REG - Frontier IP Group - Unaudited Half Year Results
30/03/2026 07:00
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RNS Number : 5923Y Frontier IP Group plc 30 March 2026
RNS
AIM: FIPP
30 March 2026
Frontier IP Group plc
("Frontier IP" or the "Group")
UNAUDITED HALF-YEAR RESULTS FOR THE SIX MONTHS TO 31 DECEMBER 2025
Frontier IP, a specialist in commercialising intellectual property, today
announces its unaudited interim results for the six month period ended 31
December 2025.
Frontier IP builds value by growing spin out companies in partnership with
universities, investors and industry to commercialise intellectual property
("IP").
KEY POINTS
· Pre-tax loss of £3.1 million (30 June 2025: pre-tax loss of £6.3
million; 31 December 2024: pre-tax loss of £1.6 million)
· Successfully completed a fundraising with existing shareholders and
new investors in December 2025 generating net proceeds of £0.9 million in the
period under review
· Basic loss per share of 4.54p (30 June 2025: loss per share 10.08p;
31 December 2024: loss per share 2.81p)
· Net assets per share of 52.7p at 31 December 2025 (30 June 2025:
61.0p; 31 December 2024: 67.6p) reflecting the increased shares in issue
· Fair value of the equity portfolio at 31 December 2025 was £33.5
million (30 June 2025: £33.4 million; 31 December 2024: £33.2 million)
· Cash balances of £1.6 million at 31 December 2025 (30 June 2025:
£2.6 million; 31 December 2024 £3.6 million)
· Commercial, funding and technical progress made across the portfolio
Frontier IP and its portfolio companies made solid progress during the first
half of the financial year and post the period close, in a highly uncertain
economic and market environment for AIM-quoted stocks and early-stage
technology companies. The portfolio continues to mature, bringing closer the
opportunity for potential exits, although timings are likely to be affected by
the market conditions.
Two substantial non-cash impacts resulted in pre-tax losses of £3.1 million.
In accordance with IFRS-16 accounting treatment, the Group's SC(2) lease for
the South Cambridge Science Centre was responsible for £0.9 million non-cash
expense, split across Right of Use Asset amortisation (£0.3m) and finance
charge (£0.6m) which are new for this period. The Group also recognised a net
unrealised fair value loss of £0.8 million on a portfolio company during the
period.
Operating costs declined by £0.3m compared to the same period in the prior
year to £1.6m due to cost rationalisation and post-period end the Group
identified and executed a significant further cost saving programme that is
set to reduce the Group's operating costs by c.£1 million to c.£2.5 million
a year from 1 May 2026.
PORTFOLIO AND OPERATIONAL HIGHLIGHTS
The six months to 31 December 2025 and the months after the period end saw
companies across the portfolio either achieve or make strong progress towards
meeting funding, commercial and technical goals. Developments included:
· 2D Photonics - great progress has been made by 2D Photonics towards
their plans to build an advanced photonics pilot line in northern Italy. A
strong recruitment drive is underway, taking the company to 120 full time
equivalent staff over the next 3 years and technical milestones achieved
include having demonstrated critical wafer scale manufacturing steps.
· Pulsiv continued its fundraise, which reached £2.8 million during
the period, valuing the company at approximately £62 million.
· Alusid raised £500,000 in a pre-IPO funding round and has expanded
its international distribution network through an exclusive deal with
Kakelspecialisten AB, a leading Swedish supplier and subsidiary of
Saint-Gobain.
· Dekiln is to benefit from £3 million in funding after Dr Aled
Roberts was named as an inaugural Green Future Fellow by the Royal Academy of
Engineering. The company also moved into larger premises and is developing a
pilot plant for industrial-scale production.
· The Vaccine Group ("TVG") enjoyed outstanding results in challenge
trials for two vaccine candidates to tackle bovine respiratory syncytial
virus, an economically harmful cattle disease.
· Amprologix raised £740,000 in a pre-Series A funding round to
accelerate development of its novel antibiotics able to overcome antimicrobial
resistant MRSA.
· AquaInSilico launched Upwater, its first commercial digital tools and
services for efficient wastewater management.
· Elute completed a five-year contract extension with a higher
education sector leader, reinforcing commercial validation of its software.
· The Group continued the development and fit out of SC(2), its new
innovation hub in the South Cambridge Science Centre. Savills has been
appointed exclusive agents to sublet the space.
· Post period end, GraphEnergyTech was selected for Japan's Keihanna
Global Acceleration Programme, giving it access to Japan's advanced perovskite
solar ecosystem. Alusid signed a deal with leading Benelux wholesaler
Tegelgroep, and TVG announced success in trials of its porcine Streptococcus
suis vaccine candidate
Chief Executive Neil Crabb said: "The first half of our financial year was
marked by solid commercial, technical and financial progress across the
portfolio. This progress was not reflected in our headline results, however
pre-tax losses were driven mostly by two significant non-cash items: the IFRS
16 accounting treatment of our SC(2) lease and a decrease in valuation of one
of our portfolio companies.
During the period, we raised net proceeds of £0.9 million through a placing
and subscription and a subsequent retail offer. This was less than we were
seeking and clearly a disappointment. However, we have listened to concerns
expressed by our shareholders and taken steps to address them.
As promised at the time of the last funding round, we reviewed costs and made
cuts while ensuring that we still have the resources in place to drive future
growth. Unfortunately, this has involved some redundancies: I am sorry that we
have had to do this and would like to thank those affected for their hard
work.
We are now in a better position to concentrate effort on maximising the value
of our portfolio companies and realising gain. The technologies being
developed with their strong emphasis on efficiency and cost reduction will
prove compelling in a time of global uncertainty and higher energy and
commodity prices.
Furthermore, as announced in December 2025, we are actively seeking to raise
further funds. It is anticipated that any further fundraising would be
accompanied by a further retail offer. We continue, in parallel, to progress
discussions with lenders on potential debt facilities.
Great progress has been made by 2D Photonics towards their plans to build an
advanced photonics pilot line in northern Italy. A strong recruitment drive is
underway, taking the company to 120 full time equivalent staff over the next 3
years and technical milestones achieved include having demonstrated critical
wafer scale manufacturing steps.
Pulsiv, whose technology transforms the energy efficiency of power conversion,
has made good progress. Pulsiv continued its fundraise which reached £2.8
million during the period, valuing the company at approximately £62 million.
The company gained significant industrial traction, and the company made good
progress with major multinational partners. A global stocking agreement was
signed with distribution group Farnell.
Alusid is making excellent progress establishing its European distribution
network, demonstrating the growing international appeal of its sustainable
materials and manufacturing processes. During the period it raised money
through a pre-IPO funding round.
The Vaccine Group also enjoyed a strong period. Separate challenge trials
conducted during the period and post period close demonstrated the company's
novel vaccine platform technology could produce vaccines effective against
both viral and bacterial diseases and in different species. The first showed
outstanding results for two TVG vaccine candidates against bovine respiratory
syncytial virus, and the second showed it was effective against Streptococcus
suis, an economically damaging and zoonotic disease in pigs.
Post-period end, GraphEnergyTech was selected for Japan's prestigious Keihanna
Global Acceleration Program (KGAP+). The move positions GraphEnergyTech at the
heart of the Japanese solar ecosystem. Japan is a global leader in perovskite
solar technologies, which have the potential to be more efficient than
silicon. The company is already collaborating with the Taiwan Perovskite Solar
Corporation, the Taiwanese Industrial Technology Research Institute and the
University of Cambridge on next-generation solar technology. Recent
geopolitical events and general instability have sent the price of energy and
silver soaring, firmly underpinning the investment case.
Since launch Cambridge Raman Imaging has generated €1 million in revenues,
with further growth forecast this year.
As our companies develop and grow, our focus remains very much on developing
portfolio companies to the point where we can realise value. We believe the
innovative technologies they are developing to improve efficiency and cut
costs will prove attractive to markets globally and, as a result, to investors
and potential industry buyers from around the world.
Finally, I would like to thank you, our shareholders, for your continued
support, and I look forward to keeping you updated on our progress."
ENQUIRIES
Frontier IP Group Plc
Neil Crabb, Chief Executive neil@frontierip.co.uk (mailto:neil@frontierip.co.uk)
Andrew Johnson, Communications & Investor Relations M: 07464 546 025
Company website: www.frontierip.co.uk (http://www.frontierip.co.uk/) andrew.johnson@frontierip.co.uk (mailto:andrew.johnson@frontierip.co.uk)
Allenby Capital Limited (Nominated Adviser) T: 0203 328 5656
Nick Athanas
Singer Capital Markets (Broker) T: 0207 496 3000
Charles Leigh-Pemberton / James Fischer
Interim Management Statement
Summary
Frontier IP made solid progress during the period and post period end in
developing the portfolio companies and creating value for shareholders
including by:
· Helping portfolio companies raise money through equity and other
forms of financing. These included Pulsiv, Dekiln, Alusid and Amprologix
· Great progress has been made by 2D Photonics towards their plans to
build an advanced photonics pilot line in northern Italy. A strong recruitment
drive is underway, taking the company to 120 full time equivalent staff over
the next 3 years and technical milestones achieved include having demonstrated
critical wafer scale manufacturing steps
· Restructuring the business and reducing costs in response to
difficult market conditions for AIM-quoted companies and early-stage
technology firms in general
Operational Review
Frontier IP and its portfolio companies made solid underlying progress during
the first half of the financial year and post period in a highly uncertain
economic, political and market environment for quoted stocks and early-stage
technology half companies.
The Group continued the development and fit out of SC(2), its innovation hub
in the South Cambridge Science Centre. To oversee the fit out, Frontier IP
appointed Dr Siân Leech-Mills, as Head of Facilities, during the period. She
has more than 30 years' experience, including posts at the University of
Cambridge and Metrion Biosciences. Savills have been appointed exclusive
agents to sublet the space.
SC(2) is positioned at the heart of Cambridge's science and technology
ecosystem and will help to raise the Group's profile there and within the
broader innovation triangle of Cambridge, Oxford and London. The Group expects
the innovation hub to provide a pipeline of future portfolio companies.
Two substantial non-cash impacts resulted in pre-tax losses of £3.1 million.
IFRS-16 accounting treatment of the Group's lease was responsible for £0.9
million in accounting entries related to the amortisation of the Right of Use
asset of £0.3 million and a financing charge of £0.6 million which are new
for this period. The Group also recognised a net unrealised fair value loss of
£0.8 million on a portfolio company during the period.
The Group raised £0.9 million net of expenses through a Placing and
Subscription and a separate Retail Offer.
Post period end the Group identified and executed a significant cost savings
of c.£1 million a year to refocus the business. Pro-rata cash burn from 1 May
2026 is £2.5 million a year. Headcount was reduced from 21 to 14. The
software commercialisation team was closed and all new recruitment frozen
following departures.
Several portfolio companies made significant commercial and technical
progress. The portfolio continues to mature, bringing closer the opportunity
for potential exits, although timings are likely to be affected by the market
conditions.
Portfolio developments included:
Note: in the following all Frontier stakes are quoted as at 31(st) December
2025
2D Photonics: Frontier IP stake 9.1 per cent
Great progress has been made by 2D Photonics towards their plans to build an
advanced photonics pilot line in northern Italy. A strong recruitment drive is
underway, taking the company to 120 full time equivalent staff over the next 3
years and technical milestones achieved include having demonstrated critical
wafer scale manufacturing steps.
Pulsiv: Frontier IP stake 17.3 per cent
Pulsiv continued its fundraise which reached £2.8 million during the period,
valuing the company at approximately £62 million. It also signed a global
stocking agreement with distribution giants Farnell. This important deal will
see Pulsiv's microcontrollers, evaluation boards, and fully assembled USB-C
modules held in stock by Farnell and delivered to customers globally within 48
hours. Pulsiv's technology is attracting strong industry interest. The
company, which won the prestigious Power Sources Manufacturers' Association
inaugural Global Efficiency Award, was shortlisted for the Power System
Product of the Year in the Elektra 2025 awards.
Alusid: Frontier IP stake 36.2 per cent
Alusid took a further step forward to a potential listing after successfully
raising £500,000 through a pre-IPO funding round in December 2025 supported
by Octopus Investments. The company expanded its international distribution
network, signing an exclusive deal with one of Sweden's largest tile suppliers
Kakelspecialisten AB, a subsidiary of Saint-Gobain, a global leader in
construction materials and services. It was Alusid's third international deal
following agreements with Dutch sustainable materials specialist FRONT
Materials BV and Italy's 3D Wall Panels Italia. Post period end, FRONT agreed
a deal with leading Benelux wholesaler Tegelgroep to distribute Alusid's tiles
widely across the Netherlands. Tegelgroep is a subsidiary of BME Group, which
also has operations in Germany, Austria and Switzerland in addition to
Belgium, the Netherlands and Luxembourg.
Dekiln: Frontier IP stake 24.8 per cent
Dekiln is set to benefit from £3 million of funding to support scale up of
its kiln-free tile technology after chief executive officer Dr Aled Roberts
was named as an inaugural Green Future Fellow by the Royal Academy of
Engineering. The award, made to Dr Roberts, is part of the RAEng's Green
Future Fellowship Programme to support outstanding engineers and innovators to
scale solutions that cut emissions, improve resource efficiency and accelerate
the transition to net zero. Dekiln also completed the first commercial
installation of its tiles and is now completing development of a pilot plant
having moved into larger premises during the period.
The Vaccine Group: Frontier IP stake 16.95 per cent
The Vaccine Group enjoyed outstanding success with two vaccine candidates to
tackle bovine respiratory syncytial virus (BRSV) in trials undertaken by the
UK government's Animal and Plant Health Agency. BRSV is a highly contagious
and economically harmful disease, costing British farmers £56 million a year,
according to The Pirbright Institute, and as much as £5.6 billion globally.
Post period end, the company also reported strong results in challenge trials
for a vaccine candidate to tackle Streptococcus suis in pigs. This was a
significant development for it showed that TVG's vaccine platform is effective
against both viral and bacterial diseases across different species.
Amprologix: Frontier IP stake 10.8 per cent
Amprologix raised £740,000 through a pre-Series A funding round to accelerate
development of its novel antibiotics to combat antimicrobial resistant
diseases. The money will be used to complete pre-clinical development of the
company's lead candidate, epidermicin NI01, in readiness for Phase I human
clinical trials in 2026. Epidermicin NI01 Epidermicin NI01 is being developed
to tackle Methicillin-resistant Staphylococcus aureus (MRSA), a leading
cause of healthcare-associated and community-acquired infections. Investors in
the funding round included angel-investor network Plutus Investment Group
LLP, another institution, and individuals
AquaInSilico: Frontier IP stake 29.0 per cent
AquaInSilico launched its first commercial services to help industry and
government significantly reduce the environmental impact of their wastewater
treatment plants. Called Upwater, the suite of digital services is based on an
AI-platform trained on more than 30 years of real-world data. It is now
attracting industry interest.
Elute: Frontier IP stake 40.0 per cent
Elute completed a 5-year contract extension with a higher education sector
leader, extending software use to 2029. This customer commitment reinforces
commercial validation of Elute's core algorithmic IP and supports the
company's go-to-market transition towards its Deterministic AI platform,
increasingly focused on the corporate investor segment.
Post period end developments included:
GraphEnergyTech: Frontier IP stake 23.97 per cent
GraphEnergyTech was selected for Japan's Keihanna Global Acceleration Program
(KGAP+) and announced plans to raise up to £3 million in an equity funding
round supported by Aramco Ventures, the corporate venturing arm of Aramco.
KGAP+ will bring GraphEnergyTech into Japan's advanced perovskite solar cell
technology ecosystem: perovskite was originally developed in Japan. Perovskite
cells have the potential to be more efficient than traditional silicon solar
cells, but do not integrate well with widely used metal electrodes.
GraphEnergyTech's graphene electrodes could prove to be a key enabling
technology for perovskite.
Corporate developments
In December 2025, Frontier IP raised a total of £1.04 million through a
placing and subscription and a separate retail offer with net proceeds of
£0.9 million. The proceeds will be used for general working capital
requirements and to provide strategic support to portfolio companies where
necessary. Post period end, the Group reviewed its cost base and identified
and executed a cost-cutting programme to restructure the business while
maintaining resources to support future growth.
The Group continued the development and fit out of SC(2), its innovation hub
in the South Cambridge Science Centre. To oversee the fit out, Frontier IP
appointed Dr Siân Leech-Mills, as Head of Facilities, during the period. Dr
Leech-Mills has more than 30 years' experience in academia and industry and
has worked for the University of Cambridge and Metrion Biosciences. Savills
has been appointed exclusive agents to sublet the space.
In September 2025, the Group announced the resignation of Matt White (Chief
Commercialisation Officer) to take up a role as Chief Executive Officer of a
Cambridge based early-stage medical devices company and he left the Group with
effect from 24 March 2026. In November 2025, the Group announced that Jo Stent
would be leaving the Group to pursue an opportunity with a specialist
financial services provider. Jo will remain as a director through to no later
than 30 April 2026.
Outlook
The period under review was a difficult one for the Group. However, several of
our portfolio companies made good progress. 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.
Neil Crabb
Chief Executive Officer
Results Summary
Financial assets at fair value through profit and loss as at 31 December 2025
was £35.9 million (30 June 2025: £36.5 million; 31 December 2024: £39.1
million). The fair value of equity investments as at 31 December 2025 was
£33.5 million (30 June 2025: £33.4 million; 31 December 2024: £33.2
million) an increase of £0.1 million since 30 June 2025 representing the
conversion of debt to equity for various loans, accrued interest and trade
debt outstanding from Nandi Proteins and Alusid totaling £0.9 million offset
by the recognition of a down round within another portfolio company.
The fair value of debt investments as at 31 December 2025 was £2.4 million
(30 June 2025: £3.1 million; 31 December 2024: £5.9 million), the decrease
of £0.7 million primarily being driven by the conversion of debt to equity
for various loans to Nandi Proteins and Alusid as referenced above. The loss
before tax was £3.1 million (2024: loss of £1.6 million), of which £0.9
million relates to unrealised losses in the period in relation to a down round
within one portfolio company in addition to revaluation losses on conversion
of debt to equity for one portfolio company. A further £0.9 million of costs
recognised in the profit and loss account related to non-cash IFRS 16 entries
for asset depreciation and lease liabilities for the new South Cambridge
Science Centre facility. Basic loss per share in the period was 4.54p (2024:
loss of 2.81p).
Cash balances stood at £1.6 million at 31 December 2025, a decrease of £1.0
million since 30 June 2025 (30 June 2025: £2.6 million; 31 December 2024:
£3.6 million). Operating costs in the period were £1.6 million, a
reduction of £0.3 million versus the same period of the prior year,
reflecting a reduction in people costs as leavers were not replaced. Post
period end the Group implemented a second cost reduction programme in early
2026, with the financial benefit set to further reduce the cost base from 1
May 2026 to an annualised operating cost base of £2.5 million.
In December 2025 the company issued 6,740,032 new ordinary shares at 15.5p per
share, increasing the total number of shares in issue to 75,638,239 and
raising net proceeds of £0.9m. Net assets per share as at 31 December 2025
were 52.7p (30 June 2025: 61p; 31 December 2024: 67.6p).
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 31 December 2025
Six months ended 31 December 2025 (unaudited) Six months ended 31 December 2024 (unaudited) Year ended 30 June 2025 (audited)
Notes
£'000 £'000 £'000
Revenue
Revenue from services 134 141 325
Other operating income
Unrealised profit/(loss) on the revaluation of 8 (897) (60) (3,041)
investments
Realised profit/(loss) on disposal of investments
- - 0
(763) 81 (2,716)
Administrative expenses (1,568) (1,886) (3,429
Share based payments (103) (82) (247)
Interest income on debt investments 166 268 98
Other income - 3
Depreciation Right-of-use Asset (279) - (27)
Profit/(loss) from operations (2,547) (1,619) (6,318)
Interest income on short-term bank deposits 13 14 33
IFRS 16 finance charge on building lease (605) (59)
Profit/(loss) from operations and before tax (3,139) (1,605) (6,344)
Taxation 6 - - -
Profit/(loss) and total comprehensive income/(expense) attributable to the equity holders of the Company
(3,139) (1,605) (6,344)
Profit per share attributable to the equity
holders of the parent
Basic earnings/(loss) per share 7 (4.54)p (2.81)p (10.08)p
Diluted earnings/(loss) per share 7 (4.45)p (2.75)p (9.87)p
All the Group's activities are classed as continuing and there were no
comprehensive gains or losses in any period other than those included in the
statement of comprehensive income
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
At 31 December 2025
As at As at As at
31 December 31 December 30 June
2025 2024 2025 (audited)
(unaudited) (unaudited) £'000
£'000 £'000
ASSETS Notes
Non-current assets
Right-of-use Asset 10,747 - 11,027
Tangible fixed assets 52 7 33
Goodwill 1,966 1,966 1,966
Financial assets at fair value through profit and loss
Equity investments 8 33,522 33.203 33,407
Debt investments 8 2,418 5,915 3,066
48,705 41,091 49,499
Current assets
Trade receivables and other current assets
1,930 2,233 1,776
Advances 696 9 546
Cash and cash equivalents 1,634 3,633 2,584
4,260 5,875 4,906
Total assets 52,965 46,966 54,405
LIABILITIES
Non-current liabilities
Lease liability (12,125) - (11,782)
(12,125) - (11,782)
Current liabilities
Lease liability (548) (274)
Trade and other payables (377) (389) (346)
(925) (389) (620)
Total liabilities (13,050) (389) (12,402)
Net assets
39,915 46,577 42,003
EQUITY
Called up share capital 9 7,564 6,890 6,890
Share premium account 17,119 16,845 16,845
Reverse acquisition reserve (1,667) (1,667) (1,667)
Share based payment reserve 1,787 1,519 1,684
Retained earnings 15,112 22,990 18,251
Total equity
39,915 46,577 42,003
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six-months ended 31 December 2025
Share-
Share Reverse acquisition based Profit
Share premium reserve payment and loss
capital account reserve account Total
£'000 £'000 £'000 £'000 £'000 £'000
At 1(st) July 2024 5,617 14,791 (1,667) 1,437 24,595 44,773
Issue of shares 1,273 2,054 - (78) - 3,327
Share-based payments
- - - 82 - 82
Profit/comprehensive income for the period
- - - - (1,605) (1,605)
At 31 December 2024 6,890 16,845 (1,667) 1,519 22,990 46,577
Issue of shares - -
Share based payment 165 165
Profit/comprehensive income for the period -
- - - (4,739) (4,739)
At 30 June 2025 6,890 16,845 (1,667) 1,684 18,251 42,003
Issue of shares 674 274 - - 948
Share-based payments
- - 103 - 103
Profit/comprehensive income for the period
- - - - (3,139) (3,139)
At 31 December 2025 7,564 17,119 (1,667) 1,787 15,112 39,915
CONSOLIDATED STATEMENT OF CASH FLOWS
For the six months ended 31 December 2025
Six months ended 31 December Six months ended 31 December Year ended 30 June
2025 (unaudited) 2024 (unaudited) 2025 (audited)
£'000 £'000 £'000
Cash flows from operating activities
Cash used in operations (1,869) (1,625) (3,494)
Net cash used in operating activities (1,869) (1,625) (3,494)
Cash flows from investing activities
Purchase of tangible fixed assets (19) (0) (35)
Purchase equity investments - - 12
Right-of-use asset legal fees - - (57)
Purchase of debt investments - (380) (500)
Lease inducement - - 1,000
Interest received 13 14 33
Net cash from/(used in) investing activities. (6) (366) 453
Cash flows from financing activities
Proceeds from issue of equity shares 1,020 3,565 3,566
Costs of share issue (96) (239) (239)
Net cash generated from financing activities
924 3,326 3,327
Net (decrease)/increase in cash and cash equivalents
(951) 1,335 286
Cash and cash equivalents at beginning of period
2,584 2,298 2,298
Cash and cash equivalents at end of period
1,634 3,633 2,584
Cash used in operations
Profit/(loss)before tax (3,139) (1,605) (1,337)
Adjustments for:
Share-based payments 103 82 225
Depreciation 281 9 9
Interest received (13) (14) (62)
Unrealised (profit)/loss on revaluation of investments
897 60 (1,282)
Realised (profit) on disposal of investments - - (249)
Changes in working capital:
Trade and other receivables (153) (149) (602)
Advances (150 (82) 413
Trade and other payables 305 74 74
1,869 (1,625) (2,811)
NOTES
1. General information
The Company is a limited liability company incorporated in England and with
its registered office at c/o CMS Cameron McKenna Nabarro Olswang LLP, 78
Cannon Street, London EC4N 6AF. The Company's main trading office is situated
at The Officer's Mess Business Centre, Royston Road, Duxford, Cambridge, CB22
4QH.
The Company is quoted on the AIM market of the London Stock Exchange.
This condensed consolidated interim financial information was approved and
authorised for issue by a duly appointed and authorised committee of the Board
of Directors on 29 March 2026.
This condensed interim financial information has not been audited or reviewed
by the Company's auditor.
2. Basis of preparation
This condensed consolidated interim financial information for the six months
ended 31 December 2025 has been prepared in accordance with International
Accounting Standard 34 "Interim Financial Reporting". The condensed
consolidated interim financial information should be read in conjunction with
the annual financial statements for the year ended 30 June 2025, which have
been prepared in accordance with UK adopted International Financial Reporting
Standards (IFRS).
This condensed consolidated interim financial information does not constitute
statutory accounts within the meaning of section 434 of the Companies Act
2006. The comparatives for the full year ended 30 June 2025 are not the
Company's full statutory accounts for that year. A copy of the statutory
accounts for that year has been delivered to the Registrar of Companies. The
auditor's report on those accounts was qualified on the basis that they were
unable to obtain sufficient appropriate audit evidence in respect of the
valuation of certain early-stage equity investments valued at £1.3 million as
at June 2025. This is consistent with the opinion provided in the previous
two financial years dating back to the year ended 30 June 2023.
3. Going Concern
The accounts for the full year ended 30 June 2025 drew attention to the
existence of a material uncertainty that cast significant doubt on the Group's
ability to continue as a going concern. The analysis showed that as at 30 June
2025 the Group had insufficient cash to cover its operating expenditure for
the 12 months from the date of signing of those financial statements. Since 30
June 2025 the Group has issued 6,740,032 shares in December 2025 for net
proceeds of £0.9 million. The Group's strategy is to develop a growing
portfolio of spin-out companies that will provide cash inflows through
realisation of investments. In assessing the going concern, the Directors
considered the Group's cash requirements over the three years to 31 December
2028. The forecast included operating activities, including in relation
to South Cambridge Science Centre, and known near-term purchase of
investments. It did not include cash from the purchase of unplanned
investments. The analysis showed that as at 31 December 2025 the Group had
insufficient cash to cover its operating expenditure for the 12 months from
the date of signing of these financial statements. The Directors intend to
realise further cash through a combination of the potential issue of ordinary
shares, borrowing and subleases of its property asset, which they reasonably
expect will provide the Group with sufficient cash to cover its operating
expenditure for the following 12 months. The Directors also expect that these
funding options will, where appropriate, assist the Group in supporting
portfolio companies during this period. The Group and the Company are reliant
on additional funding for which the timing and amount are not guaranteed.
Based on the above, this indicates the existence of a material uncertainty
which may cast significant doubt over the Group and Company's ability to
continue as a going concern and management's plan to deal with these events or
conditions and therefore, they may be unable to realise their assets and
discharge their liabilities in the ordinary course of business. The Directors
have a reasonable expectation that additional funding will be forthcoming.
Consequently, the Directors continue to adopt the going-concern basis in
preparing the Group and Company's financial statements.
.4. Accounting policies
The accounting policies applied by the Group in these unaudited half year
results are consistent with those applied in the annual financial statements
for the year ended 30 June 2025 as described in the Group's Annual Report for
that year and as available on our website www.frontierip.co.uk
(http://www.frontierip.co.uk) . No new standards that have become effective in
the period have had a material effect on the Group's financial statements.
Taxes on income in the interim periods are accrued using the tax rate that
would be applicable to expected total annual earnings.
5. Segmental information
The chief operating decision-maker has been identified as the Group's board of
directors. The board reviews the Group's internal reporting to assess
performance and allocate resources. Currently the board considers that the
Group has one operating activity, the commercialisation of intellectual
property. The Group's revenue and profit before taxation were derived almost
entirely from its principal activities within the UK. Though the Group has a
Portuguese subsidiary as well as partnerships and spin outs in Portugal the
associated revenues and costs are currently immaterial and, accordingly, no
additional geographical disclosures are given.
6. Taxation
There is no taxation expense or income for the six months to 31 December 2025
(31 December 2024: no taxation expense or income) either from movements in
deferred tax on unrealised fair value gains, available tax losses or
share-based payments.
A deferred tax asset in respect of trading losses arising before 1 April 2017
has not been recognised in view of the uncertainty as to the level of future
taxable trading profits.
7. Earnings per share
The calculation of the basic earnings per share for the six months ended 31
December 2025 and 31 December 2024 and for the year ended 30 June 2025 is
based on the earnings attributable to the shareholders of Frontier IP Group
Plc in each period divided by the weighted average number of shares in issue
during the period.
Basic earnings per share Weighted average number of shares
Earnings attributable to shareholders Basic earnings
per share
£'000 Number Pence
Six months ended 31 December 2025 (3,139) 69,215,672 (4.54)
Six months ended 31 December 2024 (1,605) 57,038,007 (2.81)
Year ended 30 June 2025 (6,344) 62,919,366 (10.08)
Weighted average number of shares
Diluted earnings per share Earnings attributable to shareholders Diluted earnings
per share
£'000 Number Pence
Six months ended 31 December 2025 (3,139) 70.597,739 (4.45)
Six months ended 31 December 2024 (1,605) 58,437,018 (2.75)
Year ended 30 June 2025 (6,344) 64,307,567 (9.87)
8. Financial assets at fair value through profit and loss
Equity investments comprise the following:
Unquoted Equity Investments
£'000
At 1(st) July 2024 33,203
Additions -
Disposals
Fair value increases -
Fair value decreases -
At 31(st) December 2024 33,203
Additions 3,094
Fair value increases
Disposals (180)
Fair value increases 160
Fair value decreases (2,870)
At 30(th) June 2025 33,407
Additions 858
Disposals -
Fair value increases 140
Fair value decreases (883)
At 31(st) December 2025 33,522
Frontier increased its equity stake in Alusid Ltd by £250,000 and in Nandi
Proteins Ltd by £608,000 by conversion of loans, accrued interest and other
current debt.
Debt investments comprise the following:
Unquoted Debt Instruments
£'000
At 1(st) July 2024 5,595
Additions 380
Fair value increases 30
Fair value decreases (90)
At 31(st) December 2024 5,915
Additions 120
Fair value increases
Conversion of debt (2,607)
Fair value increases 27
Fair value decreases (389)
At 30(th) June 2025 3,066
Additions -
Disposals (495)
Fair value increases 73
Fair value decreases (226)
At 31(st) December 2025 2,418
Debt investments are loans to portfolio companies to fund early-stage costs,
provide funding alongside grants and bridge to an equity fundraise. Certain
debt investments carry warrants granting the option to purchase shares.
No loans were made during the six months to December 2025. Loans to two
companies were converted to equity: three loans to Nandi Proteins with a
principal value totalling £450,000 were converted to equity with a fair value
of loss of £170,000; and £45,000 of the principal of a loan to Alusid was
converted in December 2025, along with £147,000 of advances and £58,000 of
trade debt. The most significant debt investments at 31 December 2025 were
loans to Cambridge Raman Imaging (principal of £600,000) and Elute (principal
of £552,000).
9. Equity shares and share options
The Group issued 6,740,032 new ordinary shares in the six months to December
2025, making the total number of shares in issue 75,638,239.
10. Copies of Half Yearly Report
Copies of the Half Yearly Report will be available on the Company's website,
www.frontierip.co.uk (http://www.frontierip.co.uk/) , and on request from the
Company's offices at The Officer's Mess Business Centre, Royston Road,
Duxford, Cambridge, CB22 4QH, no later than 31 March 2026.
11. Equity holdings
All Group equity holdings in portfolio companies in the interim results
statement are as at 31 December 2025.
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. END IR FKLLLQXLZBBQ
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