Final Results

BIOVENTIX PLC FINAL RESULTS FOR THE YEAR ENDED 30 JUNE 2012 25 SEPTEMBER 2012 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 final results for the year ended 30 June 2012. Highlights * Revenues have grown by 21% compared with the year to 30 June 2011 * Profit after tax increased by 39% compared with the year to 30 June 2011 * Cash balances of GBP2.28m at 30 June 2012 (GBP1.53m at 30 June 2011) * Final dividend declared of 7.26p (2011: 6.6p) Chairman and the Chief Executive's report We are pleased to report the results for the year ended 30 June 2012. Revenues for the period of £2,383,971 (2011: £1,973,542) have grown by 21% as a result of increased sales of purified antibodies and increased royalties. Profit before tax of £1,506,267 (2011: £1,083,620) has increased by 39% due to the high margin nature of the business, particularly the royalty income and through continued cost control. During the year Bioventix's leading vitamin D antibody, vitD3.5H10 moved into large scale manufacture in response to customer demand and revenue from the supply of this product has continued to grow during the period. Whilst no significant commercial vitamin D assays based on vitD3.5H10 are currently in the market, the Directors remain optimistic that this antibody will generate revenues for the Company in future periods. The Company has also entered into additional licensing deals with major diagnostics companies in respect of vitD3.5H10. The Company has continued to undertake research and development projects, some at own-risk and some in collaboration with third parties such as other diagnostics companies and Universities. A variety of projects are currently in progress which will increase the number of potential future antibodies. We are delighted by the continued growth of Bioventix, which operates in a competitive global market for antibodies and antibody technology. This is only possible through the skilled work of the scientists and support staff at the Company and their ability to develop innovative antibody solutions for the marketplace. We would like to thank them for their continued efforts which underpin the Company's success. Bioventix shares are quoted on PLUS Stock Exchange (PLUS-SX) in London. In June 2012, PLUS-SX was acquired by ICAP, a major institutional broking firm which is listed on the Main Market of the London Stock Exchange. We believe that the acquisition by ICAP will result in positive developments for PLUS-SX companies and their shareholders. The Board of Bioventix is pleased to declare a final dividend of 7.26p per Ordinary share. The shares will be marked ex-dividend on 3 October 2012 and the dividend will be paid on 15 October 2012 to shareholders on the register at close of business on 5 October 2012. P Harrison Chief Executive Officer I J Nicholson Non-Executive Chairman 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 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 (BVXP) were admitted to trading on PLUS-SX in April 2010. PUBLICATION OF NON-STATUTORY ACCOUNTS The financial information set out in this announcement does not constitute statutory financial statements for the year ended 30 June 2012 or 30 June 2011. The reports of the auditor on the statutory financial statements for each of the years ended 30 June 2012 and 30 June 2011 were (i) unqualified; (ii) did not include references to any matters to which the auditor drew attention by way of emphasis without qualifying their report; and (iii) did not contain statements under section 498(2) or (3) of the Companies Act 2006. The statutory financial statements for the year ended 30 June 2011 have been delivered to the Registrar of Companies. The statutory financial statements for the year ended 30 June 2012 will be delivered to the Registrar of Companies following the Company's Annual General Meeting. PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 30 JUNE 2012 2012 2011 £ £ TURNOVER 2,383,971 1,973,542 Cost of sales (203,579) (236,315) GROSS PROFIT 2,180,392 1,737,227 Administrative expenses (685,541) (657,629) OPERATING PROFIT 1,494,851 1,079,598 Interest receivable and similar income 11,536 4,022 Interest payable and similar charges (120) - PROFIT ON ORDINARY ACTIVITIES BEFORE 1,506,267 1,083,620 TAXATION Tax on profit on ordinary activities (269,069) (199,161) PROFIT FOR THE FINANCIAL YEAR 1,237,198 884,459 Earnings per share Basic 24.62p 17.59p Diluted 24.62p 17.59p All amounts relate to continuing operations. There were no recognised gains and losses for 2012 or 2011 other than those included in the Profit and loss account. BALANCE SHEET AS AT 30 JUNE 2012 2012 2011 £ £ £ £ FIXED ASSETS Intangible assets 30,000 50,000 Tangible assets 442,223 448,871 472,223 498,871 CURRENT ASSETS Stocks 85,687 70,743 Debtors 816,182 766,755 Cash at bank and in hand 2,179,138 1,531,644 3,081,007 2,369,142 CREDITORS: amounts falling due (206,828) (184,384) within one year NET CURRENT ASSETS 2,874,179 2,184,758 TOTAL ASSETS LESS CURRENT LIABILITIES 3,346,402 2,683,629 PROVISIONS FOR LIABILITIES Deferred tax (6,716) (6,237) NET ASSETS 3,339,686 2,677,392 CAPITAL AND RESERVES Called up share capital 251,269 251,269 Capital redemption reserve 1,231 1,231 Profit and loss account 3,087,186 2,424,892 SHAREHOLDERS' FUNDS 3,339,686 2,677,392 CASH FLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 2012 2012 2011 £ £ Net cash flow from operating activities 1,469,254 1,063,593 Returns on investments and servicing of 11,416 (93,478) finance Taxation (241,572) (203,976) Capital expenditure and financial investment (16,700) (10,738) Equity dividends paid (574,904) (524,117) CASH INFLOW BEFORE FINANCING 647,494 231,284 Financing - (48,725) INCREASE IN CASH IN THE YEAR 647,494 182,559 RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS/DEBT FOR THE YEAR ENDED 30 JUNE 2012 2012 2011 £ £ Increase in cash in the year 647,494 182,559 MOVEMENT IN NET DEBT IN THE YEAR 647,494 182,559 Net funds at 1 July 2011 1,531,644 1,349,085 NET FUNDS AT 30 JUNE 2012 2,179,138 1,531,644 The Directors of Bioventix plc accept responsibility for this announcement

Companies

Bioventix (BVXP)
UK 100
FTSE quotes by TradingView

Latest directors dealings

All directors dealings today