Interim Results

Unaudited interim results for the six months ended 31st December 2016.

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 2016.

Highlights

Turnover: +32% to £3.12M (H2 2015: £2.37M)
Profit before tax: +49% to £2.48M (H2 2015: £1.67M)
Profit after tax: +41% to £1.98M (H2 2015: £1.40M)
Cash at 31 Dec: +0.54M to £5.15M (2015: £4.61M)
Interim dividend per share: +21% to 20p (March 2016: 16.5p)

Chairman and Chief Executive’s Statement

We are pleased to report the interim results for the half-year ended 31 December 2016. Revenues for the half-year period of £3.12M (H2 2015:£2.37M) were up 32% and profits before tax of £2.48M (H2 2015 £1.67M) were up 49% for the comparable period in the previous year.

Revenue growth compared to the comparable half year has come from our vitamin D antibody (vitD3.5H10) in the form of increased physical antibody sales and royalties. The roll out of our customer’s vitamin D assay products has advanced further towards completion.

As mentioned in our last report in October 2016, Bioventix revenues arriving in global currencies converted at post-Brexit referendum exchange rates give an uplift in reported sterling revenues of 15-20% as no hedging mechanisms are employed. The 2015/16 annual accounts featured such an effect for 1H.2016 compared to 1H.2015 and a similar effect accounts for some of the growth in the reporting period – 2H.2016 compared to 2H.2015.

Shipments to China have continued at a high frequency with the majority of antibodies being used for R&D purposes. Whilst revenues from China remain modest, we remain optimistic that our antibodies are proving to be successful.

Cash flows remained strong and our cash balance increased significantly to £5.15M at 31 December 2016 (2015: £4.61M).

Future developments

We reported in October on the progress of our troponin partner Siemens Healthcare Diagnostics and a high sensitivity troponin test which features a Bioventix-created antibody. Whilst the exact timing of a Siemens product launch is confidential Siemens information and will be dependent on their discussions with global regulatory authorities, the Board expects to hear news later in 2017 relating to their ex-US activities. Significant troponin revenues during the financial year 2017/2018 are expected to offset the loss of revenues of around £800,000 from another product due to the expiry of the relevant agreement.

Dividend Policy

The Board continues to follow a progressive dividend policy that embraces continuity. For the current half-year, the Board is pleased to announce a first interim dividend of 20p which represents a 21% increase on the previous half-year.

The shares will be marked ex dividend on 6th April and the dividend will be paid on 21st April to shareholders on the register at close of business on 7th April.

Conclusion

We are delighted to be able to report such positive news for the current half-year. We are pleased with the continued success of our vitamin D antibody and remain optimistic about our troponin project and the success of Siemens as their product launches around the world.

P J Harrison
Chief Executive Office

I J Nicholson
Non-Executive Chairman

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