Last checked at 19 Jul 2021 07:00
19 July 2021
Frontier Royalty Agreement and Notice of Interim Results
Frontier Smart Technologies was acquired by Science Group plc in 2019. The original technology used by Frontier was developed by Imagination Technologies Limited ("Imagination") and Frontier has paid licence royalties to Imagination on a quarterly basis. For the year ended 31 December 2020, such royalty payments totalled $1.0 million.
As part of the Frontier strategy review, agreement has now been reached with Imagination to settle all future royalties associated with the use of the licensed technology in consumer electronics (including DAB radio broadcast) for a single payment of $6.0 million.
This agreement is effective 1 July 2021 and is anticipated to be earnings enhancing in the second half of the current year and beyond.
Interim Results
The results for the 6 month period ending 30 June 2021 are anticipated to be released on Monday 26 July 2021.
End
Science Group plc Tel : +44 (0) 1223 875200
Martyn Ratcliffe, Chairman
Stifel Nicolaus Europe Limited (Nominated Adviser & Broker) Tel : +44 (0) 20 7710 7600
Nick Adams, Alex Price
Liberum Capital Limited (Joint Broker) Tel: +44 (0) 20 3100 2000
Neil Patel, Cameron Duncan
This announcement contains inside information. The person responsible for this announcement is Martyn Ratcliffe.