TIDMBVXP
RNS Number : 2282U
BioVentix PLC
27 March 2023
Bioventix plc
("Bioventix" or the "Company")
Unaudited Interim Results for the six months ended 31 December
2022
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 results for the
six-month period ended 31 December 2022.
Highlights
-- Revenue up 25% to GBP5.9 million (2021: GBP4.7 million)
-- Profit before tax up 27% to GBP4.5 million (2021: GBP3.6 million)
-- Closing cash balances of GBP5.2 million (2021 GBP5.1 million)
-- Interim dividend up 20% to 62p per share (2021: 52p)
CHAIRMAN AND CHIEF EXECUTIVE'S STATEMENT
Business review
Bioventix is pleased to report revenues for the half-year of
GBP5.9 million (2021: GBP4.7 million). Sales of physical product
have performed well and revenues from our vitamin D antibody and
other core antibodies have all increased as anticipated.
Sales relating to troponin antibodies grew significantly once
again during the period. The continued roll-out of high sensitivity
troponin tests provides further encouragement for our future sales
in this area.
Total profits before tax for the half-year were up 27% to GBP4.5
million (2021: GBP3.6 million). The cash balances at 31 December
2022 stood at GBP5.2 million (2021 GBP5.1 million).
Our research activities continue in line with the plans we
described in our 2022 annual report.
We continue to await news and critical data from both of our
partners in Oslo; on our secretoneurin project with CardiNor for
enhancing cardiac diagnostics and on our amyloid beta project with
Pre-Diagnostics in Alzheimer's diagnostics. We hope to have more
news on these two projects during 2023.
A considerable amount of our laboratory resource has been
focused on the Tau biomarker which shows exciting potential in
neurodegenerative diseases including Alzheimer's disease. We
continue to create new antibodies which will be subjected to assay
development and validation using clinical samples at the
world-renowned laboratory of Kaj Blennow and Henrik Zetterberg at
the University of Gothenburg. Using a novel Bioventix antibody, our
academic collaborators in Gothenburg have recently published data
on a novel assay that detects "brain-derived" Tau in blood (Brain
2022: 00; 1-14). Brain-derived Tau levels in blood appear to mimic
Tau levels in cerebral spinal fluid and could be a useful blood
biomarker for neurodegeneration that occurs later in the
Alzheimer's disease pathway. Currently, the preferred candidate
research biomarkers for early Alzheimer's disease are
phosphorylated forms of Tau (pTaus). We eagerly await more data
from Gothenburg on the pTau antibodies developed by us and
delivered to Gothenburg in 2022. We will be providing additional
antibodies from the Bioventix pipeline for further evaluation in
Gothenburg later in 2023. We are delighted with the continuing
development of this collaboration and the outlook remains
exciting.
We are also pleased with our progress on the continued
development of our industrial pollution exposure assay. Our
prototype lateral flow test for pyrene in industrial worker's urine
is due to feature in a new field trial at a UK industrial site
during Q2.2023. The results from the device and phone-app will
again be correlated with parallel samples analysed by a central
health and safety laboratory. Important feedback from the trial
will be gained and is likely to prompt additional modifications to
the phone-app camera reader system before more field trials are
carried out in 2023 and 2024.
Forthcoming changes to both the UK Corporation Tax structure in
respect of Research and Development and the headline rate of
Corporation Tax will have an impact on our future reported earnings
and cash flows. Nevertheless, we will endeavour to follow our
established dividend policy and for the period under review, the
Board is pleased to announce an interim dividend of 62 pence per
share which represents a 20% increase on the interim dividend paid
last year (52 pence per share). The shares will be marked
ex-dividend on the 6th April 2023 and the dividend will be paid on
21(st) April 2023 to shareholders on the register at close of
business on 11(th) April 2023.
In conclusion, after the difficulties experienced during the
pandemic, we are pleased to see a solid performance of our core
business and look forward to this continuing over the remainder of
the year. We remain optimistic about our troponin revenues and the
success of these high sensitivity troponin products around the
world and we look forward to reporting further progress in the
second half of the year.
For further information please contact:
Bioventix plc Tel: 01252 728 001
Peter Harrison Chief Executive Officer
Bruce Hiscock Chief Financial Officer
finnCap Ltd Tel: 020 7220 0500
Geoff Nash/Simon Hicks Corporate Finance
Alice Lane ECM
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 2022
Unaudited Unaudited
Six months Six months
ended ended
31 Dec 2022 31 Dec 2021
GBP GBP
TURNOVER 5,895,137 4,730,570
Cost of sales (431,051) (388,205)
----------------- ---------------------
GROSS PROFIT 5,464,086 4,342,365
Administrative expenses (874,661) (669,107)
Share option charge (123,442) (129,873)
Difference on foreign exchange 4,868 10,565
Research & development tax credit adjustment 9,674 5,583
OPERATING PROFIT 4,480,525 3,559,533
Interest receivable 35,342 2,657
PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION 4,515,867 3,562,190
Tax on profit on ordinary activities (785,488) (574,380)
----------------- ---------------------
PROFIT FOR THE FINANCIAL PERIOD 3,730,379 2,987,810
----------------- ---------------------
Earnings per share for the period:
Basic 71.61p 57.35p
Diluted 70.90p 56.79p
BIOVENTIX PLC
STATEMENT OF FINANCIAL POSITION
as at 31 December 2022
Unaudited Unaudited
31 Dec 2022 31 Dec 2021
GBP GBP
FIXED ASSETS
Tangible fixed assets 640,219 779,003
Investments 610,039 610,039
------------ -------------
1,250,258 1,389,042
CURRENT ASSETS
Stocks 525,656 375,163
Debtors 4,785,883 3,813,882
Cash at bank and in hand 5,148,376 5,050,769
------------ -------------
10,459,915 9,239,814
CREDITORS: amounts falling due within one
year (1,221,885) (836,475)
NET CURRENT ASSETS 9,238,030 8,403,339
------------ -------------
TOTAL ASSETS LESS CURRENT LIABILITIES 10,488,288 9,792,381
PROVISIONS FOR LIABILITIES
Deferred Tax (22,649) (63,717)
------------ -------------
NET ASSETS 10,465,639 9,728,664
------------ -------------
CAPITAL AND RESERVES
Called up share capital 260,467 260,467
Share premium account 1,332,472 1,332,471
Capital redemption reserve 1,231 1,231
Profit and loss account 8,871,469 8,134,495
------------ -------------
SHAREHOLDERS' FUNDS 10,465,639 9,728,664
------------ -------------
BIOVENTIX PLC
STATEMENT OF CASH FLOWS
for the six month period ended 31 December 2022
Unaudited Unaudited
31 Dec 2022 31 Dec 2021
GBP GBP
CASHFLOW FROM OPERATING ACTIVITIES
Cash flows from operating activities
Profit for the financial period 3,730,379 2,987,810
Depreciation of tangible fixed assets 64,733 68,034
Interest received (35,342) (2,657)
Taxation charge 785,488 574,380
Decrease / (increase) in stocks (63,841) (42,705)
Decrease / (increase) in debtors 438,834 812,085
(Decrease) /increase in creditors (95,049) (212,127)
Corporation tax (paid) (741,344) (548,916)
Share option charge 123,442 129,873
Net cash generated from operating
activities 4,206,300 3,765,777
Cash flows from investing activities
Purchase of tangible fixed assets (10,583) (3,317)
Interest received 35,342 2,657
Net cash from investing activities 24,759 (660)
Cash flows from financing activities
Issue of ordinary shares - -
Movement on share premium account - -
Dividends paid (5,209,333) (5,209,333)
Net cash used in financing activities (5,209,333) (5,209,333)
Cash and cash equivalents at the beginning
of the period 6,126,650 6,494,985
Cash and cash equivalents at the end of
the period 5,148,376 5,050,769
Cash and cash equivalents at the end of
the period comprise:
Cash at bank and in hand 5,148,376 5,050,769
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, the announcement does not itself
contain sufficient information to comply with Financial Reporting
Standard 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 FRS 102.
3.2 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 are recognised at the date of dispatch.
--Subcontracted R & D income is recognised based upon the
stage of completion at the period end.
--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. Revenue is recognised based
on the returns and notifications received from customers
and in the event that subsequent adjustments are identified,
they are recognised in the period in which they are identified.
BIOVENTIX PLC
Notes to the financial information
3.3 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
3.4 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 Statement of comprehensive income for
the period. Where market value cannot be reliably determined,
such investments are stated at historic cost less impairment.
3.5 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.
3.6 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.
3.7 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 twelve 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.
BIOVENTIX PLC
Notes to the financial information
3.8 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 debtors and creditors,
loans from banks and other third parties, loans to related
parties and investments in non-puttable ordinary shares.
3.9 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.
3.10 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.
3.11 Finance costs
Finance costs are charged to the Statement of comprehensive
income 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.
3.12 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.
BIOVENTIX PLC
Notes to the financial information
3.13 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.
3.14 Research and development
Research and development expenditure is written off in the
period in which it is incurred.
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
payment obligations.
The contributions are recognised as an expense in the Statement
of comprehensive income when they fall due. Amounts not paid
are shown in accruals as a liability in the Statement of financial
position. The assets of the plan are held separately from the
Company in independently administered funds.
3.16 Interest income
Interest income is recognised in the Statement of comprehensive
income 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.
Provisions are charged as an expense to the Statement of comprehensive
income in the period that the Company becomes aware of the
obligation, and are measured at the best estimate at the Statement
of financial position 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 Statement of financial position.
BIOVENTIX PLC
Notes to the financial information
3.18 Current and deferred taxation
The tax expense for the period comprises current and deferred
tax. Tax is recognised in the Statement of comprehensive income,
except that a charge 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 reporting 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 Statement
of financial position 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 reporting
date.
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END
IR NKABKNBKDBNB
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