Frontier IP PLC’s profits and asset value soared in its latest year due to the stellar growth in value of investee company Exscientia.
For the year to 30 June 2021, total revenue and other operating income increased 99% to £12.7mln as a result of a £12.3mln upward revaluation of investments, most of which related to Exscientia.
The fair value of the portfolio rose 64% to £32mln, while profit before tax increased 145% to £10.2mln.
Frontier IP said the results closed before Exscientia, an artificial intelligence (AI)-driven pharma tech company, listed in the US on Nasdaq with a value of US$2.9bn.
Neil Crabb, chief executive, said: “The results and the pipeline of companies now scaling up and starting to achieve their commercial potential shows our innovative business model is delivering.
“We are confident Exscientia's successful IPO is a foretaste of future success. We have built a strong platform for growth and so we are confident about our prospects for the coming year and beyond.”