TIDMFIPP
RNS Number : 3928U
Frontier IP Group plc
24 October 2017
Dissemination of a Regulatory Announcement that contains inside
information according to REGULATION (EU) No 596/2014 (MAR)
24 October 2017
AIM: FIPP
Frontier IP Group plc
("Frontier IP", the "Group" or "the Company")
Audited final results for the year ended 30 June 2017
Frontier IP Group Plc is focused on the commercialisation of
intellectual property
Financial Highlights
-- Total revenue increased by 14% to GBP2,309,000 (2016:
GBP2,030,000) - reflecting an unrealised profit on the revaluation
of investments of GBP2,045,000 (2016: GBP1,809,000)
-- Fair value of portfolio companies increased by 45% to GBP6,729,000 (2016: GBP4,651,000)
-- Revenue from services increased by 19% to GBP264,000 (2016: GBP221,000)
-- Profit before tax increased by 9% to GBP1,229,000 (2016: GBP1,131,000)
-- Basic earnings per share decreased to 3.73p (2016: 4.08p)
-- Placing raised GBP3,000,000 (gross)
-- Cash balances at 30 June 2017 of GBP2,329,000 (2016: GBP771,000)
-- Net assets per share as at 30 June 2017 of 30.7p (2016: 24.9p)
Operational Highlights
-- Further expansion into Portugal with the signing of a second
partnership in the region with the Faculty of Science and
Technology within the Universidade NOVA de Lisboa
-- Cambridge office opened and team expanded
Portfolio
-- Four additions to the portfolio including Tarsis Technology
Limited, our third spin-out from the Department of Chemical
Engineering and Biotechnology at the University of Cambridge
-- Good commercial progress within the portfolio overall,
reflected in the increase in fair value, including:
-- Exscientia Limited signed a EUR250 Million collaboration with
Sanofi and, post-period end, entered into a Drug Discovery
Collaboration with GSK and securing a EUR15M minority investment
from Evotec AG
-- Post-period end, Nandi Proteins Limited successfully
concluding further investment of approximately GBP1 million
Neil Crabb, Chief Executive Officer of Frontier IP, said:
"I am pleased to report on another year of progress as we
continue to develop our portfolio and lay the foundations for
future value creation."
Enquiries
Frontier IP Group Plc T: 0131 240 1251
Neil Crabb, Chief Executive
Company website: www.frontierip.co.uk
Cenkos Securities plc (Nominated T: 0131 220 6939
Adviser and Joint Broker)
Neil McDonald / Beth McKiernan
Peterhouse Corporate Finance T: 020 7469 0935
Limited (Joint Broker)
Lucy Williams
Kreab (Financial PR) T: 020 7074 1800
Robert Speed / Matthew Jervois
Notes to Editors:
Frontier IP specialises in assisting institutions and companies
in the commercialisation and exploitation of their intellectual
property. It establishes formal and informal relationships with
sources of exploitable IP, principally universities. Its core
business is building and growing a portfolio of equity stakes in
spin-out companies by taking an active involvement in the
commercialisation and funding of these businesses. Frontier IP
currently has seventeen companies in its portfolio, which exploit
IP from a range of institutions. www.frontierip.co.uk
Chairman's Statement
Performance
The Group continues to successfully pursue its core strategy of
generating stakeholder value by providing best-practice IP
commercialisation services to academic institutions and start-ups,
to develop a portfolio of companies capable of commercial success
and to provide access to capital for these portfolio companies. I
am pleased to report that the success of this strategy is reflected
in the continued increase in the value of our portfolio creating a
strong platform for further growth.
We have made excellent progress this year in all key areas and I
am particularly pleased to see the team's efforts bearing fruit. We
have again materially increased the value of our portfolio,
extended our access to sources of high-quality IP and seen two Core
Portfolio companies raise the capital they need to move through to
the next phase of their commercialisation.
KEY EVENTS
We continue to build value in our maturing portfolio, seeing
both the fair value and number of new portfolio companies increase.
We are again pleased to report a significant increase in the fair
value of our portfolio to GBP6.7 million.
The completion of successful fundraisings, post-period end, for
Nandi Proteins Limited ("Nandi") and Exscientia Limited
("Exscientia") contributed significantly to the increase in the
value of the portfolio. We also welcomed four new additions to our
portfolio with our third spin-out from University of Cambridge and
an accelerated spin-out rate at University of Plymouth.
We were pleased by the support we received from new and existing
shareholders through the successful completion of a placing which
raised GBP3 million for the Group. The success of the placing
affirms the Group's approach to building value and supports
accelerating our growth, both in the UK and overseas.
In line with our strategy of extending our access to sources of
high-quality exploitable research we were pleased to conclude a
second commercialisation partnership in Portugal with the
Universidade NOVA de Lisboa, Faculty of Science and Technology
("FCT Nova"), reflecting the Group's view that there is significant
opportunity in the region. In line with this, post-period end, we
earned our first revenue from the FCT Nova partnership.
In recognition of our developing a deeper relationship with the
University of Cambridge, we opened our Group office in Cambridge.
We also continue to expand the team, as demand for our services
grows, to maintain a professional and customer-focused service to
institutions and spin-outs. In order to remain competitive and
attract and retain a high-calibre team, our Remuneration Committee
conducted a periodic review of our rewards structure, in
consultation with key shareholders, resulting in a recommendation
to extend the Group's Employee Share Scheme, approval for which
will be sought at its Annual General Meeting in November 2017.
Results
For the year to 30 June 2017, total revenue increased by 14% to
GBP2,309,000 (2016: GBP2,030,000) as a result of booking an
unrealised profit of GBP2,045,000 (2016: GBP1,809,000) on the
revaluation of investments, principally due to the movement in fair
value of Exscientia and Nandi Proteins. Revenue from services,
principally board retainers, fund management fees and licence
income, increased by 19% to GBP264,000 (2016: GBP221,000).
The fair value of our portfolio increased by 45% to GBP6,729,000
(2016: GBP4,651,000).
Profit before tax increased by 9% to GBP1,229,000 (2016:
GBP1,131,000) reflecting the increased revenue and reduced
consultancy costs. The basic earnings per share were 3.73p (2016:
4.08p).
Outlook
We have seen an encouraging start to the new financial year with
a very high level of activity. While technology development is an
inherently uncertain process, we are optimistic that our Core
Portfolio will show another year of good progress and growth and
that we will continue to see strong, commercialisable IP arising
from our partnerships and build on our developing relationships in
Cambridge and Portugal.
Andrew Richmond
Chairman
Our Performance
Chief Executive Officer's Statement
"I am pleased to report on another year of progress as we
continue to develop our portfolio and lay the foundations for
future value creation. Our portfolio is growing, with four new
spinouts during the year, and maturing, with a number of our
portfolio companies making significant technical and commercial
progress. In particular, we have seen strong interest from
industry, both scientific and investment, the collaboration and
investment deals secured by Exscientia being a prime example.
The quality of new opportunities that the Group is seeing from
the academic and research community both within the UK and abroad
is growing - we established a third spin-out from the University of
Cambridge and we were pleased to welcome our second partnership in
Portugal during the year. We are looking forward to another
productive year and plan to continue to expand our team to meet the
needs of our developing portfolio and partnerships."
Key Performance Indicators
The key performance indicators for the Group are:
KPI Description 2017 Performance
---------------------- --------------------------- --------------------
Fair value of Movement in the GBP6,729,000 (2016:
the portfolio value of equity GBP4,651,000)
in the portfolio
---------------------- --------------------------- --------------------
Total revenue Growth in the GBP2,309,000 (2016:
aggregate of revenue GBP2,030,000)
from services
and change in
fair value of
the portfolio
---------------------- --------------------------- --------------------
Profit Profit before GBP1,229,000 (2016:
tax for the year GBP1,131,000)
---------------------- --------------------------- --------------------
Net assets per Value of the Group's 30.7p (2016: 24.9p)
share assets less the
value of its liabilities
per share outstanding
---------------------- --------------------------- --------------------
Aggregate percentage
equity earned
Total initial from new portfolio
equity in new companies during
portfolio companies the year 80% (2016: 0%)
---------------------- --------------------------- --------------------
We are pleased to report that the Group again achieved increases
in all five of its Key Performance Indicators. The Chairman's
Statement and Operational Review contain further information on
progress in the business during the year.
The Group's services revenue for the year to 30 June 2017
increased to GBP264,000 (2016: GBP221,000) and, with administrative
expenses of GBP1,082,000 (2016: GBP900,000), the Group continues to
consume significant cash from operating activities, however the
Directors continue to pursue opportunities that will assist in
reducing the gap.
Operational Review
Corporate
In recognition of our developing a deeper relationship with the
University of Cambridge, in November 2016 we were pleased to open a
Group office in Cambridge. We also expanded the team in Cambridge
with a new commercialisation professional, who will be primarily
focused on our activity in Cambridge.
In February 2017 we were pleased to announce the appointment of
Cenkos Securities plc as the Group's Nominated Adviser and Joint
Broker.
In March 2017 the Group successfully completed a placing to
raise gross proceeds of GBP3 million through the issue of 7,500,000
ordinary shares at 40 pence per share. The new funds will support
accelerating the Company's growth and developing and expanding its
resourcing in areas of key activity, both in the UK and
overseas.
Portfolio - Key Developments
Exscientia
We were very pleased to see the strong commercial progress at
Exscientia during the year and the significant increase in value of
our minor equity stake. In particular, Exscientia secured a EUR250
Million collaboration with Sanofi and, post-period end, entered
into a Drug Discovery Collaboration with GSK and finalised a EUR15M
investment from Evotec AG.
Third Portfolio Company from University of Cambridge
In December 2016 we added new portfolio company Tarsis
Technology Limited ("Tarsis"), in which we received a 20 per cent.
stake. Tarsis is the Group's third spin-out from the Department of
Chemical Engineering and Biotechnology at the University of
Cambridge.
Nandi
In September 2016, Nandi and Heriot-Watt University Edinburgh
were part of a consortium awarded a GBP1 million grant from
Innovate UK, enabling the development of new processes and products
that lead to the availability of healthier food choices for
consumers - this project is also supported by industry partners
Devro plc and Kerry Group plc. Post-period end, Nandi raised
approximately GBP1 million from new and existing investors, to
further its commercialisation and enable scale-up.
Alusid
Alusid Limited ("Alusid") showed good progress during the
period. In particular, we were pleased to note the on-going
protection of Alusid's IP with the grant of the core patent in the
US in September 2016. Further recognition of Alusid's progress came
when it won this year's IChemE Global Award 2016 for Best Business
Start-Up against a shortlist of international nominees. It has also
received its first commercial orders and is currently seeking to
raise further funds to enable it to meet projected demand.
New Portfolio Companies from University of Plymouth
During the period, the Group welcomed three additions to its
portfolio from University of Plymouth - The Vaccine Group Limited
("The Vaccine Group"), Molendotech Limited ("Molendotech") and
Fieldwork Robotics Limited ("Fieldwork Robotics"). Further details
on The Vaccine Group and Molendotech can be found in the section on
Core Portfolio.
Fieldwork Robotics will exploit the technology developed by Dr.
Martin Stoelen, a Lecturer at the School of Computing, Electronics
and Mathematics at the University of Plymouth. Fieldwork aims to
develop and commercialise a robotics technology which has a range
of potential industrial applications. Its first target is planned
to be the high-value fruit (such as tomatoes) picking market and
producers of value added fruits have already demonstrated early
interest in the technology.
Sources of IP
In line with our business model, our strategy is to seek to
increase both the size of equity stakes we receive from our sources
of IP and extend our portfolio pipeline for sources of high-quality
IP. We continually review our partnerships, both formal and
informal, for quality of dealflow and economic viability. This
approach ensures that effort is focused where it is most effective
and there is most potential value. Our expansion in Portugal, the
opening of our office in Cambridge and the recruitment of further
staff to support our partnerships and portfolio companies is a
clear demonstration of our commitment to this approach.
We were pleased to secure a commercialisation agreement with the
Faculty of Science and Technology within the Universidade NOVA de
Lisboa ("FCT Nova"), the Group's second in Portugal. The
Universidade NOVA de Lisboa is a research-intensive university (QS
Top Universities 2016) and FCT Nova has particular research
strengths in Engineering, Materials, Energy and Life Sciences.
Frontier IP and FCT Nova will work together to maximise the
commercial value of intellectual property developed within or owned
by FCT Nova. Frontier IP will receive a share of equity in each
spin-off company created by FCT Nova, as well as a share in the
licensing revenue it receives.
Post-period end the Group earned its first revenue from the FCT
Nova partnership in the form of a share of income from a new
licence entered into by the university.
Operations
Remuneration Framework
We believe that our people should be appropriately rewarded and
incentivised to meet or exceed performance expectations. We achieve
this through periodically benchmarking remuneration practice
against companies of a similar size and nature.
In order to remain competitive and attract and retain a
high-calibre team, the Remuneration Committee conducted a periodic
review of the Group's rewards structure in conjunction with
advisors and key shareholders.
The key recommendations arising from this review are summarised
as follows:
-- the limit on the number of shares that may be subject to
options in any ten year period be increased from a maximum of 10%
to a maximum of 15% of the ordinary share capital;
-- options granted under the revised scheme rules may be granted
at nominal cost (10p per share); and
-- new malus provisions be included to prevent vested options
from being exercised in circumstances where the Company has
suffered reputational damage or financial loss as a result of an
option holder's actions.
Following extensive consultation with key shareholders, approval
to implement these recommendations will be sought at the Group's
Annual General Meeting in December 2017. The relevant resolutions
will be set out in the Notice of Annual General Meeting which will
be posted to shareholders along with the Group's Annual Report and
Financial Statements for the year ended 30 June 2017.
Financial Review
Key Highlights
Profit after tax for the Group for the year to 30 June 2017 was
GBP1,229,000 (2016: GBP1,131,000). This result includes a net
unrealised profit on the revaluation of investments of GBP2,045,000
(2016: GBP1,809,000) and reflects an increase in services revenue
to GBP264,000 (2016: GBP221,000) and an increase in administrative
expenses to GBP1,082,000 (2016: GBP900,000).
The value of the Group's investments increased to GBP6,751,000
(2016: GBP4,673,000). Net assets increased to GBP11,759,000 (2016:
GBP7,668,000) reflecting the proceeds of the GBP3,000,000 (gross)
placing and the profit for the year.
In March 2017, the Company conducted a placing of 7,500,000 new
ordinary shares of 10p for cash at a price of 40p per share raising
GBP3,000,000 before expenses.
Revenue
Total revenue for the year to 30 June 2017 increased 14% to
GBP2,309,000 (2016: GBP2,030,000). Revenue from services increased
19% to GBP264,000 (2016: GBP221,000). The Group's net unrealised
profit on the revaluation of investments increased 13% to
GBP2,045,000 (2016: GBP1,809,000). Unrealised gains on revaluation
of investments of GBP2,069,000 (2016: GBP2,045,000) were offset by
impairments of GBP24,000 (2016: GBP236,000). GBP1,046,000 of the
gain relates to Exscientia Limited and GBP505,000 to Nandi Proteins
Limited, both of whom completed a fundraising subsequent to the
year end.
Administrative Expenses
Administrative expenses increased by 20% to GBP1,082,000 (2016:
GBP900,000). The increase is primarily due to additional personnel
and professional fees.
Earnings Per Share
Basic earnings per share was 3.73p (2016: 4.08p). Diluted
earnings per share was 3.63p (2016: 4.04p)
Statement of Financial Position
The principal items in the statement of financial position at 30
June 2017 are goodwill GBP1,966,000 (2016: GBP1,966,000) and
financial assets at fair value through profit and loss, principally
holdings in portfolio companies, GBP6,751,000 (2016: GBP4,673,000).
The carrying value of these items is determined by the Directors
using their judgement when applying the Group's accounting
policies.
The Group had net current assets at 30 June 2017 of GBP2,716,000
(2016: GBP883,000). The current assets at 30 June 2017 include
debtors of GBP431,000 which are more than 90 days overdue, of which
GBP332,000 is due from Nandi and GBP76,000 is due from Alusid. The
non-current trade receivables of GBP321,000 comprise GBP268,000 due
from Nandi and GBP53,000 due from Alusid. Other debtors include
unsecured interest free loans to Nandi of GBP165,000 and to Alusid
of GBP165,000. Subsequent to the year end, Nandi completed a
fundraising and repaid the loan.The Group converted GBP200,000 of
trade receivables into shares in Nandi at the fundraising and Nandi
has commenced repaying the balance of the trade receivables over
eighteen months under a repayment plan. Alusid is in the process of
raising additional funds and the directors are confident that
Alusid will be able to raise sufficient funds to finance Alusid's
business plan, repay the loan and commence payment of the debt.
Net assets of the Group increased to GBP11,759,000 at 30 June
2017 (30 June 2016: GBP7,668,000). The number of issued ordinary
shares also increased to 38,278,520 at 30 June 2017 (2016:
30,778,520) resulting in net assets per share of 30.7p (2016:
24.9p).
Cash
The Group's cash balances increased during the year by
GBP1,558,000 to GBP2,329,000 at 30 June 2017. This was as a result
of a placing of new shares which raised GBP2,810,000 net of
expenses. The cash generated by the share placing was used to fund
the operation of the business.
Consolidated Statement of Comprehensive Income
For the year ended 30 June 2017
2017 2016
Notes GBP'000 GBP'000
Revenue
Revenue from services
264 221
Other operating income
Unrealised profit on the revaluation
of investments 2,045 1,809
Total revenue 2,309 2,030
Administrative expenses (1,082) (900)
Profit from operations 1,227 1,130
Interest income on short term deposits 2 1
Profit from operations and before
tax 1,229 1,131
Taxation 3 - -
Profit and total comprehensive income
attributable to
-------- --------
the equity holders of the parent 1,229 1,131
======== ========
Profit per share attributable to
the equity holders of the Company:
Basic earnings per share 4 3.73p 4.08p
Diluted earnings per share 4 3.63p 4.04p
All of the Group's activities are classed as continuing.
There is no other comprehensive income in the year (2016:
nil).
consolidated Statement of Financial Position
At 30 June 2017
2017 2016
Notes GBP'000 GBP'000
Assets
Non-current assets
Tangible fixed assets 5 2
Goodwill 1,966 1,966
Financial assets at fair value through
profit and loss 5 6,751 4,673
Trade receivables 321 144
--------- --------
9,043 6,785
--------- --------
Current assets
Trade receivables and other current
assets 537 223
Cash and cash equivalents 2,329 771
--------- --------
2,866 994
--------- --------
Total assets 11,909 7,779
--------- --------
Liabilities
Current liabilities
Trade and other payables (150) (111)
---------
(150) (111)
---------
Net assets 11,759 7,668
========= ========
Equity
Called up share capital 3,828 3,078
Share premium account 7,789 5,729
Reverse acquisition reserve (1,667) (1,667)
Share based payment reserve 130 78
Retained earnings 1,679 450
--------- --------
Total equity 11,759 7,668
========= ========
Consolidated Statement of Changes in Equity
For the year ended 30 June 2017
Share- Total
Share Reverse based equity
Share premium acquisition payment Retained attributable
capital account reserve reserve earnings to
equity
holders
of the
Company
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 July 2015 2,660 5,200 (1,667) 45 (681) 5,557
Issue of shares 418 529 - - - 947
Share-based
payments - - - 33 - 33
Profit/total
comprehensive
income for the
year - - - - 1,131 1,131
At 30 June 2016 3,078 5,729 (1,667) 78 450 7,668
---------- ---------- -------------- --------- ----------- --------------
Issue of shares 750 2,060 - - - 2,810
Share-based
payments - - - 52 - 52
Profit/total
comprehensive
income for the
year - - - - 1,229 1,229
At 30 June 2017 3,828 7,789 (1,667) 130 1,679 11,759
========== ========== ============== ========= =========== ==============
Consolidated Statement of Cash Flows
For the year ended 30 June 2017
Group Group
2017 2016
GBP'000 GBP'000
Cash flows from operating activities
Cash used in operations (1,214) (805)
Taxation paid - -
----------
Net cash used in operating activities (1,214) (805)
---------- --------
Cash flows from investing activities
Purchase of tangible fixed assets (5) (2)
Purchase of financial assets at fair
value through profit and loss (33) (5)
Net cash used in investing activities (38) (7)
---------- --------
Cash flows from financing activities
Proceeds from issue of equity shares 3,000 1,003
Costs of share issue (190) (56)
Net cash generated from financing
activities 2,810 947
---------- --------
Net increase in cash and cash equivalents 1,558 135
Cash and cash equivalents at beginning
of year 771 636
Cash and cash equivalents at end of
year 2,329 771
========== ========
Notes
1. General Information
This preliminary announcement was approved for issue by a duly
appointed and authorised committee of the Board of Directors on 23
October 2017.
2. Basis of preparation
The financial information set out in this announcement does not
constitute statutory financial statements for the year ended 30
June 2017 or 30 June 2016.
The report of the auditor on the statutory financial statements
for each of the years ended 30 June 2017 and 30 June 2016 did not
contain statements under section 498(2) or (3) of the Companies Act
2006. The statutory financial statements for the year ended 30 June
2016 have been delivered to the Registrar of Companies. The
financial statements for the year ended 30 June 2017 will be
delivered to the Registrar of Companies following the Company's
Annual General Meeting.
The Directors continue to adopt the going concern basis in
preparing the group's financial statements.
While the financial information included in this preliminary
announcement has been prepared in accordance with the recognition
and measurement principles of International Financial Reporting
Standards (IFRS) as adopted by the European Union, this
announcement does not itself contain sufficient information to
comply with IFRS.
3. Taxation
There is no charge to taxation for the year ended 30 June 2017
(2016: Nil) due to the Group making a taxable loss.
The Group's deferred tax assets, other than those relating to
short term timing differences, are not recognised in accordance
with Group policy.
4. Earnings per share
(a) Basic
Basic earnings per share is calculated by dividing the profit
attributable to the shareholders of Frontier IP Group Plc by the
weighted average number of shares in issue during the year.
Profit Weighted Basic
attributable average earnings
to shareholders number per share
GBP'000 of shares amount
in pence
Year ended 30 June 2017 1,229 32,983,190 3.73
----------------- ----------- -----------
Year ended 30 June 2016 1,131 27,722,650 4.08
----------------- ----------- -----------
(b) Diluted
Diluted earnings per share is calculated by adjusting the
weighted number of ordinary shares outstanding to assume conversion
of all dilutive potential ordinary shares. The Company has only one
category of dilutive potential ordinary shares: share options. A
calculation is done to determine the number of shares that could
have been acquired at fair value (determined as the average annual
market value share price of the Company's shares) based on the
monetary value of the subscription rights attached to outstanding
share options. The number of shares calculated as above is compared
with the number of shares that would have been issued assuming the
exercise of the share options.
Profit Weighted Diluted
attributable average earnings
to shareholders number per share
GBP'000 of shares amount
adjusted in pence
for share
options
Year ended 30 June 2017 1,229 33,897,226 3.63
----------------- ----------- -----------
Year ended 30 June 2016 1,131 27,998,277 4.04
----------------- ----------- -----------
5. Financial assets at fair value through profit and loss
2017 2016
GBP'000 GBP'000
At 1 July 2016 4,673 2,859
Additions 33 5
Fair value increase 2,045 1,809
-------- --------
At 30 June 2017 6,751 4,673
======== ========
The investments held are valued individually at fair value in
accordance with the Group's accounting policy on investments and
have been categorised as being level 3, that is, valued using
unobservable inputs. All gains and losses relate to assets held at
the year end, and the fair value movement has been shown in the
income statement as other operating income.
Financial assets at fair value through profit and loss comprise
the following:
2017 2016
GBP'000 GBP'000
Limited partnership interests 22 22
Unquoted equity investments 6,729 4,651
-------- --------
6,751 4,673
======== ========
The movement during the year is set out below:
Limited Partnership Interests 2017 2016
GBP'000 GBP'000
At 1 July 22 47
Additions during the year 2 5
Fair value decreases during the
year (2) (30)
-------- --------
At 30 June 22 22
======== ========
Unquoted Equity Investments 2017 2016
GBP'000 GBP'000
At 1 July 4,651 2,812
Additions during the year 31 -
Fair value increases during the
year 2,069 2,045
Fair value decreases during the
year (22) (206)
-------- --------
At 30 June 6,729 4,651
======== ========
6. Availability of statutory financial statements
Copies of the full statutory financial statements will be
available from the Company's offices at 93 George Street, Edinburgh
EH2 3ES no later than 8 November 2017 and are available on its
website at www.frontierip.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR MJBMTMBJTTBR
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