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Bioventix Plc LSE:BVXP London Ordinary Share GB00B4QVDF07 ORD 5P
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Pharmaceuticals & Biotechnology 10.3 8.2 139.4 24.0 175

Bioventix Plc Final Results

17/10/2016 7:00am

UK Regulatory (RNS & others)


 
TIDMBVXP 
 
Bioventix plc 
                        ("Bioventix" or the "Company") 
 
              Preliminary results for the year ended 30 June 2016 
 
Bioventix plc (BVXP), a UK company specialising in the development and 
commercial supply of high-affinity monoclonal antibodies for applications in 
clinical diagnostics, announces its audited results for the year ended 30 June 
2016. 
 
Highlights: 
 
  * Revenue up 27% to GBP5.5 million 
  * Profit before tax up 35% to GBP4.2 million 
  * Cash up GBP1.25 million to GBP5.4 million 
  * Second interim dividend of 26p per share (2015: 21.6p) 
  * Special dividend of 20p per share 
 
Business review 
 
We are pleased to report another set of excellent results for the financial 
year ended 30 June 2016. Most significantly, revenues for the year of GBP5.5 
million (2014/15: GBP4.3 million) were 27% up on the previous year. Profits also 
increased significantly by 35% at GBP4.2 million (2014/15: GBP3.1 million). Despite 
increased dividend distribution, cash balances during the year increased by GBP 
1.25 million to GBP5.4 million. 
 
As in recent years, much of the revenue growth 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 products for vitamin D testing 
throughout world markets has progressed further during the year. This roll out 
process has advanced but is not yet quite complete and we remain optimistic 
that revenues from vitD3.5H10 will continue to grow modestly over the next 
year. 
 
Our main non vitamin D business comprises (in order of importance) antibodies 
to NT proBNP (heart failure), testosterone, FT3 (thyroid hormone), estradiol, 
various drugs (eg THC/cannabis) and progesterone. The revenues from this core 
business have remained robust and have provided a firm base for the growth that 
has come from vitamin D. 
 
Of the new antibodies added to the product portfolio over the last few years an 
antibody to androstenedione, an androgenic steroid that is related to 
testosterone has started to generate material revenues. The testing volumes for 
androstenedione at hospitals are lower than for testosterone and so revenues 
are likely to be of lower value than testosterone in the future as sales grow. 
 
Approximately three quarters of Bioventix sales are generated from customer 
royalties. These are based on our customers' global sales which are then 
factored by a royalty percentage and then sent to Bioventix around 2 months 
after the end of each half year. In the first half of 2016, this mechanism 
resulted in $ based and Euro based royalties being converted into sterling 
around August at post Brexit exchange rates of approximately 1.3$/GBP and 1.2Euro 
/GBP. As no hedging mechanisms are employed, this provided an additional uplift 
in reported sterling revenues compared to previous periods. 
 
Physical antibody despatches to China have continued during the year at an 
increased frequency. There are a myriad of emerging Chinese diagnostics 
companies, both small and larger, that are developing diagnostics products for 
the Chinese and other global markets. We sell products into this market via 
some direct sales, but mainly through approved distributors with whom we have 
long term relationships. Whilst nearly all of the supplies are for R&D use, two 
Chinese companies are now approaching the commercial phase and we now have two 
recently signed royalty bearing contracts with these companies. We anticipate 
modest revenues from such Chinese companies as commercial progress will require 
a few years to advance. The Bioventix revenue model featuring royalties is not 
adopted by other reagent suppliers and is considered unusual in China. We are 
very aware of the future challenge to manage and monitor our royalty agreements 
and supplies in this market. 
 
Future developments 
 
We recently reported on the progress of our troponin partner Siemens Healthcare 
Diagnostics and a high sensitivity troponin test which features a Bioventix 
created antibody. The Board is encouraged by their recent development 
activities as mentioned in a scientific presentation at the August 2016 
American Association of Clinical Chemistry. Troponin remains an important 
product for Bioventix's future performance as we expect to commence significant 
sales during the financial year 2017/2018 and we anticipate that this revenue 
will offset revenues of GBP0.7 million - GBP0.8 million from another product which 
will terminate during this period. 
 
More recent sponsored projects have been in the field of infectious disease and 
in the field of cancer diagnostics. We will know more about the technical 
success of these projects over the coming years. 
 
Regarding longer term research projects, we have two separate research 
activities with two different groups that both happen to be based in Oslo. The 
secretoneurin (heart disease) project with CardiNor has been running for almost 
two years and has made significant technical progress. As with all such 
research, there has been a combination of exciting and unforeseen data. We 
remain fully committed to exploring the diagnostic utility of secretoneurin 
together with our Norwegian partners. 
 
Our collaboration with Pre Diagnostics in the field of beta amyloid and 
Alzheimers diagnostics is at a much earlier stage and we hope to report more on 
this next year. We have made modest investments in both Oslo companies as part 
of our commitments to these projects. 
 
Whilst the composition of the Bioventix team has remained stable over the last 
two years facilitating excellent performance and know how retention, we have 
recruited two additional graduates having identified excellent candidates 
during the Autumn. This takes our total head count to 13 full time equivalents 
and will help us strengthen further our research elements. 
 
The continued outstanding performance of the Company in a globally competitive 
market for antibodies is very satisfying. Our sheep monoclonal antibody 
technology continually delivers high performance antibodies to our customers. 
However, the operation of the antibody technology is made possible by the 
efforts of our expert staff and we would like to thank them for their 
remarkable achievements over the last year. 
 
Dividend policy 
 
Over the previous years, the Board has followed a cautious dividend policy that 
embraces continuity in the absence of special dividends. It is the general 
intention of the Board to continue with this policy into the future. 
 
Dividends have increased over recent years (2014: 24p; 2015: 32.6p) as profits 
and cash flows have increased. For the current year, the Board is pleased to 
announce a second interim dividend of 26p which when added to the first interim 
dividend of 16.5p makes a total of 42.5p for the current year. 
 
The outstanding financial performance reported above has resulted in a 
significant increase in cash reserves. Our policy is to hold sufficient cash to 
facilitate operational and strategic agility and to ensure that any possible 
variation in future revenue trajectory is unlikely to impinge on our dividend 
policy which we know to be important for shareholders. Due to the exceptional 
financial performance, we have decided to distribute funds which are surplus to 
our strategic requirements, and accordingly, we are pleased to announce a 
special dividend of 20p per share. 
 
The shares will be marked ex dividend on 27th October 2016 and both the second 
interim dividend and the special dividend will be paid on 11th November 2016 to 
shareholders on the register at close of business on 28th October 2016. 
 
Conclusion 
 
We are delighted to be able to report such positive news for the current year. 
Furthermore, we remain optimistic that further modest growth next year will 
come from additional vitamin D antibody sales and royalties. Beyond that, 
growth in the period 2017 2020 will be linked to our troponin project and the 
success of Siemens in their product launches around the world. We continue our 
research activities as we look to seed additional projects that will germinate 
in the period 2020 2030 creating additional shareholder value. 
 
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. 
 
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEARED 30 JUNE 2016 
 
                                                                      2016        2015 
 
                                                                         GBP           GBP 
 
 Turnover                                                        5,517,217   4,333,221 
 
 Cost of sales                                                   (494,880)   (320,464) 
 
 Gross profit 
                                                                 5,022,337   4,012,757 
 
 Administrative expenses                                         (816,946)   (915,164) 
 
 Operating profit 
                                                                 4,205,391   3,097,593 
 
 Interest receivable and similar income                             13,694       9,972 
 
 Interest payable and expenses                                       (164)     (1,872) 
 
 Profit before tax 
                                                                 4,218,921   3,105,693 
 
 Tax on profit                                                   (724,493)   (548,227) 
 
 Profit for the year 
                                                                 3,494,428   2,557,466 
 
 Other comprehensive income for the year 
 
 Total comprehensive income for the year 
                                                                 3,494,428   2,557,466 
 
Earnings per share: 
 
Basic                                                               69.18p      50.66p 
 
Diluted                                                             67.95p      49.79p 
 
 
 
 
 
There were no recognised gains and losses for 2016 or 2015 other than those 
included in the statement of comprehensive income. 
 
 
BALANCE SHEET AS AT 30 JUNE 2016 
 
                                                         2016                     2015 
 
                                                   GBP            GBP           GBP             GBP 
 
 Fixed assets 
 
 Tangible assets                                          467,087                   487,804 
 
 Investments                                               43,330                         - 
 
                                                          510,417                   487,804 
 
 Current assets 
 
 Stocks                                      198,933                  192,970 
 
 Debtors: amounts falling due              2,685,475                2,090,573 
within one year 
 
 Cash at bank and in hand                  5,380,405                4,130,622 
 
 
                                           8,264,813                6,414,165 
 
 Creditors: amounts falling due            (549,908)                (297,526) 
within one year 
 
 Net current assets                                     7,714,905                 6,116,639 
 
 Total assets less current                                                        6,604,443 
liabilities                                             8,225,322 
 
 Provisions for liabilities 
 
 Deferred tax                               (17,949)                 (20,318) 
 
                                                         (17,949)                  (20,318) 
 
 Net assets                                                                       6,584,125 
                                                        8,207,373 
 
 Capital and reserves 
 
 Called up share capital                                  252,547                   252,547 
 
 Share premium account                                     78,426                    78,426 
 
 Capital redemption reserve                                 1,231                     1,231 
 
Profit and loss account             20                  7,875,169                 6,251,921 
 
                                                                                  6,584,125 
                                                        8,207,373 
 
 
STATEMENT OF CHANGES IN EQUITY FOR THE YEARED 30 JUNE 2016 
 
                                Called up        Share     Capital    Profit and Total equity 
                                    share      premium  redemption  loss account 
                                  capital      account     reserve 
 
                                        GBP            GBP           GBP             GBP            GBP 
 
 At 1 July 2015                   252,547       78,426       1,231     6,251,921    6,584,125 
 
  Comprehensive income for 
the year 
 
 Profit for the year                    -            -           -     3,494,428    3,494,428 
 
  Other comprehensive income            -            -           -             -            - 
for the year 
 
  Total comprehensive income            -            -           -     3,494,428 
for the year                                                                        3,494,428 
 
 Dividends: Equity capital              -            -           -   (1,924,405)  (1,924,405) 
 
 Share option charge                    -            -           -        53,225       53,225 
 
  Total transactions with               -            -           - 
owners                                                               (1,871,180)  (1,871,180) 
 
  At 30 June 2016                 252,547       78,426       1,231     7,875,169 
                                                                                    8,207,373 
 
 
STATEMENT OF CHANGES IN EQUITY FOR THE YEARED 30 JUNE 2015 
 
                                Called up        Share     Capital    Profit and Total equity 
                                    share      premium  redemption  loss account 
                                  capital      account     reserve 
 
                                        GBP            GBP           GBP             GBP            GBP 
 
 At 1 July 2014                   252,210       57,768       1,231     4,924,955    5,236,164 
 
  Comprehensive income for 
the year 
 
 Profit for the year                    -            -           -     2,557,466    2,557,466 
 
  Other comprehensive income            -            -           -             -            - 
for the year 
 
  Total comprehensive income            -            -           -     2,557,466 
for the year                                                                        2,557,466 
 
 Dividends: Equity capital              -            -           -   (1,281,967)  (1,281,967) 
 
 Shares issued during the             337       20,658           -             -       20,995 
year 
 
 Share option charge                    -            -           -        51,467       51,467 
 
  Total transactions with             337       20,658           - 
owners                                                               (1,230,500)  (1,209,505) 
 
  At 30 June 2015                 252,547       78,426       1,231     6,251,921 
                                                                                    6,584,125 
 
 
STATEMENT OF CASH FLOWS FOR THE YEARED 30 JUNE 2016 
 
                                                                     2016        2015 
 
                                                                        GBP           GBP 
 
 Cash flows from operating activities 
 
 Profit for the financial year                                  3,494,428   2,557,466 
 
 Adjustments for: 
 
 Depreciation of tangible assets                                   41,729      45,522 
 
 Loss on disposal of tangible assets                                    -       (514) 
 
 Interest paid                                                        164       1,872 
 
 Interest received                                               (13,694)     (9,972) 
 
 Taxation                                                         724,493     548,227 
 
 (Increase) in stocks                                             (5,963)    (28,863) 
 
 (Increase) in debtors                                          (594,901)   (270,220) 
 
 Increase in creditors                                             19,559      20,226 
 
 Corporation tax                                                (494,039)   (770,127) 
 
 Share option charge                                               53,225      51,467 
 
 Net cash generated from operating activities 
                                                                3,225,001   2,145,084 
 
 
 Cash flows from investing activities 
 
 Purchase of tangible fixed assets                               (21,012)   (113,750) 
 
 Sale of tangible fixed assets                                          -         681 
 
 Purchase of unlisted and other investments                      (43,330)           - 
 
 Interest received                                                 13,694       9,972 
 
 Net cash from investing activities 
                                                                 (50,648)   (103,097) 
 
 
 Cash flows from financing activities 
 
 Issue of ordinary shares                                               -      20,995 
 
 Dividends paid 
                                                              (1,924,405) (1,281,967) 
 
 Interest paid                                                      (164)     (1,872) 
 
 Net cash used in financing activities 
                                                              (1,924,569) (1,262,844) 
 
 Cash and cash equivalents at beginning of year                 4,130,622   3,351,479 
 
 Cash and cash equivalents at the end of year 
                                                                5,380,406   4,130,622 
 
 Cash and cash equivalents at the end of year comprise: 
 
 Cash at bank and in hand                                       5,380,405   4,130,622 
 
 
                                                                5,380,405   4,130,622 
 
 
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEARED 30 JUNE 2016 
 
1.       Accounting policies 
 
     1.1 Basis of preparation of financial statements 
 
The financial statements have been prepared under the historical cost 
convention and in accordance with Financial Reporting Standard 102, the 
Financial Reporting Standard applicable in the UK and the Republic of Ireland 
and the Companies Act 2006. 
 
The preparation of financial statements in compliance with FRS 102 requires the 
use of certain critical accounting estimates. It also requires management to 
exercise judgment in applying the Company's accounting policies. 
 
The following principal accounting policies have been applied: 
 
     1.2 Revenue 
 
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: 
 
 
Direct sales 
 
 
Direct sales are recognised at the date of dispatch. 
 
 
R&D income 
 
 
Subcontracted R&D income is recognised based upon the stage of completion at 
the year?end. 
 
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. 
 
     1.3 Intangible assets 
 
Goodwill 
 
Goodwill represents the difference between amounts paid on the cost of a 
business combination and the acquirer's interest in the fair value of its 
identifiable assets and liabilities of the acquiree at the date of acquisition. 
Subsequent to initial recognition, Goodwill is measured at cost less 
accumulated amortisation and accumulated impairment losses. Goodwill is 
amortised on a straight line basis to the Profit and loss account over its 
useful economic life. 
 
Other intangible assets 
 
Intangible assets are initially recognised at cost. After recognition, under 
the cost model, intangible assets are measured at cost less any accumulated 
amortisation and any accumulated impairment losses. 
 
All intangible assets are considered to have a finite useful life. If a 
reliable estimate of the useful life cannot be made, the useful life shall not 
exceed five years. 
 
 The estimated useful lives range as follows: 
 
               Goodwill                  ?   10     years 
 
               Know how                  ?   10     years 
 
 
 
 
     1.4 Tangible fixed assets 
 
Tangible fixed assets under the cost model are stated at historical cost less 
accumulated depreciation and any accumulated impairment losses. Historical cost 
includes expenditure that is directly attributable to bringing the asset to the 
location and condition necessary for it to be capable of operating in the 
manner intended by management. 
 
Depreciation is charged so as to allocate the cost of assets less their 
residual value over their estimated useful lives on the following basis: 
 
               Freehold property        ? 2%       straight line 
 
               Plant and equipment      ? 25%      reducing balance 
 
               Motor Vehicles           ? 25%      straight line 
 
               Equipment                ? 25%      straight line 
 
 
 
     1.5 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. 
 
     1.6 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. 
 
     1.7 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. 
 
     1.8 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. 
 
     1.9 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. 
 
     1.10 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. 
 
     1.11 Foreign currency translation 
 
Functional and presentation currency 
 
The Company's functional and presentational currency is GBP. 
 
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. 
 
     1.12 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. 
 
     1.13 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. 
 
     1.14 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. 
 
     1.15 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. 
 
The contributions are recognised as an expense in the Profit and loss account 
when they fall due. Amounts not paid are shown in accruals as a liability in 
the Balance sheet. The assets of the plan are held separately from the Company 
in independently administered funds. 
 
     1.16 Interest income 
 
Interest income is recognised in the Profit and loss account using the 
effective interest method. 
 
     1.17 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. 
 
 
Provisions are charged as an expense to the Profit and loss account in the year 
that the Company becomes aware of the obligation, and are measured at the best 
estimate at the Balance sheet date of the expenditure required to settle the 
obligation, taking into account relevant risks and uncertainties. 
 
 
When payments are eventually made, they are charged to the provision carried in 
the Balance sheet. 
 
     1.18 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. 
 
     1.19 Research and development 
 
Research and development expenditure is written off in the year in which it is 
incurred. 
 
 
2.   Judgments in applying accounting policies and key sources of estimation 
     uncertainty 
 
In the application of the company's accounting policies, management is required 
to make judgements, estimates and assumptions. These estimates and underlying 
assumptions are reviewed on an ongoing basis. 
 
 
There are no sources of estimation uncertainty that have a significant effect 
on the amounts recognised in the financial statements. 
 
  3.  Turnover 
 
     An analysis of turnover by class of business is as follows: 
 
                                                                       2016        2015 
 
                                                                          GBP           GBP 
 
      Product revenue and R&D income                              1,389,061   1,210,887 
 
      Royalty and licence fee income                              4,128,156   3,122,334 
 
 
                                                                  5,517,217   4,333,221 
 
 
 
 
                                                                       2016        2015 
 
                                                                          GBP           GBP 
 
      United Kingdom                                                313,712     246,840 
 
      Other EU                                                    1,754,400   1,735,902 
 
      Rest of the world                                           3,449,104   2,350,480 
 
 
                                                                  5,517,216   4,333,222 
 
  4.    Operating profit 
 
 
     The operating profit is stated after charging: 
 
 
                                                                       2016        2015 
 
                                                                          GBP           GBP 
 
      Depreciation of tangible fixed assets                          41,729      45,522 
 
      Fees payable to the Company's auditor and its associates        9,240      10,294 
     for the audit of the Company's annual financial statements 
 
      Exchange differences                                         (75,512)       7,766 
 
      Research and development costs written off                    713,715     511,821 
 
 
 
 5.   Taxation 
 
                                                                      2016       2015 
 
                                                                         GBP          GBP 
 
      Corporation tax 
 
       Current tax on profits for the year                         726,862    527,095 
 
      Adjustments in respect of previous periods                         -   (10,582) 
 
 
                                                                   726,862    516,513 
 
 
      Total current tax 
                                                                   726,862    516,513 
 
      Deferred tax 
 
       Origination and reversal of timing differences              (2,369)     31,714 
 
      Total deferred tax                                                       31,714 
                                                                   (2,369) 
 
      Taxation on profit on ordinary activities 
                                                                   724,493    548,227 
 
 
 
      Factors affecting tax charge for the year 
 
     The tax assessed for the year is lower than (2015 ? lower than) the standard 
     rate of corporation tax in the UK of 20% (2015: 20%). The differences are 
     explained below: 
 
                                                                      2016       2015 
 
                                                                         GBP          GBP 
 
       Profit on ordinary activities before tax                  4,218,921  3,105,693 
 
       Profit on ordinary activities multiplied by standard        843,784    621,139 
     rate of corporation tax in the UK of 20% (2015: 20%) 
 
      Effects of: 
 
       Expenses not deductible for tax purposes, other than         10,898     10,356 
     goodwill amortisation and impairment 
 
      Capital allowances for year in excess of depreciation          3,855   (14,092) 
 
      Short term timing difference leading to an increase          (2,368)     31,714 
     (decrease) in taxation 
 
      Other timing differences leading to an increase                    -     19,068 
     (decrease) in taxation 
 
      Adjustment in research and development tax credit leading  (131,676)  (114,508) 
     to an increase (decrease) in the tax charge 
 
      Tax deduction arising from exercise of employee options            -    (5,450) 
 
      Total tax charge for the year 
                                                                   724,493    548,227 
 
 
 
     Factors that may affect future tax charges 
 
There were no factors that may affect future tax charges. 
 
 6.   Dividends 
 
                                                                       2016        2015 
 
                                                                          GBP           GBP 
 
       Dividends paid                                             1,924,405   1,281,967 
 
 
                                                                  1,924,405   1,281,967 
 
 
 
7. 
      Share capital 
 
                                                                          2016         2015 
 
                                                                             GBP            GBP 
 
      Shares classified as equity 
 
      Allotted, called up and fully paid 
 
      5,050,931 (2015 ? 5,050,931) Ordinary shares of GBP0.05         252,547     252,547 
      each 
 
 
 
      The holders of ordinary shares are entitled to receive dividends as declared 
      and are entitled to one vote per share at meetings of the Company. All ordinary 
      shares rank equally with regard to the Company's residual assets. 
 
 
 
 
 
8.   Share based payments 
 
     During the year the company operated an Approved Share Option Scheme (the 
     "Option Scheme"), to incentivise employees. 
 
     The company have applied the requirements of FRS 102 Section 26 Share?based 
     Payment to all the options granted. The Option Scheme provides for a grant 
     price equal to the market value of the Company's shares on the date of the 
     grant, as agreed with HMRC Shares and Assets Valuation Division. 
 
     The contractual life of an option is 10 years from the date of grant. Options 
     granted become exercisable on the third anniversary of the date of grant. 
     Exercise of an option is normally subject to continued employment, but there 
     are also considerations for good leavers. All share based remuneration is 
     settled in equity shares. 
 
 
                                           Weighted     Number   Weighted     Number 
                                            average       2016    average       2015 
                                           exercise              exercise 
                                              price                 price 
                                            (pence)               (pence) 
                                               2016                  2015 
 
     Outstanding at the beginning of the    GBP3.66     87,743        GBP3.62     94,472 
     year 
 
     Granted during the year               GBP11.15      4,000                       - 
 
     Exercised during the year                             -        GBP3.12    (6,729) 
 
     Outstanding at the end of the year       GBP3.99     91,743      GBP3.66     87,743 
 
 
 
 
                                                                      2016       2015 
 
     Option pricing model used                                       Black      Black 
                                                                 Scholes      Scholes 
 
     Issue price                                                   GBP3.12?GBP    GBP3.12?GBP 
                                                                   11.60         6.40 
 
     Exercise price (pence)                                        GBP3.12?GBP    GBP3.12?GBP 
                                                                   11.60         6.40 
 
     Option life                                                  10 years   10 years 
 
 
     Expected volatility                                           17.47%?     33.82% 
                                                                  33.82% 
 
     Fair value at measurement date                                GBP1.50?GBP    GBP1.50?GBP 
                                                                    3.08         3.08 
 
     Risk?free interest rate                                       0.84%        2.47% 
 
      Expected volatility was based on past volatility since the shares have been 
     listed on AIM. 
     The expense recognised for share?based payments during the year ended 30 June 
     2016 was GBP53,225 (Year ended 30 June 2015: GBP51,467). 
     The number of staff holding share options at 30 June 2016 was 11. The share 
     options have been issued to underpin staff service conditions. 
 
 
 
9.   Earnings per share 
 
 The weighted average number of shares in issue for the basic earnings per 
share calculation is 5,050,931 (2015 5,048,479) and for the diluted earnings 
per share, assuming the exercise of all share options is 5,142,673 (2015 
5,136,221). 
The calculation of the basic earnings per shares is based on the profit for the 
period of GBP3,494,428 (2015 GBP2,557,466) divided by the weighted average number 
of shares in issue of 5,050,931 (2014 5,084,479), the basic earnings per share 
is 69.18p (2015 51.04p). The diluted earnings per share, assuming the exercise 
of all of the share options is based on 5,142,673 (2015 5,136,221) shares and 
is 67.95p (2015 50.17p). 
 
 10.  Publication of Non-Statutory Accounts  The financial information set out in 
     this preliminary announcement does not constitute the Group's financial 
     statements for the year ended 30 June 2016 and the year ended 30 June 2015. 
     The financial statements for the year ended 30 June 2015 have been delivered 
     to the Registrar of Companies. The financial statements for the year ended 30 
     June 2016 will be delivered to the Registrar of Companies following the 
     Company's Annual General Meeting. The auditors' report on both accounts was 
     unqualified, did not include references to any matters to which the auditors 
     drew attention by way of emphasis without qualifying their report and did not 
     contain statements under sections 498(2) or (3) of the Companies Act 2006. 
     The audited financial statements of Bioventix plc for the period ended 30 June 
     2016 are expected to be posted to shareholders shortly, will be available to 
     the public at the Company's registered office, 7 Romans Business Park, East 
     Street, Farnham, Surrey, GU9 7SX and available to view on the Company's 
     website at www.bioventix.com once posted. 
 
 
 
END 
 

(END) Dow Jones Newswires

October 17, 2016 02:00 ET (06:00 GMT)

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