Bioventix Announcements

Bioventix plc

(“Bioventix” or the “Company”)

Dividend timetable

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 that the Board has confirmed a first interim dividend of 52p per ordinary share, which will be paid on 22 April 2022.

The dividend timetable dates are below:

Ex-dividend date:	7 April 2022
Record date:	8 April 2022
Payment date:	22 April 2022

For further information please contact:

Bioventix plc

Peter Harrison

Chief Executive Officer Tel: 01252 728 001

finnCap Ltd

Geoff Nash/Simon Hicks

Alice Lane

Corporate Finance

ECM Tel: 020 7220 0500

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.

Interim results can be downloaded here and are as stated below.

Bioventix plc

(“Bioventix” or the “Company”)

Unaudited Interim Results for the six months ended 31 December 2021

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 results for the six-month period ended 31 December 2021.

Highlights

Revenue down 8% to £4.7 million (2020: £5.2 million)
Profit before tax £3.6 million (2020: £3.7 million)
Closing cash balances of £5.1 million (2020 £5.8 million)
First interim dividend up 20% to 52p per share (2020: 43p)

CHAIRMAN AND CHIEF EXECUTIVE’S STATEMENT

Business review

Revenues for the half-year of £4.73 million (2020: £5.16 million) were affected by a number of factors. The global pandemic has continued throughout the reporting period and has affected the activity within diagnostic pathways in hospitals and clinics around the world to which our business is intrinsically linked. The dynamics of the pandemic remain difficult to predict but when it eases, we believe our robust core business will respond accordingly. As reported previously, the growth rates for our vitamin D antibody sales were not expected to match those seen in recent financial years and a plateau in the downstream global vitamin D assay market had been anticipated. Sales associated with assay formats using larger quantities of antibody per test suffered more as price erosion in downstream markets puts pressure on costly “antibody-hungry” products. As we have previously reported, the contractual payment period relating to our NT-proBNP sales terminated in July 2021. This resulted in a reduction of our revenue of approximately £600k for the period which masked a steady performance for the remainder of the business.

Sales relating to troponin antibodies grew significantly once again during the period. The continued roll-out of high sensitivity troponin tests provides further encouragement for our future sales in this area.

Total profits before tax for the half-year were down 4% to £3.56 million (2020: £3.72 million). The cash balances at 31 December 2021 stood at £5.1 million, down from £5.8 million a year earlier.

Our research activities continue in line with the plans described in the 2021 annual report.

We continue to await news and critical data from our partners in Oslo on both our secretoneurin (CardiNor & cardiac care) and amyloid beta (Pre-Diagnostics and Alzheimer’s) projects. We hope to have more news during 2022.

Since the summer of 2020, a considerable amount of our laboratory resources has been focused on the Tau biomarker which shows exciting potential in neuropathological diseases including Alzheimer’s. Some new antibodies were made during 2021 and we have more antibodies in the development pipeline for 2022. The antibodies have been and will continue to be subjected to assay development and validation using clinical samples at the world-renowned laboratory of Kaj Blennow and Henrik Zetterberg at the University of Gothenburg. We are delighted with the continuing development of this collaboration and look forward to the generation of new data with our partners during 2022.

We are pleased with the continued development of our industrial pollution exposure assay. Our prototype lateral flow test for pyrene in industrial worker’s urine featured in a field trial at a UK industrial site during Q4.2021. The results from the device and phone-app correlated relatively well with results from parallel samples analysed by a central health and safety laboratory. Important feedback from the trial was gained and has prompted a minor modification of the phone-app camera reader system and we plan further trials in 2022.

Our work on developing antibodies to mitigate against the interference effect of biotin vitamin supplements on certain blood tests has progressed and we now have a candidate “blocker” antibody that shows promise. Our focus now is on the process development parameters required to make this antibody in the required quantity and at the prices necessary for this application to be commercially attractive for customers.

Our new THC/cannabis antibody “sandwich” format which has been in development for approximately two years is now successfully working in a number of customer products and is moving into commercial development thereby adding to overall revenues in the future.

Throughout the challenges of the recent past, Bioventix has demonstrated that it is a resilient business with established products and reliable revenue streams. We will therefore continue to follow our established dividend policy and for the period under review, the Board is pleased to announce a first interim dividend of 52p per share which represents a 20% increase on the interim dividend paid last year (43 pence per share). The shares will be marked ex-dividend on the 7 April 2022 and the dividend will be paid on 22 April 2022 to shareholders on the register at close of business on 8 April 2022.

In conclusion, there have been challenges over the last two years but we continue to have confidence in the strength of our core business and the outlook for the full year. We remain optimistic about our troponin revenues and the success of these high sensitivity troponin products around the world and we look forward to reporting further progress in the second half of the year.

P Harrison I J Nicholson

Chief Executive Officer Non-Executive Chairman

For further information please contact:

Bioventix plc

Peter Harrison

Chief Executive Officer Tel: 01252 728 001

finnCap Ltd

Geoff Nash/Simon Hicks

Alice Lane

Corporate Finance

ECM Tel: 020 7220 0500

About Bioventix plc:

The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.

BIOVENTIX PLC

STATEMENT OF COMPREHENSIVE INCOME

for the six month period ended 31 December 2021

	Unaudited Six months ended 31 Dec 2021	Unaudited Six months ended 31 Dec 2020
	£	£
TURNOVER	4,730,570	5,164,733
Cost of sales	(388,205)	(452,689)
GROSS PROFIT	4,342,365	4,712,044
Administrative expenses	(669,107)	(688,981)

Share option charge	(129,873)	(137,810)

Difference on foreign exchange	10,565	(195,842)

Research & development tax credit adjustment	5,583	17,981

OPERATING PROFIT	3,559,533	3,707,392
Interest receivable	2,657	10,587

PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION	3,562,190	3,717,979
Tax on profit on ordinary activities	(574,380)	(620,012)
PROFIT FOR THE FINANCIAL PERIOD	2,987,810	3,097,967

Earnings per share for the period:
Basic	57.35p	59.47p
Diluted	56.79p	58.84p

BIOVENTIX PLC

STATEMENT OF FINANCIAL POSITION

as at 31 December 2021

	Unaudited 31 Dec 2021	Unaudited 31 Dec 2020

	£	£
FIXED ASSETS


Tangible fixed assets	779,003	777,244
Investments	610,039	610,039

	1,389,042	1,387,283
CURRENT ASSETS
Stocks	375,163	225,471
Debtors	3,813,882	3,747,887
Cash at bank and in hand	5,050,769	5,844,455

	9,239,814	9,817,813
CREDITORS: amounts falling due within one year	(836,475)	(839,835)

NET CURRENT ASSETS	8,403,339	8,977,978
TOTAL ASSETS LESS CURRENT LIABILITIES	9,792,381	10,365,261
PROVISIONS FOR LIABILITIES
Deferred Tax	(63,717)	58,134
NET ASSETS	9,728,664	10,307,127
CAPITAL AND RESERVES
Called up share capital	260,467	260,467
Share premium account	1,332,471	1,332,471
Capital redemption reserve	1,231	1,231
Profit and loss account	8,134,495	8,712,958
SHAREHOLDERS’ FUNDS	9,728,664	10,307,127

BIOVENTIX PLC

STATEMENT OF CASH FLOWS

for the six month period ended 31 December 2021

	Unaudited 31 Dec 2021	Unaudited 31 Dec 2020
	£	£
CASHFLOW FROM OPERATING ACTIVITIES
Cash flows from operating activities Profit for the financial period	2,987,810	3,097,967
Depreciation of tangible fixed assets	68,034	61,858
Interest received	(2,657)	(10,587)
Taxation charge	574,380	620,012
Decrease / (increase) in stocks	(42,705)	19,952
Decrease / (increase) in debtors	812,085	(98,517)
(Decrease) /increase in creditors	(212,127)	(127,399)
Corporation tax (paid)	(548,916)	(373,512)
Share option charge	129,873	137,810
Net cash generated from operating activities	3,765,777	3,327,584

Cash flows from investing activities
Purchase of tangible fixed assets	(3,317)	(120,607)
Interest received	2,657	10,587
Net cash from investing activities	(660)	(110,020)
Cash flows from financing activities
Issue of ordinary shares	–	74
Movement on share premium account	–	20,148
Dividends paid	(5,209,333)	(5,469,800)
Net cash used in financing activities	(5,209,333)	(5,449,578)
Cash and cash equivalents at the beginning of the period	6,494,985	8,076,468

Cash and cash equivalents at the end of the period	5,050,769	5,884,455

Cash and cash equivalents at the end of the period comprise:
Cash at bank and in hand	5,050,769	5,884,455

BIOVENTIX PLC

Notes to the financial information

While the interim financial information has been prepared using the company’s accounting policies and in accordance with Financial Reporting Standard 102, the announcement does not itself contain sufficient information to comply with Financial Reporting Standard 102.

This interim financial statement has not been audited or reviewed by the auditors.

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 FRS 102.

3.2

Revenue

· Turnover is recognised for product supplied or services rendered to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria determine when turnover will be recognised:

· Direct sales are recognised at the date of dispatch.

· Subcontracted R & D income is recognised based upon the stage of completion at the period end.

· Annual licence revenue is recognised, in full, based upon the date of the invoice, and royalties are accrued over the period to which they relate. Revenue is recognised based on the returns and notifications received from customers and in the event that subsequent adjustments are identified, they are recognised in the period in which they are identified.

3.3		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
3.4			Valuation of investments

			Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

3.5			Stocks
			Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
3.6			Debtors

			Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

3.7			Cash and cash equivalents

			Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than twelve months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company’s cash management.

3.8	Financial instruments
	The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

	3.9	Creditors
		Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

	3.10	Foreign currency translation

		Functional and presentation currency
		The Company’s functional and presentational currency is GBP.

		Transactions and balances
		Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

	3.11	Finance costs
		Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

	3.12	Dividends
		Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

	3.13	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.

	3.14	Research and development
		Research and development expenditure is written off in the period in which it is incurred.
	3.15	Pensions

		Defined contribution pension plan
		The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

	3.16	Interest income
		Interest income is recognised in the Statement of comprehensive income using the effective interest method.

	3.17	Provisions for liabilities
		Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to the Statement of comprehensive income in the period that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of financial position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

	3.18	Current and deferred taxation
		The tax expense for the period comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

		Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of financial position date, except that: · The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and · Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

		Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Bioventix plc (AIM: BVXP) announces that at its Annual General Meeting (“AGM”), all resolutions put to shareholders were duly passed.

Bioventix plc (BVXP), a UK company specialising in the development and commercial supply of high-affinity monoclonal antibodies for applications in clinical diagnostics, announces that the Company was notified on 19 November 2021 that on 15^th November 2021 Bruce Hiscock, Chief Financial Officer of the Company, purchased a total of 5 ordinary shares of 5 pence each in the Company (“Ordinary Shares”), at an average price of 3,687 pence per Ordinary Share (the “Purchase”). The shares were purchased under a dividend reinvestment plan (DRIP).

Following the Purchase, Bruce Hiscock has a beneficial interest in 421 Ordinary Shares, representing approximately 0.01 per cent. of the issued share capital of the Company.

The notification below, made in accordance with the requirements of the EU Market Abuse Regulation, provides further details.

For further information please contact:

Bioventix plc Peter Harrison	Chief Executive Officer	Tel: 01252 728 001

finnCap Ltd Geoff Nash/Simon Hicks Alice Lane	Corporate Finance ECM	Tel: 020 7220 0500

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the company’s obligations under Article 17 of MAR.

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Bruce Hiscock
2.	Reason for the Notification
a)	Position/status	Chief Financial Officer
b)	Initial notification/Amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Bioventix Plc
b)	LEI	213800225MHX7LZQY108
4.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the Financial instrument, type of instrument	Ordinary Shares of 5 pence each
a)	Identification code	GB00B4QVDF07
b)	Nature of the transaction	Purchase of Ordinary Shares
c)	Price(s) and volume(s)	5 Ordinary Shares of 3,687 pence each
d)	Aggregated information: · Aggregated volume · Price	5 Ordinary Shares of 3,687 pence each
e)	Date of the transaction	15 November 2021
f)	Place of the transaction	London Stock Exchange, AIM Market (XLON)

Bioventix plc (BVXP), a UK company specialising in the development and commercial supply of high-affinity monoclonal antibodies for applications in clinical diagnostics, confirms that its Annual Report and Accounts for the year ended 30 June 2021 and the Notice of Annual General Meeting (“AGM”) has been posted to shareholders.

A PDF version of the 30 June 2021 Annual Report can be downloaded here.

Notice of AGM to be held 9th December 2021 can be found here and proxy forms available here.

The AGM will be held at Farnham Castle, Farnham, Surrey, GU9 0AG at 2.00 p.m. on 9 December 2021.

The Board continues to monitor the situation surrounding COVID-19 and the advice from the Government on public gatherings. If the Government’s guidance changes at any point prior to the AGM, such that shareholders are unable to attend in person, the Company will update shareholders through an announcement to the London Stock Exchange and on the Company’s website. In light of this uncertainty, the Board strongly encourages shareholders to submit a proxy vote in advance of the AGM and to appoint the Chairman of the AGM as their proxy, rather than a named person who, if circumstances change, may not the able to attend the AGM.

For further information please contact:

Bioventix plc

Peter Harrison

Bruce Hiscock

Chief Executive Officer

Chief Financial Officer

Tel: 01252 728 001

finnCap Ltd

Geoff Nash/Simon Hicks

Alice Lane

Corporate Finance

ECM

Tel: 020 7220 0500

About Bioventix plc:

Bioventix plc (BVXP) announces its audited results for the year ended 30 June 2021

(more…)

TR-1: Notification of major interest in shares. To download this report as a PDF file click here.

Interim results can be found here and are as stated below.

Highlights

Revenue up 1.3% to £5.2 million (2019: £5.1 million)
Profit before tax down 9% to £3.7 million (2019: £4.1 million)
Closing cash balances up £0.3 million to £5.8 million
First interim dividend up 20% to 43p per share (2019: 36p)

CHAIRMAN AND CHIEF EXECUTIVE’S STATEMENT

Business review

The continuing global pandemic has, without doubt, affected the activity within diagnostic pathways in hospitals and clinics around the world to which our business is intrinsically linked. Not only have medical care resources been diverted to cope with COVID-19 patients but, even where capacity remains, there is ongoing evidence that patients are choosing not to present to healthcare professionals or not to enter diagnostic pathways. We are therefore relatively pleased to announce our unaudited interim results for the six-month period ended 31 December 2020 in which our revenues for the half-year of £5.2 million (2019: £5.1 million) were maintained at a similar level to those for the same period of the previous year.

Total profits before tax for the half-year decreased by 9% to £3.7 million (2019: £4.1 million), most of the reduction being created by exchange rate-related charges of £0.27m. The cash balances at 31 December 2020 also remained at a very similar level, finishing the period up by £0.3 million at £5.8 million.

As reported previously, vitamin D antibody sales were not expected to match the growth rates seen in recent financial years and a plateau in the downstream global vitamin D assay market had been anticipated. The very modest growth seen was perhaps better than could have been anticipated.

Our antibodies for thyroid disease diagnostics (T3) and others for fertility diagnostics (estradiol, progesterone and testosterone) form part of routine diagnostics for chronic conditions which are often not life-threatening. We believe that such diagnostic tests have experienced lower volumes in pandemic affected areas and this has had a small impact on our own revenues.

Our research activities continue in line with the plans described in the 2020 annual report. Whilst we will report further on these various projects with our full year results, we are particularly pleased with the development of our pollution exposure assay. We hope to have a prototype urine lateral flow test featuring in a field trial at a UK industrial site later in 2021. The intention is to measure and upload the lateral flow test results directly to health and safety operatives at the site through a phone-app camera reader system.

Regarding the use of SMAs to mitigate against the effect of biotin vitamin supplements on certain blood tests, we sent samples of “blocker” antibodies to customers late in 2020. We have received early positive feedback on the performance of these blockers from some customers. During 2021, we will continue to receive feedback and consider further the possible commercial development of these blockers where bulk manufacture at low cost will be important.

In December 2020, we sent samples of THC (the active ingredient in cannabis or marijuana) antibodies to a few selected customers who are interested in improving their THC lateral flow assays for saliva. The early feedback from these customers has been encouraging and we expect to gather more feedback during the year.

With the exception of COVID-19, the overall context of the business and the landscape in which we operate has not materially changed since the 2020 annual report and we draw the attention of any new shareholders to this report.

We have continued with the development of our Farnham laboratory. The work on our manufacturing facilities and technology development laboratory has been completed and we are now fully operational. The last remaining phase of the development work (cost ~£70k) is due to start imminently.

Bioventix has demonstrated that it is a resilient business and, notwithstanding our comments regarding the impact of the COVID-19 pandemic, our plan is to continue to follow our established dividend policy. For the period under review, the Board is pleased to announce a first interim dividend of 43p per share which represents a 20% increase on last year (36 pence per share).

The shares will be marked ex-dividend on the 8 April 2021 and the dividend will be paid on 23 April 2021 to shareholders on the register at close of business on 9 April 2021.

In conclusion, we are encouraged by the performance of Bioventix for the current half-year and pleased with the continued success of our vitamin D antibody and core antibody business. We remain optimistic about our troponin revenues and the success of these high sensitivity troponin products around the world and we look forward to reporting further progress in the second half of the year.

For further information please contact:

Bioventix plc

Peter Harrison

Chief Executive Officer

Tel: 01252 728 001

finnCap Ltd

Geoff Nash/Simon Hicks – Corporate Finance

Alice Lane – ECM

Tel: 020 7220 0500

About Bioventix plc:

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