Frontier IP makes progress
EDINBURGH-based Frontier IP, which invests in firms that spin out from universities, said the fair value of its portfolio increased 15 per cent in first half, to £5.4 million at 31 December from £4.7m at 30 June. The company added a spin out from the University of Cambridge, Tarsis Technology, to its portfolio and opened an office in the city during the period. Profit before tax fell to £314,000 from £549,000, reflecting both the lower gain on revaluation of investments and the increase in administrative costs. Chief executive Neil Crabb said the £3m fundraising completed this month left the firm well placed to respond effectively to, and capitalise on, opportunities in the second half.
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