv is now working with Bosch UK to optimise the design, cost and manufacturability of the product; the company will be able to market the devices as "Engineered by Bosch" when it moves into commercial production. There is strong industry and government interest in the technology.

Tarsis Technology: Frontier IP stake: 18 per cent

A spin out from the University of Cambridge, Tarsis Technology entered into a collaboration agreement with a world-leading manufacturer of crop protection products in July 2018. The collaboration is researching the use of the company's technology to deliver chemical pesticides and fungicides in a more precise and controlled way using metal-organic framework particles.

The Vaccine Group: Frontier IP stake: 19.2 per cent

The Vaccine Group develops novel vaccine technologies to combat zoonotic diseases, which jump from species to species, including humans, and other diseases. The University of Plymouth spin out won major backing for its work, winning grants from the US, UK and Chinese governments. This included its involvement as a key partner in a $9.67 million project to protect the US military and homeland from Ebola, Lassa fever and other zoonotic diseases. Other grant-funded projects are underway including work to tackle Streptococcus suis, an emerging antibiotic-resistant disease that can leap from pigs to humans.

 

Core Portfolio at 30 June 2019

 

Portfolio Company

% Issued Share Capital

About

Source

Alusid Limited

35.6%

Recycled materials

University of Central Lancashire

Amprologix Limited

10.0%

Novel antibiotics to tackle antimicrobial resistance

Universities of Plymouth and Manchester

Cambridge Raman Imaging Limited

33.3%

Medical imaging using ultra-fast lasers

University of Cambridge and Politecnico di Milano

Cambridge Simulation Solutions Limited

40.0%

Methods to simulate and control complex chemical processes

University of Cambridge

CamGraPhIC Limited

33.3%

Graphene-based photonics

University of Cambridge and CNIT

Celerum Limited

10.0%

Near real-time automated fleet scheduling

Robert Gordon University

Des Solutio LDA

25.0%

Green alternatives to industrial toxic solvents

FCT Nova

Exscientia Limited

3.3%

Novel informatics and experimental methods for drug discovery

University of Dundee

Fieldwork Robotics Limited

27.5%

Robotic harvesting technology for challenging horticultural applications

University of Plymouth

Insignals Neurotech Lda

33.0%

Wearable medical devices supporting deep brain surgery

INESC TEC

Molendotech Limited

14.1%

Rapid detection of water borne bacteria

University of Plymouth

Nandi Proteins Limited

20.1%

Food protein technology

Heriot-Watt University, Edinburgh

NTPE LDA

31.6%

Novel technology to print electronic circuits, sensors and semiconductors onto paper

FCT Nova

PoreXpert Limited

15.0%

Analysis and modelling of porous materials

University of Plymouth

PulsiV Solar Limited

18.9%

High efficiency power conversion and solar power generation

University of Plymouth

Tarsis Technology Limited

18.0%

Controlled delivery of agrochemicals using metal-organic frameworks

University of Cambridge

The Vaccine Group Limited

19.2%

Herpesvirus-based vaccines for the control of bacterial and viral diseases

University of Plymouth

 

The Group holds equity stakes in a further six portfolio companies which do not meet the test for inclusion in its core portfolio. At 30 June 2019, the aggregate value of these holdings was £13,500, equivalent to 0.1% of the fair value of the Group's portfolio at 30 June 2019.

 

After the year end, in October 2019, the Group announced it had taken a 43% equity stake in Elute Intelligence Holdings Limited. Elute develops novel software tools to intelligently search complex documents, such as patents and contracts, and to detect evidence of plagiarism, collusion and copyright infringement.

 

Limited Partnership Funds

RGU Ventures Investment Fund LP ("RGU Fund")

 

The ten-year term of the RGU Fund expired on 27 July 2019 and prior to 30 June 2019 the assets were distributed to the limited partners.

 

In accordance with Frontier IP's accounting policies, the Group's 27.3% investment in the RGU Fund is included in the financial statements at fair value.  At 30 June 2019, the carrying value was £Nil (2018: £19,000), which is £166,000 below cost (2018: £147,000 below cost).

 

Financial Review

Key Highlights

The value of the Group's equity investments increased to £13,252,000 (2018: £9,060,000) with net assets increasing to £17,591,000 (2018: £12,717,000).

 

Profit after tax for the Group for the year to 30 June 2019 was £2,350,000 (2018: £902,000). This result includes a net unrealised profit on the revaluation of investments of £3,850,000 (2018: £2,064,000) and reflects an increase in services revenue to £418,000 (2018: £299,000) and greater administrative expenses of £1,932,000 (2018: £1,465,000) as the Group invested in people and premises. The additional administrative expenses was offset by growth in unrealised profit on revaluation of investments.

 

Revenue

Total revenue for the year to 30 June 2019, which is the aggregate of services revenue and unrealized gain on the revaluation of investments, increased 81% to £4,268,000 (2018: £2,363,000). Revenue from services increased 40% to £418,000 (2018: £299,000). The Group's net unrealised profit on the revaluation of investments increased 86% to £3,850,000 (2018: £2,064,000). Unrealised gains on revaluation of investments of £3,885,000 (2018: £2,396,000) were marginally offset by impairments of £35,000 (2018: £332,000). £1,850,000 of the gain relates to Exscientia Limited and £1,613,000 to The Vaccine Group Limited.

 

Administrative Expenses

Administrative expenses increased by 32% to £1,932,000 (2018: £1,465,000). The increase is primarily due to increased staff, salaries and associated costs.

 

Earnings Per Share

Basic earnings per share were 5.77p (2018: 2.36p). Diluted earnings per share were 5.51p (2018: 2.25p).

 

Statement of Financial Position

The principal items in the statement of financial position at 30 June 2019 are goodwill £1,966,000 (2018: £1,966,000) and financial assets at fair value through profit and loss, principally equity holdings of £13,252,000 (2018: £9,060,000) and debt investments £437,000 (2018: £0) in portfolio companies. The carrying value of these items is determined by the Directors using their judgement when applying the Group's accounting policies. The considerations taken into account by the Directors when reviewing the carrying value of goodwill are detailed in Note 9. The matters taken into account when assessing the fair value of the portfolio companies are detailed in the accounting policy on investments.

 

The Group had net current assets at 30 June 2019 of £2,212,000 (2018: £1,523,000). The current assets at 30 June 2019 include trade receivables of £258,000 which are more than 90 days overdue, of which £204,000 is due from Nandi and £43,000 is due from Fieldwork Robotics. The non-current trade receivables of £114,000 are due from Nandi. Other debtors include unsecured interest free loans to Nandi and Alusid of £80,000 and £31,000 respectively. The directors are confident that Nandi, Alusid and Fieldwork Robotics will be able to raise sufficient funds to finance their respective business plans and commence payment of the trade debt and unsecured loans.

 

Net assets of the Group increased to £17,591,000 at 30 June 2019 (30 June 2018: £12,717,000) resulting in net assets per share of 41.4p (2018: 33.2p).

 

Cash

The Group's cash balances increased during the year by £355,000 to £1,466,000 at 30 June 2019.  Operating activities consumed £1,270,000 (2018: £970,000) and financial assets at fair value were purchased at £779,000 (2018: £245,000). The group raised cash of £2,333,000 net of costs through a placing in November 2018.

 

Key Risks and Challenges affecting the Group

The specific financial risks of price risk, interest rate risk, credit risk and liquidity risk are discussed in the notes to the financial statements.  The key broader risks - financial, operational, cash flow and personnel - are considered below.

 

The principal financial risks of the business are a fall in the value of the Group's portfolio, the impairment of the value of goodwill and recovery of overdue debt from portfolio companies.  With regards to the value of the portfolio itself, the fair value of each portfolio company represents the best estimate at a point in time and may be impaired if the business does not perform as well as expected, directly impacting the Group's value and profitability. This risk is mitigated as the size of the portfolio increases. The value of goodwill is linked to the progress of the existing portfolio and to continued identification and acquisition of equity stakes in new portfolio companies.

 

There is a risk of certain portfolio companies being unable to repay outstanding loans or trade debt owed to the Group. The Group aims to mitigate this risk by helping ensure that these portfolio companies meet planned milestones and are in a position to finance their business plans, typically through fundraising, and repay the debt when due. The directors are confident that Nandi, Alusid and Fieldwork Robotics will be able to raise sufficient funds to finance their business plans and commence payment of the debt.

 

The principal operational risk of the business is management's ability to continue to identify spin out companies from its formal and informal university relationships, to increase the revenue streams that will generate cash in the short term and achieve realisations from the portfolio.

 

Early-stage spin out companies are particularly sensitive to downturns in the economic environment. Any downturn would mean considerable uncertainty in the capital markets, resulting in a lower level of funding activity for such companies and a less favourable exit environment. The impact of this may be to constrain the growth and value of the Group's portfolio and to reduce the potential for revenue from funding advisory work.  The Group seeks to mitigate these risks by maintaining relationships with co-investors, industry partners and financial institutions.

 

A reduction in public funding to the Higher Education sector may result in: reduced research funding; universities changing their approach to research, which generates intellectual property, and subsequent commercialisation; or consolidation among Higher Education Institutions.  Any uncertainty in the sector may have an impact on the operation of the Group's commercialisation partnerships in terms of lower levels of intellectual property generation and therefore commercialisation activity.  The Group seeks to mitigate these risks by continuing to seek new sources of IP from a wide range of institutions both within and outside of the UK.

 

Brexit presents potential risks for the business: the unknown impact on funding for research and development in both the higher education sector as discussed above and for our portfolio companies; the uncertain economic conditions could impact the ability of our portfolio companies to grow, in particular potentially increased difficulty recruiting and retaining appropriately skilled staff. There may also be risks to certain portfolio companies of potential tariffs, shipping delays and large foreign currency fluctuations. The continuing uncertainty surrounding Brexit makes it difficult to take any mitigating steps currently, but the Group will work closely with our portfolio companies to mitigate the impact of issues arising from Brexit when these are known.

 

Until the Group generates cash through an investment realisation it will rely on raising additional capital to fund the Group's operations. The uncertainty centres on the ability of management to identify and effect realisations from the portfolio and generate service revenue streams to reduce the Group's reliance on raising money from capital markets. In order to manage this risk, the Group continues to pursue its aim of actively seeking realisation opportunities within its portfolio and growing service revenue to reduce the requirement for additional capital raising.

 

The Group is dependent on its executive team for its success and there can be no assurance that it will be able to retain the services of key personnel. This risk is mitigated by the Group through recruiting additional skilled personnel and ensuring that the Group's reward and incentive framework aids our ability to recruit and retain key personnel. The Executive Directors are encouraged to hold direct interests in shares in the Company.

 

Consolidated Statement of Comprehensive Income

For the year ended 30 June 2019



2019


2018


Notes

£'000


£'000

Revenue





Revenue from services

 

Other operating income

Unrealised profit on the revaluation of investments

 

 

 

5

418

 

 

3,850


299

 

 

2,064








4,268


2,363






Administrative expenses

Dividend income on financial assets at fair value through profit or loss


(1,932)

2


(1,465)

-






Profit from operations


2,338


898






Interest income on short term deposits


12


4






Profit from operations and before tax


2,350


902






Taxation

3

-


-






Profit and total comprehensive income attributable to





the equity holders of the Company


2,350


902

 

 




 

 

Profit per share attributable to the equity holders of the Company:





Basic earnings per share

4

5.77p


2.36p

Diluted earnings per share

4

5.51p


2.25p

 

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

 

There is no other comprehensive income in the year (2018: nil).                             

 

 

Consolidated Statement of Financial Position

At 30 June 2019



2019


2018


Notes

£'000


£'000

Assets





Non-current assets





Tangible fixed assets


7


7

Goodwill


1,966


1,966

Financial assets at fair value through profit and loss

    Equity investments

    Debt investments

 

5

5

 

13,252

40


 

9,060

-

Trade receivables


114


161



15,379


11,194

Current assets





Financial assets at fair value through profit and loss





    Debt investments


397


-

Trade receivables and other current assets


488


617

Cash and cash equivalents


1,466


1,111



2,351


1,728

Total assets


17,730


12,922






Liabilities





Current liabilities





Trade and other payables


(139)


(205)



(139)


(205)






Net assets


17,591


12,717






Equity





Called up share capital


4,243


3,828

Share premium account


9,791


7,789

Reverse acquisition reserve


(1,667)


(1,667)

Share based payment reserve


293


186

Retained earnings


4,931


2,581

 

Total equity


 

17,591


 

12,717

 

 

Consolidated Statement of Changes in Equity

For the year ended 30 June 2019

 

 

                                                

 

 

Share capital

 

Share

premium

account

 

Reverse acquisition

reserve

Share-

based payment

reserve

 

 

Retained earnings

Total equity

attributable to

equity holders

of the Company


£'000

£'000

£'000

£'000

£'000

£'000








At 1 July 2017

3,828

7,789

(1,667)

130

1,679

11,759








Share-based payments

-

-

-

56

-

56

Profit/total comprehensive income for the year

 

-

 

-

 

-

 

-

 

902

 

902








At 30 June 2018

3,828

7,789

(1,667)

186

2,581

12,717








Issue of shares

415

2,002

-

(20)

-

2,397

Share-based payments

-

-

-

127

-

127

Profit/total comprehensive income for the year

 

-

 

-

 

-

 

-

 

2,350

 

2,350








At 30 June 2019

4,243

9,791

(1,667)

293

4,931

17,591

 

 

Consolidated Statement of Cash Flows

For the year ended 30 June 2019







2019

2018



£'000

£'000





Cash flows from operating activities




Cash used in operations


(1,270)

(970)

Taxation paid


-

-

 

Net cash used in operating activities


 

(1,270)

 

(970)





Cash flows from investing activities




Purchase of tangible fixed assets


(7)

(7)

Purchase of financial assets at fair value through profit and loss


 

(779)

 

(245)

Interest received

Dividend income on financial assets at fair value through profit or loss


12

 

2

4

 

-

 

Net cash used in investing activities


 

(772)

 

(248)





Cash flows from financing activities




Proceeds from issue of equity shares


2,552

-

Costs of share issue


(155)

-





 

Net cash generated from financing activities


 

2,397

 

-





 

Net increase / (decrease) in cash and cash equivalents


 

355

 

(1,218)





Cash and cash equivalents at beginning of year


1,111

2,329





 

Cash and cash equivalents at end of year


 

1,466

 

1,111

 

 

Notes

 

1.   General Information

This preliminary announcement was approved for issue by a duly appointed and authorised committee of the Board of Directors on 5 November 2019.

 

2.   Basis of preparation

The financial information set out in this announcement does not constitute statutory financial statements for the year ended 30 June 2019 or 30 June 2018. 

 

The report of the auditor on the statutory financial statements for each of the years ended 30 June 2019 and 30 June 2018 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 2018 have been delivered to the Registrar of Companies.  The financial statements for the year ended 30 June 2019 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 2019 (2018: 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 attributable to shareholders

£'000

Weighted average number of shares

Basic earnings per share amount in pence





Year ended 30 June 2019

2,350

40,700,979

5.77





Year ended 30 June 2018

902

38,278,520

2.36

 

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 attributable to shareholders

£'000

Weighted average number of shares adjusted for share options

Diluted earnings per share amount in pence





Year ended 30 June 2019

2,350

42,632,932

5.51





Year ended 30 June 2018

902

40,114,559

2.25

 

 

5.   Financial assets at fair value through profit and loss

 


Group

2019

Group 2018

Company

2019

Company 2018


£'000

£'000

£'000

£'000

At 1 July

9,060

6,751

3,441

2,347

Additions

779

245

776

41

Fair value increase

3,850

2,064

1,976

1,053

At 30 June

13,689

9,060

6,193

3,441

 

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:

 


Group

2019

Group 2018

Company

2019

Company 2018


£'000

£'000

£'000

£'000

Limited partnership interests

-

19

-

-

Unquoted equity investments

Debt investments

13,252

437

9,041

-

5,777

416

3,441

-


13,689

9,060

6,193

3,441

 

The movement during the year is set out below:

 

Limited Partnership Interests

 

Group

2019

Group 2018

Company

2019

Company 2018


£'000

£'000

£'000

£'000

At 1 July

19

22

-

-

Additions during the year

Disposals during the year

4

-

4

-

-

-

-

-

Fair value decreases during the year

(23)

(7)

-

-

At 30 June

-

19

-

-

 

The ten-year term of the RGU Ventures Investment Fund expired on 27 July 2019 and prior to 30 June 2019 the assets were distributed to the limited partners.

 

Unquoted Equity Investments

 

Group

2019

Group 2018

Company

2019

Company 2018


£'000

£'000

£'000

£'000

At 1 July

9,041

6,729

3,441

2,347

Additions during the year

359

241

360

41

Fair value increases during the year

3,864

2,396

1,988

1,353

Fair value decreases during the year

(12)

(325)

(12)

(300)

At 30 June

13,252

9,041

5,777

3,441

 

 

 

Debt Investments

 

Group

2019

Group 2018

Company

2019

Company 2018


£'000

£'000

£'000

£'000

At 1 July

-

-

-

-

Additions during the year

416

-

416

-

Fair value increases during the year

21

-

-

-

Fair value decreases during the year

-

-

-

-

At 30 June

Less debt investment non-current

437

(40)

-

-

416

(40)

-

Current portion

397

-

376

-

 

 

Debt investments are loans to portfolio companies to fund early stage costs, provide funding alongside grants and bridge to an equity fundraise. Loans made during the period were principally to Pulsiv Solar (£164,000) and to Fieldwork Robotics (£121,000).

 

The table below sets out the movement in the value of unquoted equity investments by valuation matrix stage during the year:

 

Unquoted Equity Investments

Valuation matrix stage


Stage 1

Stage 2

Stage 3

Stage 4

Stage 5

Total


£'000

£'000

£'000

£'000

£'000

£'000

1 July 2018

50

595

3,467

4,929

-

9,041

Transfers between stages

(21)

16

(3,312)

-

3,317

-

Fair value increase through other operating income

 

49

 

1,914

 

25

 

14

 

1,850

 

3,852

Additions

-

12

-

347

-

359

30 June 2019

78

2,537

180

5,290

5,167

13,252

 

The table below provides information about unquoted equity investment fair value measurements.

(See the accounting policy on investments for a description of the valuation matrix stages)

 

Valuation matrix stage

No of Investments

Fair value

Unobservable inputs

Reasonable possible shift



£'000


%

+/- £000

Stage 1

5

78

Initial valuation of new spin outs at £50,000

20%

16

Stage 2

5

2,537

Management's assessment of the value of IP transferred and the value of grants from which economic benefit is derived.

25%

634

Stage 3

7

180

Management's assessment of performance against milestones and discussions of likely imminent fundraising.

30%

54

Stage 4

5

5,290

The price of latest funding round provides unobservable input into the valuation of any individual investment. However, subsequent to the funding round, management are required to re-assess the carrying value of investments at each period end which result in unobservable inputs into the valuation methodology.

10%

529

Stage 5

1

5,167

Discounted comparable public company valuation.

Unobservable inputs into discounted cash flow are forecasts of future cash flows, probabilities of project failure and evaluation of the time cost of money.

30%

1,550

30 June 2019

13,252



2,783

 

Significant unobservable inputs:

 

The valuation of the Group's investment in Exscientia at 30 June 2019 was £5,167,000, 39% of the Group's total equity investments and 29% of its net assets at 30 June 2019. The increase in the value of the Group's holding in Exscientia over the year to 30 June 2019 was £1,850,000, 48% of the Group's unrealised profit on the revaluation of investments and 79% of profit for the year to 30 June 2019. The significant inputs into the valuation of the Group's holding in Exscientia included the price of the latest funding round, assessment of performance during the period from the pricing of the latest funding round to 30 June 2019 and estimated, risk adjusted forecasts of future cash flows. Management's view is that Exscientia is continuing to make significant progress, as evidenced in the strong news flow from the company, but management does not have full information on Exscientia's contracts in existence at 30 June 2019 and on its future prospects and therefore the sum of the parts that comprise the valuation include varying degrees of significant estimation and assumption. Given this, management has exercised a degree of caution. The estimated fair value of new contracts since the last funding round includes discounted estimated cash flows which have been risk adjusted for probability of success. A 20% reduction in the probabilities of success would reduce the valuation of the Group's investment in Exscientia by 22% while a 50% increase in the 12% discount rate applied by Group's management would reduce the valuation by 13%.

 

The value of grants from which The Vaccine Group will derive commensurate economic benefit provided significant unobservable input into the valuation of the Group's investment in The Vaccine Group at 30 June 2019 of £1,624,000.

 

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 7 November 2019 and will be available on its website at www.frontierip.co.uk later today.


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
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