A technology investment company with strong links to Dundee and St Andrews universities has turned a small profit.
Edinburgh-based Frontier IP saw total revenues increase more than three-fold to £345,000 in the six months to December 31, helping the firm to a £3,000 pre-tax profit following an £85,000 loss in the same period the previous year after being hit with a £119,000 bad-debt provision relating to its Nandi Proteins investment.
The AIM-listed firm yesterday said it was pleased with the progress made during the first half of the year, and encouraged by the opportunities that are available.
Frontier’s investment portfolio includes ADUS Deep Ocean and Circa Connect which have ties to both local universities and Dundee University affiliated Aridhia Informatics, Rapid Quality Systems GlycoBioChem, Kinetic Discovery, Tissue Repair Technologies and Ex Scientia.
“We saw encouraging developments within our portfolio companies over the six months, and a number of private fund-raisings for them are under way,” Frontier IP chairman Andrew Richmond said.
“We also received our second equity stake from our partnership with Plymouth University, bringing the total number of portfolio companies to 14.
“Our fund management activities have progressed encouragingly as well, and we have expanded our fund management team.
“During the period, the company also completed two share placings to raise £1,078,000 (net of expenses). Both placings were oversubscribed.
“Today we are delighted to announce the appointment of two new directors to the board,” he said.
“Looking ahead, we expect to see further positive momentum across our activities over the remainder of the financial year.”
The new board appointments will see former One Place Capital executive James Fish take over from Marilyn Cole as finance director and company secretary, while Accretion Capital partner and Cygna Negra director Michael Bourne has been appointed in a non-executive capacity.
“We are pleased with the progress Frontier IP made over the first half, and our investment in additional personnel strengthens the business as we move forward with our plans,” Mr Richmond said.
“We remain encouraged by the opportunities available to us and look forward to reporting on further progress over the second half of the financial year,” he added
Shares in Frontier, which is valued at just over £6 million, closed the day up 0.12p or 0.47% at 26.88p yesterday.