Interim Results for 6 months to 31 December 2011
Bioventix plc
INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2011
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 2011.
Highlights
* Revenues have grown by 46% compared with the six months to 31 December 2010
* Profit after tax increased by 83% compared with the six months to 31
December 2010
* Cash balances of £1.94m at 31 December 2011 (£1.49m at 31 December 2010)
* Interim dividend declared of 4.84p (2011: 4.4p)
CHAIRMAN AND CHIEF EXECUTIVE'S STATEMENT
We are delighted to report the results for the half-year ended 31 December
2011. Revenues for the half-year period of £1,298,428 (2010:£890,256) have
grown by 46%. The growth in sales has arisen from a continued increase in the
supply of purified antibody products to our customers for research and
development ("R&D") and commercial use and a higher level of royalties from
established antibody products. Profit before tax of £873,732 (2010:£493,511)
has increased through a combination of the growth in revenues and controlling
of the cost base of the company. Cash balances at 31 December 2011 were £
1,940,437 (2010: £1,494,710).
We have previously reported our optimism relating to our vitamin D activities
and a leading antibody known as vitD3.5H10. This has now moved into large scale
manufacturing at the company in order to supply quantities of antibody required
for our customers' own R&D use. Revenue from the supply of this product has
continued to grow significantly during the period. At the end of the reporting
period, no significant commercial vitamin D assays based on vitD3.5H10 were in
the market. However, the Directors remain optimistic about the future value of
this particular antibody and a small number of licensing deals have now been
concluded with major multinational diagnostics companies.
In line with our strategy to develop new valuable antibodies, the company has
continued with its own R&D activities aimed at augmenting the pipeline of
future antibodies for commercialisation at Bioventix's customers.
As we have stressed before, the continued success of the company is based on
the ability to create and manufacture unique antibodies in a global and
competitive environment. This is made possible by the creativity and focus of
the scientists and support staff at the company and we would like to thank them
for their efforts which have underpinned our success.
The Board of Bioventix is pleased to declare an interim dividend of 4.84p
(2010: 4.4p) per Ordinary share. The shares will be marked ex-dividend on 21
March 2012 and the dividend will be paid on 28 March 2012 to shareholders on
the register at close of business on 23 March 2012.
SpringHill BioVentures (SBV) continues to hold a substantial majority stake in
the company. The board believes that SBV will distribute its shares to SBV's
underlying shareholders as part of its fund exit during the course of 2012.
P J Harrison
Chief Executive Officer
I J Nicholson
Non-Executive Chairman
BIOVENTIX PLC
PROFIT AND LOSS ACCOUNT
for the six month period ended 31 December 2011
Six months Six months
ended ended
31 Dec 2011 31 Dec 2010
£ £
TURNOVER 1,298,428 890,256
Cost of sales (73,475) (69,369)
GROSS PROFIT 1,224,953 820,887
Administrative expenses (356,451) (328,549)
OPERATING PROFIT 868,502 492,338
Interest receivable 5,230 1,173
Interest payable - -
PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION 873,732 493,511
Tax on profit on ordinary activities (173,647) (111,201)
PROFIT FOR THE FINANCIAL PERIOD 700,085 382,310
BIOVENTIX PLC
BALANCE SHEET
as at 31 December 2011
31 Dec 2011 31 Dec 2010
£ £
FIXED ASSETS
Intangible fixed assets 40,000 60,000
Tangible fixed assets 448,419 458,720
488,419 518,720
CURRENT ASSETS
Stocks 111,507 128,239
Debtors 755,984 550,310
Cash at bank and in hand 1,940,437 1,494,710
2,807,928 2,173,259
CREDITORS:amounts falling due within one (243,017) (288,090)
year
NET CURRENT ASSETS 2,564,911 1,885,169
TOTAL ASSETS LESS CURRENT LIABILITIES 3,053,330 2,403,889
PROVISIONS FOR LIABILITIES
Deferred Tax (7,527) (7,528)
NET ASSETS 3,045,803 2,396,361
CAPITAL AND RESERVES
Called up share capital 251,269 251,269
Capital redemption reserve 1,231 1,231
Profit and loss account 2,793,303 2,143,861
SHAREHOLDERS' FUNDS 3,045,803 2,396,361
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 UK GAAP, the
announcement does not itself contain sufficient information to comply with
UK GAAP.
2. This interim financial statement has not been audited or reviewed by the
auditors.
The Directors of Bioventix plc accept responsibility for this announcement.
For further information, please contact:
Bioventix plc
Peter Harrison
Tel: +44 (0)1252 728001
Keith, Bayley, Rogers & Co. Limited
David Coffman
Tel: +44 (0)20 3100 8300