Edinburgh-based Frontier IP said its revenue increased 41% to £1.19 million and profit before tax increased 67% to £524,000 in the six months to December 31.

Frontier IP is an AIM-listed specialist asset management group which provides consultancy services to assist universities and research organisations in the commercialisation of intellectual property arising from their research.

The firm said the fair value of its portfolio was up 19% to just more than £8 million.

Frontier IP CEO Neil Crabb said: “These encouraging results and, in particular, the near 50% growth in the value our portfolio value year-on-year increasingly demonstrate the strength of our business model.

“By involving industry in our spin-out companies at an early stage of the commercialisation process, we’re able to ensure the technology developed meets real needs.

“This approach is now clearly delivering value for all our stakeholders.

“I am confident we’ll make further strides forward in the second half of the year.”