Good morning!

I'm reporting on 3 companies today - Bioventix, DP Poland, and SpaceAndPeople. Then this afternoon I'll be interviewing the CEO & CFO of Tracsis (will publish the audio of that tonight).

EDIT: here is my audio interview with Tracsis, recorded this afternoon, which I hope you find interesting. Thanks to readers who submitted most of the questions I asked.

Graham is also working today, and is reporting on results from: Elecosoft, K3 Business Tech, and YouGov.

For logistics reasons, Graham's work is in a separate article today - which is here.

Bioventix (LON:BVXP)

Share price: 1840p (up 4.2% today)
No. shares: 5.1m
Market cap: £93.8m

Interim results - for the 6 months to 31 Dec 2016.

These are sparkling interim figures.

The company says it doesn't hedge forex, therefore that has given a 15-20% uplift in reported sterling values for sales denominated in foreign currencies. Looking back to last year's results, 5.7% of turnover was UK, and the rest was overseas. So there's no doubt that unhedged forex will have had a major boost to these results.

Amazingly high profit margins will have further helped, profit before tax of £2,484k is an astonishing 79.5% of revenues - I don't recall ever seeing such a high net profit margin.

Profit growth is 49% against H1 last year, which is terrific. Although, I reckon forex movements will have been a major driver of that.

Balance sheet - looks terrific. Net cash has risen to £5.1m, and the company is paying out decent divis now. Debtors look high, but I flagged that last time, and there was some reasonable explanation for it, but I can't remember the detail, but it's not a worry anyway. There are hardly any creditors.

New products / outlook - there's some interesting stuff in the narrative about new products. It's outside my remit to try to work out the future prospects of the company, but it sounds interesting.

My opinion - this is a unique company. It's absolutely tiny, with only about a dozen staff, but clearly has some remarkable IP. That's delivering spectacularly high profits, and good growth as well, so I can certainly see the appeal.

Forex gains are layering on further gains too. So it looks an attractive share, providing nothing goes wrong. Apparently there are very long lead times for these products, which restricts competition. So it looks as…

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