Half-yearly Report
Bioventix plc
("Bioventix" or the "Company")
Unaudited Interim Results for the six months ended 31 December 2013
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 2013.
HIGHLIGHTS
* Turnover: £1.51m (H2 2012: £1.18m)
* Profit before tax: £975,305 (H2 2012: £736,646
* Profit after tax: £805,649 (H2 2012:£630,160)
* Cash at 31 Dec: £2.88m (2012: £2.31m)
* Interim dividend per share: 9.6p (March 2013: 5.8p)
CHAIRMAN AND CHIEF EXECUTIVE'S STATEMENT
We are pleased to report the results for the half-year ended 31 December 2013.
Revenues for the half-year period of £1.51m (H2 2012:£1.18m) were significantly
up on the equivalent period last year. Sales of physical antibody increased as
did receipts from product royalties which now account for the majority of the
total revenues.
Profit after tax at £805,649 (2012:£630,160) and cash balances at 31 December
2013 of £2.88m (2012: £2.31m) were both higher than the previous year.
We have reported previously on our positive outlook for our vitamin D
activities and a leading antibody called vitD3.5H10. 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.
Customer product launches have now taken place in the valuable US market and
this has been a significant contributing factor. Related to our vitamin D
interests, we recently announced that we will be opposing certain patent
property in the vitamin D antibody field.
In addition to antibody manufacturing activities, the Company expends
considerable resource directed towards developing new antibodies for
commercialisation and has continued its R&D activities to enhance the future
pipeline. As we have mentioned before, the continued achievements of the
Company would not be possible without the on-going contribution from our
scientists and support staff and we would like to thank them for their efforts
which underpin our success.
Over the previous years, the Board has followed a cautious dividend policy that
embraces continuity in the absence of special dividends. It is the intention of
the board to continue with this policy into the future, albeit from a higher
base level. The increased interim dividend of 9.6p per Ordinary share (2012:
4.84p) is a reflection of a step up to this new higher base level. The shares
will be marked ex-dividend on 7 May 2014 and the dividend will be paid on 27
May 2014 to shareholders on the register at close of business on 9 May 2014.
During 2012 and 2013, we have been delighted to welcome new shareholders such
as Miton Group and Henderson Global Investors. We have taken the opportunity to
review with them and other shareholders their views on various aspects of the
Company. Taking into account the interests of all shareholders, the board has
pursued the admission of Bioventix shares to the AIM. In recognition of this
impending change, we would like to thank ISDX for the contribution that their
trading platform has made to the development of the Company and in preparing
Bioventix for admission to AIM.
P J Harrison
Chief Executive Officer
I J Nicholson
Non-Executive Chairman
For further information please contact:
Bioventix plc Chief Executive Tel: 01252 728 001
Officer
Peter Harrison
finnCap Ltd Corporate Finance Tel: 020 7220 0500
Geoff Nash/Simon Corporate Broking
Hicks
Steve 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 ISDX under the symbol BVXP.
BIOVENTIX PLC
PROFIT AND LOSS ACCOUNT
for the six month period ended 31 December 2013
Six months Six months
ended ended
31 Dec 2013 31 Dec 2012
£ £
TURNOVER 1,507,329 1,181,353
Cost of sales (167,512) (88,357)
GROSS PROFIT 1,339,817 1,092,966
Administrative expenses (383,880) (363,140)
OPERATING PROFIT 955,937 729,856
Interest receivable 19,368 6,887
Interest payable (0) (97)
PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION 975,305 736,646
Tax on profit on ordinary activities (169,656) (106,486)
PROFIT FOR THE FINANCIAL PERIOD 805,649 630,160
Earnings per share for the period:
Basic (same as diluted) 16.03p 12.54p
BIOVENTIX PLC
BALANCE SHEET
as at 31 December 2013
31 Dec 2013 31 Dec 2012
£ £
FIXED ASSETS
Intangible fixed assets 0 20,000
Tangible fixed assets 428,550 442,618
428,550 462,618
CURRENT ASSETS
Stocks 156,782 111,797
Debtors 1,383,692 913,893
Cash at bank and in hand 2,878,618 2,312,261
4,419,092 3,337,951
CREDITORS:amounts falling due within one (268,894) (187,918)
year
NET CURRENT ASSETS 4,150,198 3,153,033
TOTAL ASSETS LESS CURRENT LIABILITIES 4,578,748 3,612,651
PROVISIONS FOR LIABILITIES
Deferred Tax (5,481) (7,651)
NET ASSETS 4,573,267 3,605,000
CAPITAL AND RESERVES
Called up share capital 251,269 251,269
Capital redemption reserve 1,231 1,231
Profit and loss account 4,320,767 3,352,500
SHAREHOLDERS' FUNDS 4,573,267 3,605,000
BIOVENTIX PLC
CASH FLOW STATEMENT
for the six month period ended 31 December 2013
31 Dec 2013 31 Dec 2012
£ £
NET CASHFLOW FROM OPERATING
ACTIVITIES
Operating profit 955,937 729,856
Amortisation of intangible assets 10,000 10,000
Depreciation of tangible fixed 10,217 11,618
assets
Increase in stocks (8,252) (26,110)
Increase in debtors (54,330) (97,711)
Increase/(decrease) in debtors (44,053) 44,539
Net cash inflow from operating 869,519 632,192
activities
Net cash inflow from operating activities 869,519 632,192
Returns on investments & servicing of 19,368 6,790
finance
Taxation (158,567) (129,000)
Capital expenditure & financial investment - (12,015)
Equity dividends paid (437,208) (364,843)
Increase in cash 293,112 133,124
Net funds at 1 July 2013 2,585,506 2,179,137
Net funds at 31 December 2013 2,878,618 2,312,261
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.
Friday, 10th January 2025
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