Frontier IP Group plc has released its unaudited interim results for the six months ending 31 December 2023. The company reported a pre-tax profit of £1.4 million, a significant improvement from the pre-tax loss of £0.5 million in the same period the previous year. Basic earnings per share also rose to 2.67p from 0.49p. The net assets per share stood at 84.2p as of 31 December 2023. The fair value of the equity portfolio increased by approximately 6% to £35.1 million, reflecting disposals, additions, and fair value increases.

Frontier IP experienced significant commercial and technical progress across its portfolio during the period. Several portfolio companies achieved important commercial, technical, and financial developments, bringing them closer to potential exits. The company also announced changes to its Board of Directors, with Dame Julia King, Baroness Brown of Cambridge, DBE FREng, FRS, FMedSci, becoming the independent Non-Executive Chair, replacing Andrew Richmond. Additionally, Jim Fish is set to step down as Chief Financial Officer by the end of May 2024.

The six months to 31 December 2023 saw various companies across the portfolio achieve or make strong progress towards commercial, technical, and funding goals. Notable developments included the appointment of key personnel, fundraising activities, and strategic partnerships. Post period end, the Group sold the remaining 324,991 American Depositary Shares in Exscientia plc for net proceeds of approximately £1.7 million.

Overall, Frontier IP Group plc's half-year results reflect a positive financial performance and significant advancements across its portfolio companies, indicating a promising outlook for the future.