TIDMFIPP
RNS Number : 6293P
Frontier IP Group plc
21 November 2016
Dissemination of a Regulatory Announcement that contains inside
information according to REGULATION (EU) No 596/2014 (MAR)
21 November 2016
AIM: FIPP
Frontier IP Group plc
("Frontier IP", the "Group" or "the Company")
Audited final results for the year ended 30 June 2016
Frontier IP Group Plc is focused on the commercialisation of
intellectual property
Financial Highlights
-- Total revenue increased by 27% to GBP2,030,000 (2015:
GBP1,591,000) - reflecting an unrealised profit on the revaluation
of investments of GBP1,809,000 (2015: GBP1,421,000)
-- Revenue from services increased by 30% to GBP221,000 (2015: GBP170,000)
-- Profit before tax increased by 75% to GBP1,131,000 (2015: GBP647,000)
-- Basic earnings per share increased to 4.08p (2015: 2.76p)
-- Cash balances at 30 June 2016 of GBP771,000 (2015: GBP636,000)
-- Net assets per share as at 30 June 2016 of 24.9p (2015: 20.9p)
Operational Highlights
-- Placing raised GBP1,003,000 (gross)
-- Commercialisation agreement signed with first Portuguese University - Évora University
-- Post period-end, further expansion into the European market
through agreement with Universidade NOVA de Lisboa, Faculty of
Science and Technology, Portugal
Portfolio
-- Fair value of portfolio companies increased by 65% to GBP4,651,000 (2015: GBP2,812,000)
-- Portfolio companies PulsiV Solar Limited and Nandi Proteins Limited secured funding
-- ex scientia Limited secured partnership with Evotec AG
Neil Crabb, Chief Executive Officer of Frontier IP, said:
"The Group is making good progress in line with its strategy. I
am particularly pleased to report the growth in value of our
portfolio. We have expanded our network of universities and have
increased the size of the equity stakes we are entitled to receive.
Our pipeline continues to show healthy expansion, which we expect
to convert to growth in our Core Portfolio in the current financial
year. We are also seeing strong commercial progress in our existing
Core Portfolio, together building the potential for further uplift
in value."
Enquiries
Frontier IP Group Plc T: 0131 240 1251
Neil Crabb, Chief Executive
Company website: www.frontierip.co.uk
Cantor Fitzgerald Europe T: 020 7894 7000
(Nominated Adviser and Joint Broker)
David Foreman, Catherine Leftley, Corporate
Finance
David Banks, Corporate Broking
Peterhouse Corporate Finance Limited T: 020 7469 0935
(Joint Broker)
Lucy Williams
Kreab T: 020 7074 1800
Robert Speed, Matthew Jervois
Notes to Editors:
Frontier IP specialises in assisting institutions and companies
in the commercialisation and exploitation of their intellectual
property. It establishes formal and informal relationships with
sources of exploitable IP, principally universities. Its core
business is building and growing a portfolio of equity stakes in
spin-out companies by taking an active involvement in the
commercialisation and funding of these businesses. Frontier IP
currently has seventeen companies in its portfolio, which exploit
IP from a range of institutions. www.frontierip.co.uk
Chairman's Statement
Performance
I am pleased to report that Frontier IP has made strong progress
during the year in increasing the value of its portfolio and in
extending its access to IP, through its first commercialisation
partnership in Portugal.
Frontier IP's core strategy is to generate value by providing
best-practice IP commercialisation services to institutions and
start-ups, by developing a portfolio of companies capable of
commercial success and by providing access to capital for these
portfolio companies.
Portfolio
We have seen continued progress in our Core Portfolio and we are
again pleased to report a significant increase in the fair value of
our portfolio overall to GBP4.6 million, representing a 65%
increase over the same period last year. Successful fundraisings
for Nandi Proteins Limited ("Nandi") and PulsiV Solar Limited
("PulsiV") and the ex scientia Limited ("ex scientia") partnership
with Evotec AG were notable highlights, which together made a
significant contribution to the rise in value of our portfolio
overall.
IP Sources
In line with our strategy of extending our access to sources of
high-quality exploitable research we extended our sources of deal
flow with the addition of an agreement with the Universidade de
Évora, Portugal ("Évora"). The Iberian market is relatively
underserved in the IP commercialisation sector and this partnership
has been forged to assist with the spin-off and licensing
activities emerging from Évora's research. The agreement with Évora
is the first to be established by the Group with a university
outside of the UK, and will focus on generating value from research
in Energy, Environment, Materials and Agriculture, where Évora has
a leading reputation. Our activity in the region was extended, post
period-end, with a second commercialisation agreement with the
Universidade NOVA de Lisboa, Faculty of Science and Technology.
This faculty has particular research strengths in Materials,
Environment, Energy, Biotechnology, Conservation and Restoration.
The Group will receive a share of equity in each spin-off company
created by both institutions, as well as a share in the licensing
revenue they receive.
In recognition of our developing a deeper relationship with the
University of Cambridge, and the region more-widely, in November
2016 we were pleased to open a Group office in Cambridge. We also
expanded the team in Cambridge with a new commercialisation
professional, who will be primarily focused on our activity in
Cambridge.
Access to Capital
We continued to provide and support access to capital for our
Core Portfolio companies during the year, including PulsiV and
Nandi, with both completing successful fundraisings. Post year-end,
Nandi and Heriot-Watt University, Edinburgh were awarded a GBP1
million grant from Innovate UK under its "Optimising Food
Composition: Fat, Sugar, Salt and Fibre" competition. In line with
our portfolio growing and maturing, we continue to extend our
industry and financial network, through building an extensive
network of funders ranging from institutions, industry investors
through to private individuals.
Results
For the year to 30 June 2016, total revenue increased by 27% to
GBP2,030,000 (2015: GBP1,591,000) as a result of booking an
unrealised profit of GBP1,809,000 (2015: GBP1,421,000) on the
revaluation of investments, principally due to the movement in fair
value of three portfolio companies - Nandi, PulsiV and ex scientia.
Revenue from services, principally board retainers, fund management
fees and license income, increased by 30% to GBP221,000 (2015:
GBP170,000).
The fair value of our portfolio increased by 65% to GBP4,651,000
(2015: GBP2,812,000)
Profit before tax increased by 75% to GBP1,131,000 (2015:
GBP647,000) reflecting the increased revenue and reduced
consultancy costs. The basic earnings per share was 4.08p (2015:
2.76p).
Geopolitical Climate
The UK is facing a period of uncertainty following the outcome
of the referendum on UK membership of the EU, with economic
uncertainty potentially creating more volatility in financial
markets and academic institutions concerned about potential impact
on research funding. However, the Group sees opportunity in the
context of universities looking to diversify their income streams
by increasing commercialisation activity and to demonstrate impact.
Furthermore, the ability to continue to protect IP should remain
unaffected where the European patent system, for example, is not
part of EU law and there has been no suggestion by any party that
the UK will leave the European Patent Convention which governs
European patents and applications.
Outlook
Looking ahead, we continue to work on a number of new
opportunities and intend to continue to grow our portfolio by
taking more significant stakes and extending our sources of deal
flow. In line with our strategy of broadening the range of capital
available to our portfolio companies, we expect to see further
portfolio fundraisings during the current financial year.
The Group is seeing excellent progress across its business, both
in the UK and internationally, and is well-placed for future
growth.
Andrew Richmond
Chairman
Our Performance
Chief Executive Officer's Statement
The Group is making good progress in line with its strategy. I
am particularly pleased to report the growth in value of our
portfolio, as evidenced by the recent fundraisings. We have
expanded our network of universities and, where contracted, have
increased the size of the equity stakes we are entitled to receive.
We continue to see strong commercial progress in our Core Portfolio
building the potential for further uplift in value.
Key Performance Indicators
The key performance indicators for the Group are:
KPI Description 2016 Performance
---------------------- --------------------------- --------------------
Fair value of Movement in the GBP4,651,000 (2015:
the portfolio value of equity GBP2,812,000)
in the portfolio
---------------------- --------------------------- --------------------
Total revenue Growth in the GBP2,030,000 (2015:
aggregate of revenue GBP1,591,000)
from services
and change in
fair value of
the portfolio
---------------------- --------------------------- --------------------
Profit Profit before GBP1,131,000 (2015:
tax for the year GBP647,000)
---------------------- --------------------------- --------------------
Net assets per Value of the Group's 24.9p (2015: 20.9p)
share assets less the
value of its liabilities
per share outstanding
---------------------- --------------------------- --------------------
Aggregate percentage
equity earned
Total initial from new portfolio
equity in new companies during
portfolio companies the year 0% (2015: 80%)
---------------------- --------------------------- --------------------
The Group achieved healthy increases in four out of five of its
Key Performance Indicators and we expect significant growth in
total initial equity in the coming year. The Chairman's Statement
and Operational Review contain further information on progress in
the business during the year.
The Group's services revenue for the year to 30 June 2016
increased to GBP221,000 (2015: GBP170,000) and, with administrative
expenses of GBP900,000 (2015: GBP945,000), the Group continues to
consume significant cash from operating activities, however the
Directors continue to pursue opportunities that will assist in
reducing the gap.
Operational Review
Corporate
Frontier IP completed a placing in March 2016 to support the
development and growth of its relationships, advisory roles and
portfolio companies. The placing comprised 4,177,500 new ordinary
shares of 10p at a price of 24p per share, raising GBP1,003,000
before expenses.
Portfolio - Key Developments
During the year two of our portfolio companies PulsiV and Nandi
completed successful fundraisings.
PulsiV
In October 2015, PulsiV raised GBP0.5 million, valuing PulsiV at
GBP5 million with Frontier IP retaining an 18.9% holding in the
issued share capital. PulsiV, which spun out from Plymouth
University, has developed new technology which significantly
improves the energy efficiency of photovoltaic solar panels. It
does this by maximising the energy generated by the system's
inverters, which convert the energy harvested for supply to the
grid. Results from PulsiV's first prototype show average increases
of up to 30% in energy generation when compared with conventional
inverter technology. The technology can be integrated into new
systems or retrofitted to existing solar panels. The fundraising
has enabled PulsiV to accelerate product development, enabling
further prototyping and testing in preparation for the initial
production of micro-inverters containing its technologies.
According to a recent GTM Research report, Global PV Inverter and
MLPE Landscape 2016, global shipments of solar PV inverters will
reach 90 gigawatts by 2020 (59.7 gigawatts were shipped in 2015).
This represents an average annual growth rate of 11 percent between
2016 and 2020.
Nandi
Nandi's most recent fundraising, in March 2016, raised
GBP250,000 from new and existing investors at a valuation of
GBP7.57 million, twice the price per share of the previous
fundraising in November 2014. Nandi, which spun out from
Heriot--Watt University, Edinburgh, is commercialising a patented
protein process technology which can reduce sugars, fats and
emulsifiers in processed food without adversely impacting taste and
texture. Nandi's technology is being rolled out at a time when food
companies are under increasing legislative pressure to reduce the
level of these ingredients in their products. Nandi's technology
enables food industry customers to remain competitive in response
to healthier eating trends using sustainable, naturally--occurring
proteins in food manufacture. The funding is enabling Nandi to
develop further its relationships with multinational food
companies, where strong interest has already been shown, and a
further funding round is expected in the current financial year
2016/17 to continue this progress.
ex scientia
We were pleased to note the commercial progress at ex scientia
during the year and the significant increase in value of our minor
equity stake. In particular, we welcomed the announcement of its
partnership with Evotec AG, a collaboration with the objective to
discover and develop first-in-class bispecific small molecule
immuno-oncology therapies.
Sources of IP
In the year we added an agreement with the Universidade de
Évora. This agreement is the first to be established by the Group
with a university outside of the UK. Frontier IP and Évora, which
has a leading reputation in Energy, Environment, Materials and
Agriculture, will work together to maximise the commercial value of
IP developed within or owned by the University. The Group will
receive a share of the equity in each spin-off company created by
the University, as well as a share in the licensing revenue it
receives.
Portugal has a strong research base in certain key sectors
relevant to the Group's activity, in particular in sustainable
energy and food and agriculture, which complements the Group's
relationships with utility companies in the region - EDP (Energias
de Portugal) and Iberdrola. The Group believes that the region
offers significant under-exploited opportunity, relative to the UK
which has a strong and mature IP commercialisation market, where
Portugal is actively seeking to widen access to early-stage funding
and commercialisation expertise.
In line with our business model, our strategy is to seek to
increase both the size of equity stakes we receive from our sources
of IP and extend our portfolio pipeline for sources of high-quality
IP. We continually review our partnerships, both formal and
informal, for quality of dealflow and economic viability. This
approach ensures that effort is focused where it is most effective
and there is most potential value. The opening of a base in
Cambridge is a clear demonstration of our commitment to this
approach. Our focus on creating a portfolio of companies, where we
are actively involved and hold a significant stake capable of
delivering substantial value, has led us to opt not to renew our
partnership with University of Dundee which came to the end of its
10-year term, post-period-end, in November 2016.
We were also pleased to announce, post period-end, the securing
of a commercialisation agreement with the Faculty of Science and
Technology within the Universidade NOVA de Lisboa ("FCT Nova"),
Portugal, Frontier IP's second in Portugal and reflecting the
Group's view that there is significant opportunity in the region.
The Universidade NOVA de Lisboa is a research-intensive university
(QS Top Universities 2016) and FCT Nova has particular research
strengths in Engineering, Materials, Energy and Life Sciences.
Frontier IP and FCT Nova will work together to maximise the
commercial value of intellectual property developed within or owned
by FCT Nova. Frontier IP will receive a share of equity in each
spin-off company created by FCT Nova, as well as a share in the
licensing revenue it receives.
We are seeing high-quality research with commercial application
coming through from our formal and informal relationships, in
particular from Plymouth and Cambridge universities, where we have
significantly increased the spinout equity we receive relative to
our historic relationships.
Access to Funding
We continue to extend and make use of our network in managing
funding rounds for our portfolio companies, with a particular focus
on our Core Portfolio. The recent investments in Nandi and PulsiV
were a successful demonstration of this approach. Frontier IP
manages and builds an extensive network of funders ranging from
institutions, industry investors through to private
individuals.
Financial Review
Key Highlights
Profit after tax for the Group for the year to 30 June 2016 was
GBP1,131,000 (2015: GBP647,000). This result includes a net
unrealised profit on the revaluation of investments of GBP1,809,000
(2015: GBP1,421,000) and reflects an increase in services revenue
to GBP221,000 (2015: GBP170,000) and a reduction in administrative
expenses to GBP900,000 (2015: GBP945,000).
The value of the Group's investments increased to GBP4,673,000
(2015: GBP2,859,000). Net assets increased to GBP7,668,000 (2015:
GBP5,557,000) reflecting the proceeds of the GBP1,003,000 (gross)
placing and the profit for the year.
In March 2016, the Company conducted a placing of 4,177,500 new
ordinary shares of 10p for cash at a price of 24p per share raising
GBP1,003,000 before expenses.
Revenue
Total revenue for the year to 30 June 2016 increased 27% to
GBP2,030,000 (2015: GBP1,591,000). Revenue from services increased
30% to GBP221,000 (2015: GBP170,000). The Group's net unrealised
profit on the revaluation of investments increased 27% to
GBP1,809,000 (2015: GBP1,421,000). Unrealised gains on revaluation
of investments of GBP2,045,000 (2015: GBP1,531,000) were offset by
impairments of GBP236,000 (2015: GBP110,000). GBP786,000 of the
gain relates to Nandi Proteins Limited and GBP331,000 to PulsiV
Solar Limited, both of whom completed a fundraising during the
year, and GBP928,000 of the gain relates to ex scientia
Limited.
Administrative Expenses
Administrative expenses decreased by 5% to GBP900,000 (2015:
GBP945,000). The decrease is primarily due to savings in
consultancy fees following the termination of a contract.
Earnings Per Share
Basic earnings per share was 4.08p (2015: 2.76p). Diluted
earnings per share was 4.04p (2015: 2.71p)
Statement of Financial Position
The principal items in the statement of financial position at 30
June 2016 are goodwill GBP1,966,000 (2015: GBP1,966,000) and
financial assets at fair value through profit and loss, principally
holdings in portfolio companies, GBP4,673,000 (2015: GBP2,859,000).
The carrying value of these items is determined by the Directors
using their judgement when applying the Group's accounting
policies. The considerations taken into account by the Directors
when reviewing the carrying value of goodwill are detailed in Note
9. The matters taken into account when assessing the fair value of
the portfolio companies are detailed in the accounting policy on
investments.
The Group had net current assets at 30 June 2016 of GBP883,000
(2015: GBP701,000). The current assets at 30 June 2016 include
debtors of GBP88,000 which are more than 90 days overdue, of which
GBP82,000 is due from Nandi. The non-current trade receivables of
GBP144,000 are also due from Nandi. Nandi is about to commence an
additional fundraising and the Directors are confident that Nandi
will be able to raise sufficient funds to finance both Nandi's
business plan and to commence payment of the debt over an agreed
eighteen months.
Net assets of the Group increased to GBP7,668,000 at 30 June
2016 (30 June 2015: GBP5,557,000). The number of issued ordinary
shares also increased to 30,778,520 at 30 June 2016 (2015:
26,601,020) resulting in net assets per share of 24.9p (2015:
20.9p).
Cash
The Group's cash balances increased during the year by
GBP135,000 to GBP771,000 at 30 June 2016. This was as a result of a
placing of new shares which raised GBP947,000 net of expenses. The
cash generated by the share placing was used to fund the operation
of the business.
Consolidated Statement of Comprehensive Income
For the year ended 30 June 2016
2016 2015
Notes GBP'000 GBP'000
Revenue
Revenue from services
221 170
Other operating income
Unrealised profit on the revaluation
of investments 1,809 1,421
Total revenue 2,030 1,591
Administrative expenses (900) (945)
Profit from operations 1,130 646
Interest income on short term deposits 1 1
Profit from operations and before
tax 1,131 647
Taxation 3 - -
Profit and total comprehensive income
attributable to
-------- --------
the equity holders of the parent 1,131 647
======== ========
Profit per share attributable to
the equity holders of the Company:
Basic earnings per share 4 4.08p 2.76p
Diluted earnings per share 4 4.04p 2.71p
All of the Group's activities are classed as continuing.
Consolidated Statement of Financial Position
At 30 June 2016
2016 2015
Notes GBP'000 GBP'000
Assets
Non-current assets
Tangible fixed assets 2 2
Goodwill 1,966 1,966
Financial assets at fair value through
profit and loss 5 4,673 2,859
Trade receivables 144 29
-------- --------
6,785 4,856
-------- --------
Current assets
Trade receivables and other current
assets 223 188
Cash and cash equivalents 771 636
-------- --------
994 824
-------- --------
Total assets 7,779 5,680
-------- --------
Liabilities
Current liabilities
Trade and other payables (111) (123)
--------
(111) (123)
--------
Net assets 7,668 5,557
======== ========
Equity
Called up share capital 3,078 2,660
Share premium account 5,729 5,200
Reverse acquisition reserve (1,667) (1,667)
Share based payment reserve 78 45
Retained earnings 450 (681)
-------- --------
Total equity 7,668 5,557
======== ========
Consolidated Statement of Changes in Equity
For the year ended 30 June 2016
Share- Total
Share Reverse based equity
Share premium acquisition payment Retained attributable
capital account reserve reserve earnings to
equity
holders
of the
Company
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 July 2014 2,253 4,794 (1,667) 125 (1,436) 4,069
Issue of shares 407 406 - - - 813
Share-based
payments - - - 28 - 28
Transfer on
expiry of warrants
in prior year - - - (108) 108 -
Profit/total
comprehensive
income for the
year - - - - 647 647
At 30 June 2015 2,660 5,200 (1,667) 45 (681) 5,557
---------- ---------- -------------- --------- ----------- --------------
Issue of shares 418 529 - - - 947
Share-based
payments - - - 33 - 33
Profit/total
comprehensive
income for the
year - - - - 1,131 1,131
At 30 June 2016 3,078 5,729 (1,667) 78 450 7,668
========== ========== ============== ========= =========== ==============
Consolidated Statement of Cash Flows
For the year ended 30 June 2016
2016 2015
GBP'000 GBP'000
Cash flows from operating activities
Cash used in operations (805) (730)
Taxation paid - -
--------
Net cash used in operating activities (805) (730)
-------- --------
Cash flows from investing activities
Purchase of tangible fixed assets (2) (1)
Purchase of financial assets at fair
value through profit and loss (5) (33)
Net cash used in investing activities (7) (34)
-------- --------
Cash flows from financing activities
Proceeds from issue of equity shares 1,003 854
Costs of share issue (56) (41)
Net cash generated from financing
activities 947 813
-------- --------
Net increase in cash and cash equivalents 135 49
Cash and cash equivalents at beginning
of year 636 587
Cash and cash equivalents at end
of year 771 636
======== ========
Notes
1. General Information
This preliminary announcement was approved for issue by a duly
appointed and authorised committee of the Board of Directors on 18
November 2015.
2. Basis of preparation
The financial information set out in this announcement does not
constitute statutory financial statements for the year ended 30
June 2016 or 30 June 2015.
The report of the auditor on the statutory financial statements
for each of the years ended 30 June 2016 and 30 June 2015 did not
contain statements under section 498(2) or (3) of the Companies Act
2006. The statutory financial statements for the year ended 30 June
2015 have been delivered to the Registrar of Companies. The
financial statements for the year ended 30 June 2016 will be
delivered to the Registrar of Companies following the Company's
Annual General Meeting.
The Group's strategy is to develop a growing portfolio of
spin-out companies that will provide cash inflows through
realisation of investments and in the meantime will make use of the
Group's services in return for cash fees. However, based on
forecast income and expenditure for the next 12 months, the Group's
cash income will be insufficient to cover the Group's expenditure.
Consequently, the Group will need to raise additional capital in
order to continue in operational existence for at least the next 12
months. The Directors anticipate undertaking an equity placing
during the first half of 2017 and intend to seek authority to allot
securities at the forthcoming Annual General Meeting in December
2016. The Directors do not expect that the Group's services to its
portfolio companies will generate sufficient cash income to cover
its non-discretionary outgoings in the medium term and have
concluded that it will be necessary to continue to raise capital
periodically until such time as the Group's costs and other
liabilities can be met from income or realisations. Taking into
account the current financing environment and the Group's trading
position, the Directors do not regard their ability to raise this
capital to be a material uncertainty from a going concern
perspective. Consequently the Directors continue to adopt the going
concern basis in preparing the group's financial statements.
While the financial information included in this preliminary
announcement has been prepared in accordance with the recognition
and measurement principles of International Financial Reporting
Standards (IFRS) as adopted by the European Union, this
announcement does not itself contain sufficient information to
comply with IFRS.
3. Taxation
There is no charge to taxation for the year ended 30 June 2016
(2015: Nil) due to the Group making a taxable loss.
The Group's deferred tax assets, other than those relating to
short term timing differences, are not recognised in accordance
with Group policy.
4. Earnings per share
a) Basic
Basic earnings per share is calculated by dividing the profit
attributable to the shareholders of Frontier IP Group
Plc by the weighted average number of shares in issue during the
year.
Profit Weighted Basic
attributable average earnings
to shareholders number per share
GBP'000 of shares amount
in pence
Year ended 30 June 2016 1,131 27,722,650 4.08
----------------- ----------- -----------
Year ended 30 June 2015 647 23,414,536 2.76
----------------- ----------- -----------
b) Diluted
Diluted earnings per share is calculated by adjusting the
weighted number of ordinary shares outstanding to assume conversion
of all dilutive potential ordinary shares. The Company has only one
category of dilutive potential ordinary shares: share options. A
calculation is done to determine the number of shares that could
have been acquired at fair value (determined as the average annual
market value share price of the Company's shares) based on the
monetary value of the subscription rights attached to outstanding
share options. The number of shares calculated as above is compared
with the number of shares that would have been issued assuming
the
exercise of the share options.
Profit Weighted Diluted
attributable average earnings
to shareholders number per share
GBP'000 of shares amount
adjusted in pence
for share
options
Year ended 30 June 2016 1,131 27,998,277 4.04
----------------- ----------- -----------
Year ended 30 June 2015 647 23,854,707 2.71
----------------- ----------- -----------
5. Financial assets at fair value through profit and loss
2016 2015
GBP'000 GBP'000
At 1 July 2015 2,859 1,325
Additions 5 113
Fair value increase 1,809 1,421
-------- --------
At 30 June 2016 4,673 2,859
======== ========
The investments held are valued individually at fair value in
accordance with the Group's accounting policy on investments and
have been categorised as being level 3, that is, valued using
unobservable inputs. All gains and losses relate to assets held at
the year end, and the fair value movement has been shown in the
income statement as other operating income.
Financial assets at fair value through profit and loss comprise
the following:
2016 2015
GBP'000 GBP'000
Limited partnership interests 22 47
Unquoted equity investments 4,651 2,812
-------- --------
4,673 2,859
======== ========
The movement during the year is set out below:
Limited Partnership Interests 2016 2015
GBP'000 GBP'000
At 1 July 47 34
Additions during the year 5 33
Fair value decreases during the
year (30) (20)
-------- --------
At 30 June 22 47
======== ========
Unquoted Equity Investments 2016 2015
GBP'000 GBP'000
At 1 July 2,812 1,291
Additions during the year - 80
Fair value increases during the
year 2,045 1,531
Fair value decreases during the
year (206) (90)
-------- --------
At 30 June 4,651 2,812
======== ========
6. Availability of statutory financial statements
Copies of the full statutory financial statements will be
available from the Company's offices at 93 George Street, Edinburgh
EH2 3ES no later than 28 November 2016 and are available on its
website at www.frontierip.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR DGBDBDSBBGLI
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