Frontier IP, a specialist in commercialising intellectual property, is pleased to announce its unaudited interim results for the six month period ended 31 December 2024. The full statement can be read here:
KEY POINTS
- Pre-tax loss of £1.6 million (31 December 2023: pre-tax profit of £1.4 million)
- Successfully completed a fundraising with existing shareholders and new investors in December 2024 generating net proceeds of £3.3 million in the period under review
- Basic loss per share of 2.81p (31 December 2023: earnings per share 2.67p)
- Net assets per share of 67.6p at 31 December 2024 (30 June 2024: 79.7p; 31 December 2023: 84.2p) reflecting the increased shares in issue
- Fair value of the equity portfolio at 31 December 2024 was £33.2 million (30 June 2024: £33.2 million; 31 December 2023: £35.1 million)
- Cash balances of £3.6 million at 31 December 2024 (30 June 2024: £2.3 million; 31 December 202:3 £2.7million)
- Significant commercial, funding and technical progress across the portfolio
Frontier IP and its portfolio companies made good progress both during the first half of the financial year and post the period close in what was a difficult environment for both AIM-quoted and early-stage technology companies.
The Group successfully raised a total of £3.3 million (net of expenses) through a Placing and Subscription and a separate Retail Offer. Several portfolio companies completed major equity funding rounds, secured grant funding, and made significant commercial and technical progress. The portfolio continues to mature, bringing closer the opportunity for potential exits, although timings are likely to be affected by the market conditions.
PORTFOLIO AND OPERATIONAL HIGHLIGHTS
The six months to 31 December 2024 and the months after the period end saw companies across the portfolio either achieve or make strong progress towards meeting funding, commercial and technical goals. Developments included:
- CamGraPhIC secured a loan facility for £1.5 million and made substantial progress in development and scale up of its advanced graphene photonics technology. Post period end, a new company 2D Photonics, set up to own and manage CamGraPhIC’s activities in the UK and Italy, raised €25 million from major multinational institutions from industry, finance and government, co-led by CDP Venture Capital, Nato, Sony and Join Capital
- Pulsiv made significant technical progress with the launch of what is believed to be the world’s most efficient 65W USB C charger reference design, which subsequently won the Power Sources Manufacturers Association’s first Global Energy Efficiency Award
- GraphEnergyTech raised £1 million through a pre-seed equity funding round led by Aramco Ventures, the corporate venturing arm of Aramco, the world’s leading integrated energy and chemical company. Post period close, the company announced a collaboration with the Taiwan Perovskite Solar Corporation, Taiwan’s Industrial Technology Research Institute and the University of Cambridge, a project backed by a grant from Innovate UK
- A project led by The Vaccine Group (“TVG”) working with the University of Plymouth and the University of Cambridge, was awarded more than £1 million by the UK government to develop a vaccine against zoonotic pig disease Streptococcus suis. Innovate UK awarded TVG and The Animal Plant and Health Agency more than £400,000 to develop cattle vaccines
- Nandi Proteins raised more than £500,000 from a convertible loan with investors including UK social innovation agency Nesta and Scottish Enterprise to support development of an egg-white replacer
- Deakin Bio-Hybrid Materials, the newest member of the Frontier IP portfolio, raised £693,000 through an initial equity funding round led by Green Angel Ventures, to scale up its technology to produce bio-based materials to provide alternatives to ceramics.
- Post period end, Alusid announced its first international distribution agreement with Dutch sustainable building materials firm FRONT Materials BV. Topps Tiles plc launched Alusid’s mass-produced floor tile range Mas through its retail chain, the second Alusid-made range it has launched.
