Trading Update

RNS Number : 8534K

Frontier IP Group plc

22 July 2011

 



FIPP

22 July 2011

 

 

Frontier IP Group Plc

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

Trading Update

Frontier IP, which specialises in the commercialisation of university intellectual property, provides the following update on trading for the year ended 30 June 2011.

Frontier IP has achieved a number of significant milestones in the year.  In January 2011, it completed its admission to AIM and raised £1m (gross) in an associated placing of shares and in May 2011, the Company secured its third long-term university partnership.

The Group's results for the year are expected to show revenue of approximately £300,000, which is more than double the previous year's result of £142,000, with the increase partly reflecting uplift in the value of the Company's portfolio holdings.  The loss before tax is anticipated to be approximately £270,000, which is higher than market expectations. This is mainly due to the impact of the write down of equity and fees relating to one of the Group's portfolio companies, B1 Medical Limited, which was recently placed into administration. The Company's cash balances at 30 June 2011 stood at £582,000 and unaudited net assets per share at the year end were 41p.

Overall the Group's existing and pipeline portfolio is developing well and Frontier IP's new university relationship with the University of Plymouth is proceeding very positively, with an encouraging pipeline of opportunities already identified.

The Board expects to issue full year figures by mid-September 2011 when it looks forward to providing a further update on trading.

For further information please contact:

Frontier IP Group plc                                           T: 0131 220 9491

Neil Crabb, Chairman

Biddicks                                                                  T: 020 3178 6378

Katie Tzouliadis/ Sophie Lane

Arbuthnot Securities Limited                              T: 020 7012 2000

Tom Griffiths/Ed Groome

 

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