Frontier IP Group said full year losses widened as fundraising to provide ongoing working capital and growth opportunities is in its final stage.
The group, which specialises in commercialising intellectual property of University research teams, said pre-tax loss widened to £380,000 for the year ended June 30th 2012 from a loss £269,000 the same time a year before. Revenue for the year fell to £223,000 from £307,000.
Frontier said loss per share increased to 5.45p from 3.86p before. Net assets per share at June 30 fell to 36p from 41.4p.
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The group said the new financial year has started well and, with the fundraising, it will be positioned for continued development.
Chairman Neil Crabb commented: "Frontier IP has made good progress during the year ended 30 June 2012 with helping its existing portfolio companies to deploy their technologies and with deepening and extending its relationships within its three university partnerships."
New opportunities are in the works including a fund management agreement with Narec Capital and a collaboration with the University of Central Lancashire.
"Dependent on the successful outcome of the fundraising which is in its final stage, Frontier IP will be well placed to make further progress. The Board remains confident about the opportunities for growth in the new financial year and beyond."
CJ
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