Final Results
Bioventix plc
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED
31 DECEMBER 2014
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 2014.
HIGHLIGHTS
* Turnover: £1.93M (+28%; H2 2013: £1.51M)
* Profit before tax: £1.26M (+31%; H2 2013: £0.96M)
* Profit after tax: £1.07M (+32%; H2 2013:£0.81M)
* Cash at 31 Dec: £3.80M (+0.92M; 2013: £2.88M)
* Interim dividend per share: 11p (+15%; March 2013: 9.6p)
CHAIRMAN AND CHIEF EXECUTIVE'S STATEMENT
We are pleased to report the interim results for the half-year ended 31
December 2014. Revenues for the half-year period of £1.93M (H2 2013:£1.51M)
were up 28% and profits after tax have increased by 32% for the comparable
period in the previous year.
The core business has remained robust with additional growth coming from our
vitamin D antibody vitD3.5H10. We have reported previously on our positive
outlook for vitD3.5H10 and revenue from this product has continued to grow from
antibody sales and from royalties as customer products (assays for vitamin D
deficiency) reach markets around the world. More customer product launches have
now taken place in the valuable US market and this has been a significant
contributing factor such that this vitamin D antibody has now become the
largest revenue stream for the Company.
Over the last few years, there has been significant growth in the volume of
vitamin D tests at hospitals and clinics in the USA and in other countries
around the world. This growth has naturally followed medical research over the
last decade or so that has clearly linked low vitamin D levels with not only
bone fractures but also other key health measures such as heart disease,
stroke, cancer - and indeed overall mortality.
Many experts believe that the weight of this evidence supports the testing of
"at risk" patients and the vitamin D supplementation of those patients who are
shown to be deficient. However, there are also other experts in the field who
argue that this strategy of vitamin D testing and supplementation has not yet
actually been demonstrated to be of overall patient benefit. There is ongoing
research around the world to investigate this area of medicine further and
those involved in the vitamin D field - such as Bioventix - will continue to
monitor the evolution of the science with interest.
Despite the lack of a complete consensus in the area of vitamin D science, we
remain optimistic that revenues from vitD3.5H10 will continue to grow as more
vitD3.5H10 based products reach the market.
Cash flows remained strong and have increased significantly to £3.8M at 31
December 2014 (2013: £2.88M) despite increased dividend payments during 2014.
During 2014, total dividend payments of 24p were paid (9.6p plus 14.4p, first
and second interim payments). This represented a significant increase over the
14.4p total paid in 2013. Over the previous years, the Board has followed a
cautious dividend policy that embraces continuity in the absence of special
dividends and it is the intention of the Board to continue with this policy
into the future, albeit from the higher base level set in 2014.
Accordingly, we are pleased to announce a first interim dividend payment of 11p
representing a 15% increase from the equivalent period in 2014.
The shares will be marked ex dividend on 9 April 2015 and the dividend will be
paid on 24 April 2015 to shareholders on the register at close of business on
10 April 2015.
The Company has enjoyed continued success during the first half of the year and
we would like to take this opportunity to thank all the operating staff for
their contribution to this result.
P J Harrison
Chief Executive Officer
I J Nicholson
Non-Executive Chairman
For further information please contact:
Bioventix plc Chief Executive Officer Tel: 01252 728 001
Peter Harrison
finnCap Ltd Corporate Finance Tel: 020 7220 0500
Geoff Nash/Simon Hicks Corporate Broking
Stephen Norcross
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.
BIOVENTIX PLC
PROFIT AND LOSS ACCOUNT
for the six month period ended 31 December 2014
Six months Six months
ended ended
31 Dec 2014 31 Dec 2013
£ £
TURNOVER 1,925,249 1,507,329
Cost of sales (202,221) (167,512)
GROSS PROFIT 1,723,028 1,339,817
Administrative expenses (466,732) (383,880)
OPERATING PROFIT 1,256,296 955,937
Interest receivable 1,282 19,368
Interest payable (1,874) (0)
PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION 1,255,704 975,305
Tax on profit on ordinary activities (189,270) (169,656)
PROFIT FOR THE FINANCIAL PERIOD 1,066,434 805,649
Earnings per share for the period:
Basic 21.15p 16.03p
Diluted 20.79p 16.03p
BIOVENTIX PLC
BALANCE SHEET
as at 31 December 2014
31 Dec 2014 31 Dec 2013
£ £
FIXED ASSETS
Intangible fixed assets 0 0
Tangible fixed assets 413,312 428,550
413,312 428,550
CURRENT ASSETS
Stocks 176,151 156,782
Debtors 1,487,374 1,383,692
Cash at bank and in hand 3,795,449 2,878,618
5,458,974 4,419,092
CREDITORS:amounts falling due within one (266,479) (268,894)
year
NET CURRENT ASSETS 5,192,495 4,150,198
TOTAL ASSETS LESS CURRENT LIABILITIES 5,605,807 4,578,748
PROVISIONS FOR LIABILITIES
Deferred Tax 17,364 (5,481)
NET ASSETS 5,623,171 4,573,267
CAPITAL AND RESERVES
Called up share capital 252,546 251,269
Share premium account 78,426 -
Capital redemption reserve 1,231 1,231
Profit and loss account 5,290,968 4,320,767
SHAREHOLDERS' FUNDS 5,623,171 4,573,267
BIOVENTIX PLC
CASH FLOW STATEMENT
for the six month period ended 31 December 2014
31 Dec 2014 31 Dec 2013
£ £
NET CASHFLOW FROM OPERATING
ACTIVITIES
Operating profit 1,256,296 955,937
Amortisation of intangible assets - 10,000
Depreciation of tangible fixed 9,088 10,217
assets
Increase in stocks (12,044) (8,252)
Decrease/(increase) in debtors 332,978 (54,330)
(Decrease) in creditors (18,965) (44,053)
Share option charge 25,945 -
Net cash inflow from operating 1,593,298 869,519
activities
Net cash inflow from operating activities 1,593,298 869,519
Returns on investments & servicing of (591) 19,368
finance
Taxation (440,706) (158,567)
Capital expenditure & financial investment (2,660) -
Equity dividends paid (726,365) (437,208)
Financing 20,994 -
Increase in cash 443,970 293,112
Net funds at 1 July 2014 3,351,479 2,585,506
Net funds at 31 December 2014 3,795,449 2,878,618
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.
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 comprises revenue recognised by the company in respect of
goods and services supplied, exclusive of Value Added Tax and trade
discounts.
•Direct sales are recognised at the date of dispatch, and royalties
are accrued over the period to which they relate.
•Subcontracted R & D income is recognised based upon the stage of
completion at the year end.
•Annual licence revenue is recognised, in full, based upon the date of
the invoice.
3.3 Intangible fixed assets and amortisation
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 Stocks
Stocks are valued at the lower of cost and net realisable value after
making due allowance for obsolete and slow-moving stocks. Cost
includes all direct costs and an appropriate proportion of fixed and
variable overheads.
3.6 Deferred taxation
Full provision is made for deferred tax assets and liabilities arising
from all timing differences between the recognition of gains and
losses in the financial statements and recognition in the tax
computation.
A net deferred tax asset is recognised only if it can be regarded as
more likely than not that there will be suitable taxable profits from
which the future reversal of the underlying timing differences can be
deducted.
Deferred tax assets and liabilities are calculated at the tax rates
expected to be effective at the time the timing differences are
expected to reverse.
Deferred tax assets and liabilities are not discounted.
3.7 Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are
translated into sterling at rates of exchange ruling at the balance
sheet date.
Transactions in foreign currencies are translated into sterling at the
rate ruling on the date of the transaction.
Exchange gains and losses are recognised in the Profit and loss
account.
3.8 Research and development
Research and development expenditure is written off in the year in
which it is incurred.
3.9 Pensions
The company operates a defined contribution pension scheme and the
pension charge represents the amounts payable by the company to the
fund in respect of the year.
3.10 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.
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