Frontier in the red after hiring

Frontier IP, the Edinburgh-based company that helps universities to commercialise their research, sank into the red in the first half of its financial year after hiring extra staff.

The firm yesterday posted a pre-tax loss of £187,000 for the six months to 31 December, after a slim £69,000 profit in the first half of the previous year.

The firm – which works with Dundee University, the Robert Gordon University in Aberdeen and Plymouth University – said the previous year had benefited from gains on its investments.

Revenues fell to £119,000 from £296,000 after lower investment gains this time around, while fee income was flat at £80,000.

Frontier was spun out of Sigma Capital, the investment firm backed by Sir Tom Hunter, in 2009 and switched stock markets last year from Plus to Aim.