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
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