Frontier IP shares tumble as impairments widen loss in first-half

Frontier IP Group PLC on Monday reported a wider pretax loss in its first half, driven by a mix of non-cash impairments and a net unrealised loss on its portfolio.

The London-based firm focused on commercialising intellectual property reported revenue from services of £134,000 in the six months to December 31, down 5.0% from £141,000 a year prior.

Pretax profit widened to £3.1 million from £1.6 million.

Shares in Frontier IP were down 9.8% at 10.60 pence each on Monday afternoon in London.

Additionally, the company recognised an unrealised loss of £897,000 in its investments, compared to £60,000 in the same period a year prior.

It also recorded depreciation on a right-of-use asset of £279,000 and a finance charge of £605,000, both new to this period.

The firm said it has made solid progress in the period, as it helped its portfolio companies raise money through equity and other forms of financing, on top of raising £1.0 million through a placing and subscription in December for its own general capital needs. That amount was less than expected, Frontier noted.

The company also cut spending in response to challenging market conditions, with operating costs decreasing by 17% in the period to £1.6 million from £1.9 million, with further saving of about £1.0 million per year after the end of the period.

Chief Executive Officer Neil Crabb acknowledged the difficult period for the company in his outlook, although it said several of the companies in Fronter IP’s portfolio made good progress.

He said: ‘With their focus on technologies that improve efficiency and reduce costs, they are well placed in an environment characterised by rising prices. Our primary objective and effort will be directed at realising value from our maturing portfolio’.

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