REG - BioVentix PLC - Interim Results
31/03/2025 07:15
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250331:nRSe8338Ca&default-theme=true
RNS Number : 8338C BioVentix PLC 31 March 2025
Bioventix plc
("Bioventix" or the "Company")
Unaudited Interim Results for the six months ended 31 December 2024
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 2024.
Highlights
· Revenue up 1% to £6.73 million (2023: £6.68 million)
· Profit before tax £5.05 million down 4% (2023: £5.24 million)
due to increased R&D spend
· Cash balances of £5.1 million (2023 £5.5 million)
· Interim dividend up 3% to 70p per share (2023: 68p)
CHAIRMAN AND CHIEF EXECUTIVE'S STATEMENT
Bioventix is pleased to report revenues for the half-year of £6.7 million,
broadly similar to the corresponding period last year.
Sales of our vitamin D antibody and other core antibodies were all more or
less in line with last year's sales reflecting the mature nature of the
diagnostic products that our antibodies support.
Our sales relating to troponin antibodies were steady and a little below our
expectation. In November 2024, we reported that Siemens had received FDA
approval for a revised label claim for their troponin assay covering a new
prognostic application. This was an encouraging development, but it remains
too early to see the significant adoption of this application and therefore
the use and sales of the assay and an uplift in our associated royalties.
The level of research interest at our in vitro diagnostic customers in the
field of neurology, initially focusing on Alzheimer's disease testing
continues to increase. Three of the Tau antibodies that Bioventix has
created have already moved into full scale manufacture. Two of these are
aimed at brain-derived Tau for neurodegeneration testing and the other is a
detector antibody that can pair with Bioventix or other specific antibodies
(i.e. pTau217) as part of customer test designs. Sales of these Tau
antibodies for research use only assays have increased during the period and
we remain optimistic about the future prospects for these and other additional
antibodies that could feature in neurological blood testing assays into the
future.
Total profits before tax for the half-year were down 4% to £5.05 million
(2023: £5.24 million). Profits after tax of £3.77 million (2023 £4.02
million) were 6% down on the previous half year. Increased external research
and development spending on the industrial pollution and water quality
projects, as well as for our Alzheimer's disease projects, was incurred in the
period and thus, as such cost is treated as a direct cost, there is
corresponding reduction in the reported profit. The cash balances at 31
December 2024 stood at £5.1 million (2023 £5.5 million).
Our research activities continue in line with the plans we described in our
2024 annual report. In addition to those Tau antibodies already created and
in manufacture described above, we have a growing panel of new Tau antibodies
aimed at assays that could correlate with the results of Tau PET brain
scans. Such assays are recognized by our customers as having value in the
future as the scope of neurological blood testing expands. As with previous
antibodies, the validation of our new antibodies will be carried out at the
University of Gothenburg.
We are pleased with the continued development of our industrial pollution
exposure assays. We are planning a field trial with firefighters using our
prototype lateral flow test for pyrene, previously trialed in industrial
worker's urine. Antibody developments are in progress for two additional
industrial pollutants, benzene (associated with the petrochemical industry)
and isocyanates (used in the plastics and paints industry). We plan to
continue our internal and external investment in these areas.
The water quality project mentioned in our November 2024 continues to
progress. This project is based on the riverbank measurement of both
caffeine and paracetamol, either individually or in combination, as markers of
human-derived by-products in "fresh water". Laboratory based tests and
lateral flow devices are in development and we anticipate that field trials
will be possible during the second half of 2025.
We continue to follow our established dividend policy of distributing post-tax
profits to shareholders. For the period under review, the Board is pleased
to announce an interim dividend of 70 pence per share which represents a 3%
increase on the interim dividend paid last year (68 pence per share). The
shares will be marked ex-dividend on the 10(th) April 2025 and the dividend
will be paid on 25th April 2025 to shareholders on the register at close of
business on 11(th) April 2025.
The modest rate of growth in troponin revenues and revenues from core business
being broadly flat in the first half both lead us to expect revenues for the
year to 30 June 2025 to be similar to those of the prior year. We will
continue to be cash generative even as we expand our portfolio of antibodies
however, the heightened investment in R&D spend, will result in a slightly
lower level of profits than that in the year to 30 June 2024
In conclusion, our core business has performed in line with expectations
although troponin revenues did not achieve the growth we hoped for.
Increased sales of Tau antibodies for Alzheimer's disease have been a
highlight and we continue to remain excited about the future for these
antibodies as the scientific output of our collaboration with University of
Gothenburg increasingly translates into commercial success. We also remain
excited about the antibodies we have developed with potential applications
outside of our core business and anticipate a return to growth in 2026 and
beyond as troponin and Tau revenues become more significant.
P Harrison I J Nicholson
Chief Executive Office Non‑Executive Chairman
For further information please contact:
Bioventix plc Tel: 01252 728 001
Peter Harrison Chief Executive Officer
Cavendish (NOMAD and broker)
Geoff Nash / Elysia Bough Corporate Finance Tel: 020 7220 0500
Nigel Birks/Harriet Ward ECM
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the EU Market Abuse
Regulation (596/2014). Upon the publication of this announcement via a
regulatory information service, this information is considered to be in the
public domain.
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.
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.
STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 31 DECEMBER 2024
Unaudited six months ended 31 Dec 2024 Unaudited six months ended 31 Dec 2023
£ £
6,732,355 6,675,396
Turnover
(764,768) (453,088)
Cost of sales
Gross profit 5,967,587 6,222,308
(1,067,779) (1,031,993)
Administrative expenses
159,943 13,408
Research & development tax credit adjustment
(44,733) (44,733)
Share options change
(75,976) (12,953)
Difference on foreign exchange
Operating profit 4,939,042 5,146,037
107,363 92,130
Interest receivable
Profit on ordinary activities before tax 5,046,405 5,238,167
(1,274,003) (1,214,551)
Tax on profit on ordinary activities
Profit for the financial period 3,772,402 4,023,616
Total comprehensive income for the six months 3,772,402 4,023,616
Earnings per share:
Period ended 31 Dec 2024 Period ended 31 Dec 2023
p p
Basic 72.27 77.09
Diluted 71.22 75.96
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
Unaudited 31 Dec 2024 Unaudited 31 Dec 2023
£ £
Fixed assets
443,522 522,672
Tangible assets
426,733 610,039
Investment
870,255 1,132,711
Current assets
554,069 585,735
Stocks
6,443,184 5,924,735
Debtors
5,142,363 5,505,357
Cash at bank and in hand
12,139,616 12,015,827
(1,731,178) (1,707,370)
Creditors: amounts falling due within one year
Net current assets 10,408,438 10,308,457
Total assets less current liabilities 11,441,168
11,278,693
Provisions for liabilities
- (6,735)
Deferred tax
- (6,735)
11,278,693
Net assets 11,434,433
Capital and reserves
260,983 260,983
Called up share capital
1,471,315 1,471,315
Share premium account
1,231 1,231
Capital redemption reserve
9,545,164 9,700,904
Profit and loss account
11,278,693 11,434,433
STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2024
Unaudited 31 Dec 2024 Unaudited 31 Dec 2023
£ £
Cash flows from operating activities
3,772,402 4,023,616
Profit for the financial six months
Adjustments for:
53,664 58,375
Depreciation of tangible assets
(107,363) (92,130)
Interest received
1,125,418 1,214,551
Taxation charge
61,276 (20,369)
Decrease/(increase) in stocks
(231,265) (109,972)
(Increase) in debtors
122,118 52,282
Increase in creditors
(1,244,646) (770,667)
Corporation tax (paid)
44,733 44,734
Share option charge
Net cash generated from operating activities 3,596,337 4,400,420
Cash flows from investing activities
(19,188) (5,321)
Purchase of tangible fixed assets
107,363 92,130
Interest received
Net cash from investing activities 88,175 86,809
Cash flows from financing activities
(4,541,101) (4,697,691)
Dividends paid
Net cash used in financing activities (4,541,101) (4,697,691)
Net (decrease) in cash and cash equivalents (856,590) (210,462)
5,998,953 5,715,819
Cash and cash equivalents at beginning of six months
Cash and cash equivalents at the end of six months 5,142,363 5,505,357
1. General 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 below.
2. Accounting policies
2.1 Basis of preparation of financial statements
The interim financial information has been prepared under the historical cost
convention unless otherwise specified within these accounting policies and in
accordance with Financial Reporting Standard 102, the Financial Reporting
Standard applicable in the UK and the Republic of Ireland and the Companies
Act 2006.
The preparation of financial statements in compliance with FRS 102 requires
the use of certain critical accounting estimates. It also requires management
to exercise judgment in applying the Company's accounting policies (see note
3).
The following principal accounting policies have been applied.
2.2 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
Direct sales are generally recognised at the date of dispatch unless
contractual terms with customers state that risk and title pass on delivery of
goods, in which case revenue is recognised on delivery.
R&D income
Subcontracted R&D income is recognised based upon the stage of completion
at the year end.
Licence revenue and royalties
Annual licence revenue is recognised, in full, based upon the date of invoice.
Royalties are accrued over period to which they relate and revenue is
recognised based upon returns and notifications received from customers. In
the event that subsequent adjustments to royalties are identified they are
recognised in the period in which they are identified.
2.3 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.
2.4 Interest income
Interest income is recognised in profit or loss using the effective interest
method.
2.5 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 profit or loss 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.
2.6 Current and deferred taxation
Current and deferred tax are recognised as an expense or income in the
Statement of Comprehensive Income, except when they relate to items credited
or debited directly to equity, in which case the tax is also recognised
directly in equity. 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 reporting 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.
2.7 Research and development
Research and development expenditure is written off in the year in which it is
incurred.
2.8 Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less
accumulated depreciation and any accumulated impairment losses. Historical
cost includes expenditure that is directly attributable to bringing the asset
to the location and condition necessary for it to be capable of operating in
the manner intended by management.
Land is not depreciated. Depreciation on other assets is charged so as to
allocate the cost of assets less their residual value over their estimated
useful lives.
Land is not depreciated. Depreciation on other assets is charged so as to
allocate the cost of assets less their residual value over their estimated
useful live.
Freehold property ‑ 2% straight
line
Plant and equipment ‑ 15% straight
line
Motor Vehicles ‑ 25% straight
line
Fixtures & Fittings ‑ 15% straight
line
Equipment ‑ 25% straight
line
2.9 Valuation of investment
Investments in unlisted Company shares, whose market value can be reliably
determined, are remeasured to market value at each reporting 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.
2.10 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.
2.11 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.
2.12 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.
2.13 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.
2.14 Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a
legal or constructive obligation, a transfer of economic benefits is probable
and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle
the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
2.15 Financial instruments
The Company has elected to apply the provisions of Section 11 "Basic Financial
Instruments" of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and
bank balances, are initially measured at their transaction price including
transaction costs and are subsequently carried at their amortised cost using
the effective interest method, less any provision for impairment, unless the
arrangement constitutes a financing transaction, where the transaction is
measured at the present value of the future receipts discounted at a market
rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The
Company's cash and cash equivalents, trade and most other receivables due with
the operating cycle fall into this category of financial instruments.
Financial liabilities
Financial liabilities and equity instruments are classified according to the
substance of the contractual arrangements entered into. An equity instruments
any contract that evidences a residual interest in the assets of the Company
after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank
loans and other loans are initially measured at their transaction price after
transaction costs. When this constitutes a financing transaction, whereby the
debt instrument is measured at the present value of the future receipts
discounted at a market rate of interest. Discounting is omitted where the
effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the
effective interest rate method.
Trade payables are obligations to pay for goods and services that have been
acquired in the ordinary course of business from suppliers. Trade payables are
classified as current liabilities if the payment is due within one year. If
not, they represent non current liabilities. Trade payables are initially
recognised at their transaction price and subsequently are measured at
amortised cost using the effective interest method. Discounting is omitted
where the effect of discounting is immaterial.
2.16 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.
2.17 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. Judgments in applying accounting policies and key sources of estimation
uncertainty
In the application of the company's accounting policies (as described in note
2), management is required to make judgments, estimates and assumptions. These
estimates and underlying assumptions and are reviewed on an ongoing basis.
There were no areas requiring significant management judgment during the 6
months to 31 December 2024.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END IR WPUBWWUPAGRURecent news on Bioventix
See all newsREG - BioVentix PLC - Director Dealing
AnnouncementREG - AIM - AIM Notice - 16/04/2025
AnnouncementREG - BioVentix PLC - Exercise of Options and Issue of Equity
AnnouncementREG - BioVentix PLC - Interim Results
AnnouncementREG - BioVentix PLC - Director Dealing
Announcement