Frontier IP Group PLC (AIM:FIPP), the specialist in commercialising intellectual property, reported a pre-tax profit of £1.4 million in today’s interim results, a significant year-on-year improvement from a pre-tax loss of £500,000.
Basic earnings per share rose to 2.67p, up from 0.49p in the previous year, while net assets per share were at 84.2p as of 31 December 2023, slightly down from 88.2p on 31 December 2022.
Frontier witnessed an unrealised profit on the revaluation of investments of £2.8 million, and the fair value of the equity portfolio increased by approximately 6% to £35.1 million.
The group noted commercial and technical progress across the portfolio.
Pulsiv appointed new senior executives, Alusid raised £500,000 through equity funding and Deakin Bio-Hybrid Materials joined the portfolio with Frontier IP taking a 33.3% equity stake.
Fieldwork Robotics completed a fundraising of £2.1 million, while The Vaccine Group established an advisory board to support scale-up efforts.
Chief Executive Neil Crabb commented: "I was delighted to see us return to profitability during the first half of the year.
“The improved performance comes in the teeth of the cold gales created by the prevailing market, economic and geopolitical conditions, and reflects the solid progress made across the portfolio during the period and beyond.
“Alusid, CamGraPhIC, Fieldwork Robotics, Nandi Proteins, Pulsiv and The Vaccine Group are among the companies picking up pace as they stride towards commercial viability and futures replete with success.”
On the outlook of the group, Frontier said: “Frontier IP faces the future with confidence. There are a number of highly promising developments within the portfolio as companies gain industry traction, scale up and achieve commercial viability.
“Others are at or approaching inflection points. We continue to add companies to the portfolio to ensure we have a broad spread of maturity throughout.”