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BVXP Bioventix Plc

4,450.00
0.00 (0.00%)
Last Updated: 07:47:10
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Bioventix Plc LSE:BVXP London Ordinary Share GB00B4QVDF07 ORD 5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 4,450.00 4,400.00 4,500.00 4,450.00 4,450.00 4,450.00 8,914 07:47:10
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Coml Physical, Biologcl Resh 12.82M 8.37M 1.6071 27.69 231.82M

Bioventix Plc Interim Results

27/03/2017 7:00am

UK Regulatory


 
TIDMBVXP 
 
Bioventix plc 
 
              UNAUDITED INTERIM RESULTS FOR THE SIX MONTHSED 
                               31 DECEMBER 2016 
 
Bioventix plc (BVXP) ("Bioventix" or "the Company"), a UK company specialising 
in the development and commercial supply of high-affinity monoclonal antibodies 
for applications in clinical diagnostics, announces its unaudited interim 
financial results for the six-month period ending 31 December 2016. 
 
                                  HIGHLIGHTS 
 
  * Turnover:                                            + 32% to GBP3.12M (H2 
    2015: GBP2.37M) 
  * Profit before tax:                              +49% to GBP2.48M (H2 2015: GBP 
    1.67M) 
  * Profit after tax:                                 +41% to GBP1.98M (H2 2015:GBP 
    1.40M) 
  * Cash at 31 Dec:                                  +0.54M to GBP5.15M (2015: GBP 
    4.61M) 
  * Interim dividend per share:        +21% to 20p (March 2016: 16.5p) 
 
                   CHAIRMAN AND CHIEF EXECUTIVE'S STATEMENT 
 
We are pleased to report the interim results for the half-year ended 31 
December 2016.  Revenues for the half-year period of GBP3.12M (H2 2015:GBP2.37M) 
were up 32% and profits before tax of GBP2.48M (H2 2015 GBP1.67M) were up 49% for 
the comparable period in the previous year. 
 
Revenue growth compared to the comparable half year has come from our vitamin D 
antibody (vitD3.5H10) in the form of increased physical antibody sales and 
royalties.  The roll out of our customer's vitamin D assay products has 
advanced further towards completion. 
 
As mentioned in our last report in October 2016, Bioventix revenues arriving in 
global currencies converted at post-Brexit referendum exchange rates give an 
uplift in reported sterling revenues of 15-20% as no hedging mechanisms are 
employed.  The 2015/16 annual accounts featured such an effect for 1H.2016 
compared to 1H.2015 and a similar effect accounts for some of the growth in the 
reporting period - 2H.2016 compared to 2H.2015. 
 
Shipments to China have continued at a high frequency with the majority of 
antibodies being used for R&D purposes.  Whilst revenues from China remain 
modest, we remain optimistic that our antibodies are proving to be successful. 
 
Cash flows remained strong and our cash balance increased significantly to GBP 
5.15M at 31 December 2016 (2015: GBP4.61M). 
 
Future developments 
 
We reported in October on the progress of our troponin partner Siemens 
Healthcare Diagnostics and a high sensitivity troponin test which features a 
Bioventix-created antibody.  Whilst the exact timing of a Siemens product 
launch is confidential Siemens information and will be dependent on their 
discussions with global regulatory authorities, the Board expects to hear news 
later in 2017 relating to their ex-US activities.  Significant troponin 
revenues during the financial year 2017/2018 are expected to offset the loss of 
revenues of around GBP800,000 from another product due to the expiry of the 
relevant agreement. 
 
Dividend Policy 
 
The Board continues to follow a progressive dividend policy that embraces 
continuity.  For the current half-year, the Board is pleased to announce a 
first interim dividend of 20p which represents a 21% increase on the previous 
half-year. 
 
The shares will be marked ex dividend on 6th April and the dividend will be 
paid on 21st April to shareholders on the register at close of business on 7th 
April. 
 
Conclusion 
 
We are delighted to be able to report such positive news for the current 
half-year.  We are pleased with the continued success of our vitamin D antibody 
and remain optimistic about our troponin project and the success of Siemens as 
their product launches around the world. 
 
For further information please contact: 
 
Bioventix plc                                     Tel: 01252 728 001 
Peter Harrison           Chief Executive Officer 
 
finnCap Ltd                                       Tel: 020 7220 0500 
Geoff Nash/Simon Hicks   Corporate Finance 
Stephen Norcross         Corporate Broking 
 
About Bioventix plc: 
 
Bioventix (www.bioventix.com) specialises in the development and commercial 
supply of high-affinity monoclonal antibodies with a primary focus on their 
application in clinical diagnostics, such as in automated immunoassays used in 
blood testing. The antibodies created at Bioventix are generated in sheep and 
are of particular benefit where the target is present at low concentration and 
where conventional monoclonal or polyclonal antibodies have failed to produce a 
suitable reagent. Bioventix currently offers a portfolio of antibodies to 
customers for both commercial use and R&D purposes, for the diagnosis or 
monitoring of a broad range of conditions, including heart disease, cancer, 
fertility, thyroid function and drug abuse. Bioventix currently supplies 
antibody products and services to the majority of multinational clinical 
diagnostics companies. Bioventix is based in Farnham, UK and its shares are 
traded on AIM under the symbol BVXP. 
 
The information communicated in this announcement contains inside information 
for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014. 
 
 
 
 
 
                                 BIOVENTIX PLC 
 
                       STATEMENT OF COMPREHENSIVE INCOME 
 
                for the six month period ended 31 December 2016 
 
                                                          Six months      Six months 
                                                               ended           ended 
                                                              31 Dec     31 Dec 2015 
                                                                2016 
 
                                                                   GBP               GBP 
 
TURNOVER                                                   3,124,841       2,370,841 
 
 
Cost of sales                                              (217,820)       (259,132) 
 
                                                           2,907,021 
GROSS PROFIT                                                               2,111,709 
 
Administrative expenses                                    (445,919)       (444,912) 
 
OPERATING PROFIT                                           2,461,102       1,666,797 
 
Interest receivable                                           23,117           3,393 
 
Interest payable                                               (253)         (2,083) 
 
PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION              2,483,966       1,668,107 
 
Tax on profit on ordinary activities                       (504,822)       (270,281) 
 
 
 
PROFIT FOR THE FINANCIAL PERIOD                            1,979,144       1,397,826 
 
 
Earnings per share for the period: 
 
Basic                                                         39.01p          27.67p 
 
Diluted                                                       38.67p          27.20p 
 
 
                                 BIOVENTIX PLC 
 
                                 BALANCE SHEET 
 
                            as at 31 December 2016 
 
                                                        31 Dec 2016      31 Dec 2015 
 
                                                                  GBP                GBP 
 
 
FIXED ASSETS 
 
Intangible fixed assets                                           0                0 
 
Tangible fixed assets                                       458,377          470,541 
 
Investments                                                 195,560              411 
 
                                                            653,937          470,952 
 
 
CURRENT ASSETS 
 
Stocks                                                      233,650          181,597 
 
Debtors                                                   2,612,288        2,013,504 
 
Cash at bank and in hand                                  5,148,037        4,611,800 
 
                                                          7,993,975        6,806,901 
 
CREDITORS: amounts falling due within one                 (631,703)        (343,063) 
year 
 
 
 
 
NET CURRENT ASSETS                                        7,362,272        6,463,838 
 
TOTAL ASSETS LESS CURRENT LIABILITIES                     8,016,209        6,934,790 
 
 
PROVISIONS FOR LIABILITIES 
 
Deferred Tax                                                 17,078           17,897 
 
NET ASSETS                                                7,999,131        6,916,893 
 
 
CAPITAL AND RESERVES 
 
Called up share capital                                     254,933          252,546 
 
Share premium account                                       224,942           78,426 
 
Capital redemption reserve                                    1,231            1,231 
 
Profit and loss account                                   7,518,025        6,584,690 
 
SHAREHOLDERS' FUNDS                                       7,999,131        6,916,893 
 
 
 
 
                                 BIOVENTIX PLC 
 
STATEMENT OF CASH FLOWS 
 
for the six month period ended 31 December 2016 
 
                                                   31 Dec 2016            31 Dec 2015 
 
                                                             GBP                      GBP 
 
 
CASHFLOW FROM OPERATING ACTIVITIES 
 
Cash flows from operating                            2,461,102              1,666,797 
activities 
Profit for the financial year 
 
Amortisation of intangible assets                            -                      - 
 
Depreciation of tangible fixed                          18,215                 18,396 
assets 
 
Taxation                                             (414,747)              (187,917) 
 
Increase / (increase) in stocks                       (34,718)                 11,373 
 
Decrease in debtors                                     68,200                 72,866 
 
(Decrease) in creditors                                (4,164)               (35,045) 
 
Share option charge                                      9,094                 25,944 
 
Net cash generated from operating                    2,102,982              1,572,414 
activities 
 
 
 
                                                       (9,505)                (1,545) 
Purchase of tangible fixed assets 
 
Purchase of listed and other investments             (152,230)                      0 
 
Interest received                                       23,117                  3,393 
 
Net cash from investing activities                   (138,618)                  1,848 
 
Cash flows from financing activities 
 
Issue of ordinary shares                                 2,387                      0 
 
Movement on share premium account                      146,516                      0 
 
Dividends paid                                     (2,345,382)            (1,091,001) 
 
Interest paid                                            (253)                (2,083) 
 
Net cash used in financing activities              (2,196,732)            (1,093,084) 
 
Cash and cash equivalents at the beginning           5,380,405              4,130,622 
of the year 
 
Cash and cash equivalents at the end of              5,148,037              4,611,800 
the year 
 
Cash and cash equivalents at the end of 
the year comprise: 
 
Cash at bank and in hand                             5,148,037              4,611,800 
 
 
 
 
                                 BIOVENTIX PLC 
 
                      Notes to the financial information 
 
1.    While the interim financial information has been prepared using the 
company's accounting policies and in accordance with Financial Reporting 
Standard 102 (FRS 102), the announcement does not itself contain sufficient 
information to comply with FRS 102. 
 
2.    This interim financial statement has not been audited or reviewed by the 
auditors. 
 
3.    The accounting policies which were used in the preparation of this 
interim financial information were as follows: 
 
3.1     Basis of preparation of financial statements 
 
          The financial statements have been prepared under the historical cost 
convention and in accordance with applicable accounting standards. 
 
3.2     Turnover 
 
          Turnover is recognised for product supplied or services rendered to 
the extent that it is probable that the economic benefits will flow to the 
Company and the turnover can be reliably measured. Turnover is measured as the 
fair value of the consideration received or receivable, excluding discounts, 
rebates, value added tax and other sales taxes. The following criteria 
determine when turnover will be recognised: 
 
3.2.1     Direct sales 
 
            Direct sales are recognized at the date of dispatch. 
 
3.2.2     R&D income 
 
            Subcontract R&D income is recognised based upon the stage of 
completion at the year-end. 
 
3.2.3     Licence revenue 
 
            Annual licence revenue is recognised, in full, based upon the date 
of the invoice, and royalties are accrued over the period to which they relate 
 
3.3     Intangible fixed assets and amortization 
 
          Goodwill is the difference between amounts paid on the acquisition of 
a business and the fair value of the identifiable assets and liabilities. It is 
amortised to the Profit and loss account over its estimated economic life. 
 
         Amortisation is provided at the following rates: 
 
 
               Goodwill                  -   Over 10 years 
 
               Know how                  -   Over 10 years 
 
3.4      Tangible fixed assets and depreciation 
 
 
           Tangible fixed assets are stated at cost less depreciation.  Depreciation is 
           not charged on freehold land. Depreciation on other tangible fixed assets is 
           provided at rates calculated to write off the cost of those assets, less their 
           estimated residual value, over their expected useful lives on the following 
           bases: 
 
                      Freehold property           -    2% straight line 
 
                      Plant and equipment         -    25% reducing balance 
 
                      Motor Vehicles              -    25% straight line 
 
                      Equipment                   -    25% straight line 
 
 
3.5      Valuation of investments 
 
           Investments in unlisted Company shares, whose market value can be 
reliably determined, are remeasured to market value at each balance sheet date. 
Gains and losses on remeasurement are recognised in the Profit and loss account 
for the period. Where market value cannot be reliably determined, such 
investments are stated at historic cost less impairment. 
 
3.6      Stocks 
 
           Stocks are stated at the lower of cost and net realisable value, 
being the estimated selling price less costs to complete and sell. Cost 
includes all direct costs and an appropriate proportion of fixed and variable 
overheads. 
 
           At each balance sheet date, stocks are assessed for impairment. If 
stock is impaired, the carrying amount is reduced to its selling price less 
costs to complete and sell. The impairment loss is recognised immediately in 
profit or loss. 
 
3.7      Debtors 
 
           Short term debtors are measured at transaction price, less any 
impairment. Loans receivable are measured initially at fair value, net of 
transaction costs, and are measured subsequently at amortised cost using the 
effective interest method, less any impairment. 
 
3.8      Cash and cash equivalents 
 
           Cash is represented by cash in hand and deposits with financial 
institutions repayable without penalty on notice of not more than 24 hours. 
Cash equivalents are highly liquid investments that mature in no more than 
three months from the date of acquisition and that are readily convertible to 
known amounts of cash with insignificant risk of change in value. 
 
           In the Statement of cash flows, cash and cash equivalents are shown 
net of bank overdrafts that are repayable on demand and form an integral part 
of the Company's cash management. 
 
3.9      Financial instruments 
 
           The Company only enters into basic financial instruments 
transactions that result in the recognition of financial assets and liabilities 
like trade and other accounts receivable and payable, loans from banks and 
other third parties, loans to related parties and investments in non-puttable 
ordinary shares. 
 
3.10    Creditors 
 
           Short term creditors are measured at the transaction price. Other 
financial liabilities, including bank loans, are measured initially at fair 
value, net of transaction costs, and are measured subsequently at amortised 
cost using the effective interest method. 
 
3.11    Foreign currency translation 
 
           3.11.1     Functional and presentation currency 
 
                         The Company's functional and presentational currency 
is GBP. 
 
           3.11.2     Transactions and balances 
 
           Foreign currency transactions are translated into the functional 
currency using the spot exchange rates at the dates of the transactions. 
 
           At each period end foreign currency monetary items are translated 
using the closing rate. Non-monetary items measured at historical cost are 
translated using the exchange rate at the date of the transaction and 
non-monetary items measured at fair value are measured using the exchange rate 
when fair value was determined. 
 
3.12    Finance costs 
 
           Finance costs are charged to the Profit and loss account over the 
term of the debt using the effective interest method so that the amount charged 
is at a constant rate on the carrying amount. Issue costs are initially 
recognised as a reduction in the proceeds of the associated capital instrument. 
 
3.13    Dividends 
 
Equity dividends are recognised when they become legally payable. Interim 
equity dividends are recognised when paid. Final equity dividends are 
recognised when approved by the shareholders at an annual general meeting. 
Dividends on shares recognised as liabilities are recognised as expenses and 
classified within interest payable. 
 
3.14    Employee benefits-share-based compensation 
 
           The company operates an equity-settled, share-based compensation 
plan. The fair value of the employee services received in exchange for the 
grant of the options is recognised as an expense over the vesting period. The 
total amount to be expensed over the vesting period is determined by reference 
to the fair value of the options granted. At each balance sheet date, the 
company will revise its estimates of the number of options are expected to be 
exercisable. It will recognise the impact of the revision of original 
estimates, if any, in the profit and loss account, with a corresponding 
adjustment to equity. The proceeds received net of any directly attributable 
transaction costs are credited to share capital (nominal value) and share 
premium when the options are exercised. 
 
3.15    Pensions 
 
           Defined contribution pension plan 
 
           The Company operates a defined contribution plan for its employees. 
A defined contribution plan is a pension plan under which the Company pays 
fixed contributions into a separate entity. Once the contributions have been 
paid the Company has no further payments obligations. 
 
3.16    Interest income 
 
           Interest income is recognised in the Profit and loss account using 
the effective interest method. 
 
3.17    Provisions for liabilities 
 
           Provisions are made where an event has taken place that gives the 
Company a legal or constructive obligation that probably requires settlement by 
a transfer of economic benefit, and a reliable estimate can be made of the 
amount of the obligation. 
 
           When payments are eventually made, they are charged to the provision 
carried in the Balance sheet. 
 
3.18    Current and deferred taxation 
 
           The tax expense for the year comprises current and deferred tax. Tax 
is recognised in the Profit and loss account, except that a change attributable 
to an item of income and expense recognised as other comprehensive income or to 
an item recognised directly in equity is also recognised in other comprehensive 
income or directly in equity respectively. 
 
           The current income tax charge is calculated on the basis of tax 
rates and laws that have been enacted or substantively enacted by the balance 
sheet date in the countries where the Company operates and generates income. 
 
           Deferred tax balances are recognised in respect of all timing 
differences that have originated but not reversed by the Balance sheet date, 
except that: 
 
·      The recognition of deferred tax assets is limited to the extent that it 
is probable that they will be recovered against the reversal of deferred tax 
liabilities or other future taxable profits; and 
 
·      Any deferred tax balances are reversed if and when all conditions for 
retaining associated tax allowances have been met. 
 
Deferred tax balances are not recognised in respect of permanent differences 
except in respect of business combinations, when deferred tax is recognised on 
the differences between the fair values of assets acquired and the future tax 
deductions available for them and the differences between the fair values of 
liabilities acquired and the amount that will be assessed for tax. Deferred tax 
is determined using tax rates and laws that have been enacted or substantively 
enacted by the balance sheet date. 
 
3.19    Research and development 
 
Research and development expenditure is written off in the year in which it is 
incurred. 
 
 
 
END 
 

(END) Dow Jones Newswires

March 27, 2017 02:00 ET (06:00 GMT)

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