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Frontier IP higher as portfolio value surges alongside profit jump

The investment firm noted “strong commercial and technical progress” as its net asset value climbed to 51p from 41.4p last year

Frontier IP Group PLC - Frontier IP's portfolio value surges alongside profit jump

Frontier IP Group PLC (LON:FIPP) has reported a sharp rise in the value of its investment portfolio as well as a profit surge following what it said was “strong commercial and technical progress” in its full year.

For the year ended June 30, 2020, the AIM-listed firm reported a 47% increase in the fair value of its portfolio to £19.4mln, while its net asset value per share increased to 51p from 41.4p.

READ: Frontier IP portfolio firm The Vaccine Group inks collaboration deal to tackle diseases in pigs

Meanwhile, the company’s pre-tax profit surged 78% to £4.18mln while revenues and other operating income jumped 49% to £6.4mln reflecting a net unrealised profit on investment revaluations of £5.97mln.

Frontier IP attributed the increase in its portfolio value to “strong commercial and technical progress, including industry engagement” as well as a “ strong response to opportunities and challenges presented by [coronavirus]”.

Post-period the firm also highlighted that it had raised £2.3mln in an oversubscribed placing to provide “firepower and nimbleness through additional investment … and enable increased capacity for bridge financing and direct investment in portfolio companies”.

Looking ahead, Frontier IP’s chairman Andrew Richmond said the company’s leadership team had been strengthened with key appointments over the year and expected its portfolio to “continue to develop and thrive in the years ahead”.

“We are well positioned despite the possible virus-related market and political headwinds and are confident that the year to come will build on the success we have enjoyed over the previous years of consistent growth and, despite these challenges, will be as successful as the year just passed”, added chief executive Neil Crabb.

The company's shares jumped 4% to 67.6p in mid-morning trading on Thursday.

--Adds share price--

Quick facts: Frontier IP Group PLC

Price: 64.5 GBX

AIM:FIPP
Market: AIM
Market Cap: £35.48 m
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