Update 29/3/21 Interim results - https://www.londonstockexchang...


·       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)

There is a report out from finnCap (free to those who register with them). They leave their forecasts and target price, suspended due to covid, "under review".

From past comments we know that one key to the future of this company is the success of the Troponin test. Today they say: "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"

In the evening there was a half hour disxussion between Leon Boros and Peter Harrison (Bioventix CEO). If you watched it please add your comments.

Here is Paul's report:

"These figures are so simple, it’s a breeze to go through, and read all the commentary too, in about half an hour.

I can’t see anything untoward in the numbers, it looks completely clean.

Key points -

H1 revenues up 1.3% to £5.3m, so flat basically.

Profit before tax down 9% to £3.7m, although the drop from £4.1m in H1 LY is entirely due to an adverse forex movement, and a £70k increase in the share option charge to £138k - so I regard profits as also being flat against last year H1

Balance Sheet - is remarkable in that the business has almost no fixed assets, only £777k! It’s a know-how business.

Net cash of £5.8m is more than adequate. Surplus cash generated is paid out in divis now.

Cashflow statement - some working capital movements cause the cash generation to be a bit less than H1 LY. Only £120.6k capex, and nothing capitalised into intangibles. Very clean. Divis of £5.47m paid in H1, more than all the cash generated, meaning that the cash pile reduced from £8.1m to £5.9m - still plenty.

Valuation - Diluted EPS is 58.84p in H1. Finncap has an adj H1 EPS of 61.5p. They don’t have a full year forecast unfortunately, but if we simplistically double H1, then that implices about EPS 120p for the full year.

A share price of 4175p, means…

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