REG - BioVentix PLC - Results for the year ended 30 June 2025
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RNS Number : 8539E BioVentix PLC 27 October 2025
Bioventix plc
("Bioventix" or "the Company")
Results for the year ended 30 June 2025
Bioventix plc (BVXP), a UK company specialising in the development and
commercial supply of high-affinity monoclonal antibodies for applications in
clinical diagnostics, announces its audited results for the year ended 30 June
2025.
Highlights:
• Revenue down 4% to £13.1 million (2024: £13.6 million)
• Profit before tax down 5% to £10.1 million (2024: £10.6 million)
• Cash at year end of £5.1 million (30 June 2024: £6.0 million)
• Second interim dividend of 80p per share (2024: 87p)
• Total dividends 150p per share (2024: 155p)
Introduction and Technology
Bioventix creates, manufactures and supplies high affinity sheep monoclonal
antibodies (SMAs) for use in diagnostic applications. Bioventix antibodies
are preferred for use when they confer an improved test performance compared
to other available antibodies.
Most of our antibodies are used on blood-testing machines installed in
hospitals and other laboratories around the world. Bioventix makes
antibodies using our SMA technology for supply to diagnostic companies for
subsequent manufacture into reagent packs used on blood-testing machines.
These blood-testing machines are supplied by large multinational in vitro
diagnostics (IVD) companies such as Roche Diagnostics, Siemens Healthineers,
Abbott Diagnostics & Beckman Coulter. Antibody-based blood tests are
used to help diagnose many different conditions including, amongst others,
heart disease, thyroid function, fertility, infectious disease and cancer.
Testosterone is an example of a blood test where a Bioventix SMA has
facilitated an improved test. In 2003, it became clear that testosterone
tests performed on automated IVD platforms were deficient. Whilst the higher
levels of testosterone in healthy adult males were accurately reported, the
lower levels of testosterone in pre-pubescent boys and women were inaccurately
reported. In 2005, Bioventix created an antibody called testo3.6A3 which was
evaluated by customers during 2006. Evaluations were successful and
following the necessary regulatory approvals, the first testosterone assays
based on testo3.6A3 were launched in 2009. A number of IVD companies still
use this antibody for revised tests that more accurately measure lower levels
of testosterone.
Over the past 20 years, we have created and supplied approximately 30
different SMAs that are used by IVD companies around the world. We currently
sell a total of 15-20 grams of purified physical antibody per year which
accounts for 25-30% of our annual revenue. In addition to revenues from
these physical antibody supplies, the sale by our customers of diagnostic
products (based on our antibodies) to their downstream end-users attracts a
modest percentage royalty payable to Bioventix. These downstream royalties
currently account for the remaining 70-75% of our annual revenue.
Bioventix adopts different commercial and scientific approaches when creating
new antibodies. The first is own-risk antibody creation projects which gives
Bioventix the complete freedom to commercialise the antibodies produced. The
second is contract antibody creation projects in partnership with customers
who supply materials, know-how and funding and to create antibodies that can
only be commercialised with the partner company. More recently, a third
route of product development through collaborative research has become
important and is exemplified by our work on the diagnosis of Alzheimer's
through tau blood tests with the University of Gothenburg. In all cases,
after initiation of a new project, it takes around a year for our scientists
to create a panel of purified antibodies for evaluation by our customers.
The evaluation process at customers' or academic collaborator's laboratories
generally requires the fabrication of prototype tests which can be compared to
other tests, for example the customer's existing commercial test or perhaps
another "gold standard" method, on the assay machine platform being
considered. The process of subsequent development thereafter by our
customers can take many years before registration or approval from the
relevant authority, for example the US Food and Drug Administration (FDA) or
EU authorities, is obtained and products can be sold to the benefit of the
customers, and of course Bioventix, through the agreed sales royalty. This
does mean that there is a lead time of 4-10 years between our own research
work and the receipt by Bioventix of royalty revenue from product sales.
However, because of the resource required to gain such approvals, after having
achieved approval for an accurate diagnostic test using a Bioventix antibody,
there is a natural incentive for continued antibody use. This results in a
barrier to entry for potential replacement antibodies which would require at
least partial repetition of the approval process arising on a change from one
antibody to another. This barrier to antibody replacement arises from a
combination of factors driven by the clinical criticality of the test and the
potential consequences of making such a change which include the time and cost
to register any changes required to validate the performance of the
replacement antibody.
Another consequence of the lengthy approval process is that the revenue for
the current accounting period is derived largely from antibodies created many
years ago. It is noteworthy that in the new field of neurological assays,
this dynamic has evolved with the relatively rapid launch of "research use
only" (RuO) products by our customers.
2024/2025 Financial Results
Bioventix is evolving from the generation of value from our historical product
set of core antibodies into a business with increasing expertise and reach in
the creation of antibodies for application in the diagnosis of a range of
neurological conditions and diseases. Our results for the financial year
ended 30 June 2025 reflect this evolution with revenues for the year
decreasing by 3.6% to £13.1 million (2023/24: £13.6 million). Profits
before tax for the year decreased by 4.8% to £10.1 million (2023/24: £10.6
million). Cash balances at the year-end were £5.1 million (30 June 2024
£6.0 million).
Our most significant revenue stream continues to come from the vitamin D
antibody called vitD3.5H10. This antibody is used by a significant number of
diagnostic companies around the world for use in vitamin D deficiency
testing. Sales of vitD3.5H10 increased by 12% to £6.6 million which was
slightly ahead of expectation considering conditions in the downstream market,
in particular in China.
We have reported previously that we have achieved consistent material growth
in the sales that we make directly to Chinese IVD companies. In the year
2024/25 such sales totalled £2.4 million representing 18% of our total
revenues (a reduction of approximately 7% of our total revenues compared with
the previous year).
As noted in previous results, important aspects of the Chinese commercial
landscape are going through a process of change. As well as the China First
policy in promoting local manufacturing, another major driving force for
change is the Chinese Central Government procurement policy that aims to
continually reduce all costs, including those of healthcare.
This has led to continued price pressure on final IVD assay sales prices in
the local Chinese downstream market and consequently there are two trends that
adversely affect Bioventix. Firstly, we believe that our longstanding
Western IVD customers are suffering both a loss in volume, as Chinese IVD
companies secure market share, and price erosion, because of the policy of
cost reduction. Both factors reduce the royalties we earn for assays used in
China that are based on our antibodies. It is difficult to quantify the
precise effect of these lost sales as our customer royalty reports do not
contain either the geographic detail or the detail of the volume and prices of
their product sales. Secondly, local Chinese IVD companies who have used
Bioventix antibodies are being motivated to seek cheaper, royalty-free local
alternatives to sustain their own businesses. Changing the antibodies used
in assays consumes precious resource and is generally undesirable but might be
prompted by a product's economic viability. We believe that the pressure to
switch to cheaper antibodies will continue in both the short and medium terms
with perhaps 2% of our annual revenue at risk in the short term and
potentially an additional 3%-4% also at risk in the medium term.
The recent impact of these market factors has resulted in the following
increase/decrease (+/-) in our sales compared to the previous year 2023/24:
- T3 (tri-iodothyronine): £.1.46 million (+6%)
- biotins and biotin blockers: £0.69 million (-40%)
- progesterone: £0.53 million (-16%)
- estradiol: £0.42 million (-19%)
- testosterone: £0.33 million (+1%)
- drug-testing antibodies: £0.18 million (-43%)
In addition to the impact of external factors such as dynamics in the Chinese
market there will also be changes reflecting our historic commercial structure
and success built on supply and royalty contracts with lifetimes of between 10
and 15 years from the first use of our antibodies by our customers and
approximately £200k of annual progesterone sales will be lost in the next
financial year.
Disappointingly, troponin sales have remained flat year on year. We had
anticipated that our royalties would grow in line with increased sales of our
customers' troponin assays stimulated by a new application for troponin
testing outside the historic acute chest pain application (i.e. suspected
heart attack) in A&E centres. It has been shown that testing in patients
with existing medical conditions, known to elevate the risk of a future
adverse cardiac event, can benefit from troponin testing to help quantify such
risk. For example, the American Diabetes Association recommended regular
cardiac testing of diabetes patients in 2022 (ADA/ACC Consensus report,
Pop-Busui et al. Diabetes Care 2022:45:1670). These positive advancements
have not yet led to increased troponin royalties and we believe that this is
due to the lead time taken for such initiatives to translate into changes in
clinical practice. Whilst we are unable to predict when we will see the
resulting increased volumes, we remain positive that troponin royalties will
start to deliver growth in 2026 and beyond. As previously disclosed, Siemens
troponin revenues will terminate for contractual reasons in June 2032.
Over the course of the financial year 2024/25 our activities in the
increasingly important field of neurology diagnostics have advanced, not only
in our work with academic partners on the underlying science, but also on the
development of key products and commercial relationships with our IVD
customers. We now have three Tau antibodies being made at scale in our
manufacturing facility. In addition to this, three newer antibodies are
currently moving into large scale production. We have been delighted with
the response to evaluation samples of antibodies supplied to our customers and
our SMAs now feature in several Research use Only ("RuO") assays. These RuO
assays are being commercialised by specialist high sensitivity platform
companies, such as Quanterix and Alamar, as well as being provided by IVD
companies for evaluation on a global scale. (Details of our Neurology pipeline
are included in the Company's slide presentation and in the Annual Report.)
The volume of such RuO assays is much higher than we had previously expected
and reflects the growing interest in and importance of new neurology assays.
In particular, RuO assays are being used as part of pharmaceutical clinical
trials and by key opinion leaders on Alzheimer's disease for live population
studies and for analysing frozen samples from human biobank resources.
Total Tau/neuro SMA sales during the year increased fourfold from £155k in
2023/24 to £605k, comprising £530k of physical antibody sales and £75k of
product royalties.
The use of our antibodies in such RuO assays is very encouraging and bodes
well for future IVD use. However, we are fully aware that approved clinical
use of IVD assays in future will be a key milestone and would represent a
significant increase in the realisation of value.
We estimate that 50-60% of our total sales are directly linked to US Dollars
via physical product pricing in US Dollars or indirectly linked to US Dollars
via royalties based on downstream US Dollar sales. The remainder of the
currency split is dominated by Euros and important Asian currencies.
Currency effects in the financial year reduced turnover, on a constant
currency basis turnover would have been c£250k higher at c£13.4m. In
addition, there was also a loss of approximately £170k due to adverse
currency movements. Our view continues to be that hedging mechanisms would
not, in the longer term, add value and may have the potential to add risk to
our business. Consequently, future movements in exchange rates may therefore
affect our Sterling revenues.
Cash Flows and Dividends
As reported above, the performance of the business during the year generated
cash balances at the year-end of £5.1 million and royalties received during
quarter 3 of 2025 have added to this balance.
In consideration of our established dividend policy and the available
cashflows, the Board is pleased to announce a second interim dividend of 80
pence per share which, when added to the first interim dividend of 70 pence
per share makes a total of 150 pence per share for the current year.
Accordingly, a dividend of 80 pence per share will be paid in November 2025.
The shares will be marked ex-dividend on 6 November 2025 and the dividend will
be paid on 21 November 2025 to shareholders on the register at close of
business on 7 November 2025.
Research and Future Developments
In addition to the Tau/neuro commercial developments above, our research
continues and we are making new antibodies that could feature in additional
blood tests to better assess the level of Tau pathology, a critical parameter
of interest to neurologists in the field of Alzheimer's disease. Additional
areas of neurology diagnostics also feature in our pipeline developments.
Peripheral neuropathy (i.e. non-brain related neuropathy) and cerebral amyloid
angiopathy (amyloid build-up in brain blood vessels) are two such research
activities currently being undertaken by our team in our laboratories.
Bioventix has been working with the University of Gothenburg since early 2020
to create new antibodies to Tau and to develop prototype assays for use in
Alzheimer's disease. This collaboration has been a key to our growing
success in this field, and we plan to continue our work with this
world-leading research facility into the future. The view of many
neurological opinion leaders, shared by our IVD customers, is that
blood-testing machines will soon offer a panel of new neurological tests that
will reveal information about patient brain health which will be useful for
screening and therapy monitoring purposes.
Whilst not of the same potential value as our activities in neurology
diagnostics, we have continued our work on sewage contamination of rivers and
lakes. We now have sensitive lab-based ELISA assays for paracetamol and
caffeine that can detect levels of drugs equating to 0.1-1.0% of raw sewage
contamination in "fresh" waters. We are currently working with volunteer
groups to conduct field trials aimed at better understanding the link between
drug levels and Escherichia coli ("E.coli"), a significant concern for sewage
contamination in waterways. Lateral flow systems are progressing well, and
we plan to incorporate such user-friendly devices into further field trials in
2026. Lateral flow tests, made from biodegradable materials, will allow for
much greater intensity and geographical coverage of analysis that will be
available to all the many interested parties.
Pre-Diagnostics (in Oslo) and their clinical collaborators have two amyloid
beta assays based on Bioventix antibodies available for research use. A
current focus for Pre-Diagnostics is ARIA (amyloid related imaging
abnormality) which is an important side-effect of new anti-amyloid drugs for
Alzheimer's. Pre-Diagnostics assays relate to amyloid metabolism and could
help screen for ARIA vulnerable patients, before or during treatment.
Our pyrene lateral flow system for industrial pollution biomonitoring is
proceeding steadily as planned. We have now completed a second manufacturing
batch of lateral flow cassettes and intend to conduct further field trials
with firefighters during 2026. The follow-on project for benzene exposure
has not progressed so well and we are concerned that the test detects other
pollutants in addition to benzene. This does compromise the merit of this
project.
The industrial biomonitoring and water pollution projects have required
significant external expenditure during the year of approximately £340k. As
we develop the projects, we expect expenditure to continue and grow modestly
into the future. Using our cash resources to support the steady internal
organic growth of our business has been a consistent feature of our
strategy.
Future Strategy
We have previously identified diagnostic biomarkers that we believe suit our
antibody technology and have found academic collaborators who have seen merit
in working with Bioventix. The Tau project and our collaboration with the
University of Gothenburg is an excellent example of this strategy and we will
seek additional such opportunities in the future.
We will continue to rely on our core SMA antibody creation technology which
consistently helps us to create superior antibodies for our research
projects. We are also incorporating additional newer technologies where such
technologies are helpful to us.
The Bioventix Team and Facility
The composition of the Bioventix team remains at 12 full-time equivalents (14
staff in total) with one member of staff having retired during the year and
one new graduate recruited from the local community. This level of stability
has formed an excellent base upon which we have been able to build our new
products moving into the exciting new areas described above. We are very
fortunate to have such a dedicated and loyal team and we are grateful to them
for their continued enthusiastic input and support.
The Board has conducted a series of interviews seeking to appoint a further
independent non-Executive Director. We have made progress and expect to
report further on this in due course.
Conclusion and Outlook
This year has been particularly noteworthy as our historic core business has
faced some challenges in downstream markets, particularly in China.
Meanwhile, our research and commercialisation of antibodies in the field of
neurology has experienced significant progress. The vision of our customers
for growth in this exciting field together with the performance of our
antibodies at many of our customers points to future success in this area.
We expect the year to 30 June 2026 will follow a similar pattern to this year
with a number of headwinds remaining within the historic core business. As a
result, we anticipate a modest decline in revenues in 2025/6 with future
growth driven by the substantial opportunities in neurology and greater use of
troponin testing outside the historic acute chest pain application.
For further information please contact:
Bioventix plc Tel: 01252 728 001
Peter Harrison Chief Executive Officer
Cavendish (NOMAD and broker) Tel: 020 7220 0500
Geoff Nash / Elysia Bough Corporate Finance
Nigel Birks / Harriet Ward ECM
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 YEAR ENDED 30 JUNE 2025
2025 2024
Note £ £
4 13,115,869 13,606,584
Turnover
(1,198,877) (925,527)
Cost of sales
Gross profit 11,916,992 12,681,057
(2,051,446) (1,994,691)
Administrative expenses
(170,006) (42,180)
Difference on foreign exchange
297,249 29,230
Research and development tax credit
(89,223) (89,223)
Share option charge
5
Operating profit 9,903,566 10,584,193
- (183,306)
Impairment charge on investments
8 192,349 201,962
Interest receivable and similar income
Profit before tax 10,095,915 10,602,849
9 (2,511,473) (2,506,131)
Tax on profit
Profit for the financial year 7,584,442 8,096,718
Total comprehensive income for the year 7,584,442 8,096,718
The notes on pages 20 to 36 form part of these financial statements.
Earnings per share:
2025 2024
Basic (pence per share) 145.27 155.12
Diluted (pence per share) 143.29 152.86
STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2025
2025 2024
Note £ £
Fixed assets
11 404,357 477,997
Tangible assets
12 426,733 426,733
Investments
831,090 904,730
Current assets
13 689,404 615,345
Stocks
14 6,263,980 6,211,919
Debtors: amounts falling due within one year
15 5,079,295 5,998,953
Cash at bank and in hand
12,032,679 12,826,217
16 (1,312,052) (1,728,289)
Creditors: amounts falling due within one year
Net current assets 10,720,627 11,097,928
Total assets less current liabilities 11,551,717 12,002,658
Net assets 11,551,717 12,002,658
Capital and reserves
18 261,243 260,983
Called up share capital
19 1,541,309 1,471,315
Share premium account
19 1,231 1,231
Capital redemption reserve
19 9,747,934 10,269,129
Profit and loss Account
11,551,717 12,002,658
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
Called up share capital Share premium account Capital redemption reserve Profit and loss account Total equity
£ £ £ £ £
260,983 1,471,315 1,231 10,269,129 12,002,658
At 1 July 2024
Comprehensive income for the year
- - - 7,584,442 7,584,442
Profit for the year
- - - - -
Other comprehensive income for the year
- - - 7,584,442 7,584,442
Total comprehensive income for the year
Contributions by and distributions to owners
- - - (8,194,860) (8,194,860)
Dividends: Equity capital
260 69,994 - - 70,254
Shares issued during the year
- - - 89,223 89,223
Share option charge
260 69,994 - (8,105,637) (8,035,383)
Total transactions with owners
261,243 1,541,309 1,231 9,747,934 11,551,717
At 30 June 2025
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
Called up share capital Share premium account Capital redemption reserve Profit and loss account Total equity
£ £ £ £ £
260,983 1,471,315 1,231 10,330,244 12,063,773
At 1 July 2023
Comprehensive income for the year
- - - 8,096,718 8,096,718
Profit for the year
- - - - -
Other comprehensive income for the year
- - - 8,096,718 8,096,718
Total comprehensive income for the year
Contributions by and distributions to owners
- - - (8,247,056) (8,247,056)
Dividends: Equity capital
- - - 89,223 89,223
Share option charge
- - - (8,157,833) (8,157,833)
Total transactions with owners
260,983 1,471,315 1,231 10,269,129 12,002,658
At 30 June 2024
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2025
2025 2024
£ £
Cash flows from operating activities
7,584,442 8,096,718
Profit for the financial year
Adjustments for:
92,829 113,636
Depreciation of tangible assets
(192,349) (201,962)
Interest received
2,511,473 2,506,131
Taxation charge
(74,059) (49,979)
(Increase) in stocks
(34,105) (394,670)
(Increase) in debtors
(98,131) 83,019
(Decrease)/increase in creditors
(2,847,536) (2,081,287)
Corporation tax (paid)
89,223 89,223
Share option charge
- 183,306
Impairment of investment
Net cash generated from operating activities 7,031,788 8,344,135
Cash flows from investing activities
(19,189) (15,907)
Purchase of tangible fixed assets
192,349 201,962
Interest received
Net cash from investing activities 173,160 186,055
Cash flows from financing activities
70,254 -
Issue of ordinary shares
(8,194,860) (8,247,056)
Dividends paid
Net cash used in financing activities (8,124,606) (8,247,056)
Net (decrease)/increase in cash and cash equivalents (919,658) 283,134
5,998,953 5,715,819
Cash and cash equivalents at beginning of year
Cash and cash equivalents at the end of year 5,079,295 5,998,953
Cash and cash equivalents at the end of year comprise:
5,079,295 5,998,953
Cash at bank and in hand
5,079,295 5,998,953
1. General information
Bioventix Plc (04923945) is a public limited company registered in England and
Wales. The Registered Office is 27‑28 Eastcastle Street, London, W1W 8DH.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have 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 live
Freehold property ‑ 2% straight line
Plant and machinery ‑ 15% straight line
Motor Vehicles ‑ 25% straight line
Fixtures & Fittings ‑ 15% straight line
Office equipment ‑ 25% straight line
2.9 Valuation of investments
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 debtors, 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 instrument
is 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 creditors, 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 payments
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.
Carrying value of unlisted investments
The Company holds two unlisted investments in companies carrying out research
in identifying biomarkers for diagnosing health conditions. The directors have
continued to review the progress of this research over the last year.
In common with much scientific research, there is uncertainty, both in
relation to the science and to the commercial outcomes, and no information to
reliably calculate a fair value for these investments.
An impairment provision against the value of the investment in shares of
CardiNor AS was made in the year to 30 June 2024.
The carrying value of the other investment in Pre Diagnostics AS will continue
to be historic cost.
Royalty revenue accrual
The Company is notified and receives royalty revenue from one customer on a
calendar year basis annually in arrears; it is therefore necessary to estimate
this revenue for the first six months of the calendar year and to process an
accrual in respect of it.
4. Turnover
An analysis of turnover by class of business is as follows:
2025 2024
£ £
4,163,845 4,459,290
Product revenue and R&D income
8,952,024 9,147,294
Royalty and licence fee income
13,115,869 13,606,584
2025 2024
£ £
798,661 405,455
United Kingdom
1,640,397 1,507,551
Other EU
10,676,811 11,693,578
Rest of the world
13,115,869 13,606,584
Geographical analysis of turnover is based on the Company's customer's
location; ultimate location of their IVD machines and the geographical
disclosure of royalty revenue may differ.
5. Operating profit
The operating profit is stated after charging:
2025 2024
£ £
92,830 113,636
Depreciation of tangible fixed assets
34,929 33,210
Fees payable to the Company's auditor and its associates for the audit of the
Company's annual financial statements
170,006 42,180
Exchange differences
1,486,245 999,418
Research and development costs
6. Employees
Staff costs, including directors' remuneration, were as follows:
2025 2024
£ £
1,152,613 1,153,004
Wages and salaries
147,097 138,056
Social security costs
89,223 89,223
Share option charge
91,942 91,692
Cost of defined contribution scheme
1,480,875 1,471,975
The average monthly number of employees, including the directors, during the
year was as follows:
2025 2024
No. No.
5 6
Management and administration
11 11
Scientific
16 17
7. Directors' remuneration
2025 2024
£ £
523,004 537,847
Directors' emoluments
47,984 50,815
Company contributions to defined contribution pension schemes
570,988 588,662
During the year retirement benefits were accruing to 2 directors (2024 ‑ 1)
in respect of defined contribution pension schemes.
8. Interest receivable
2025 2024
£ £
192,349 201,962
Other interest receivable
9. Taxation
2025 2024
£ £
Corporation tax
2,554,501 2,526,844
Current tax on profits for the year
(25,071) -
Adjustments in respect of previous periods
Total current tax 2,529,430 2,526,844
Deferred tax
(17,957) (20,713)
Origination and reversal of timing differences
Taxation on profit on ordinary activities 2,511,473 2,506,131
Factors affecting tax charge for the year
The tax assessed for the year is lower than (2024 ‑ lower than) the standard
rate of corporation tax in the UK of 25% (2024 ‑ 25%). The differences are
explained below:
2025 2024
£ £
10,095,915 10,602,849
Profit on ordinary activities before tax
2,523,979 2,650,712
Profit on ordinary activities multiplied by standard rate of corporation tax
in the UK of 25% (2024 ‑ 25%)
Effects of:
2,789 381
Expenses not deductible for tax purposes, other than goodwill amortisation and
impairment
16,707 22,493
Capital allowances for year in excess of depreciation
(25,071) -
Adjustments to tax charge in respect of prior periods
- 45,827
Amounts written off investments
- (214,875)
Research and development tax credit
3,031 -
Changes in provisions leading to an increase (decrease) in the tax charge
7,995 22,306
Share based payments
(17,957) (20,713)
Deferred tax movement
Total tax charge for the year 2,511,473 2,506,131
Factors that may affect future tax charges
There were no factors that may affect future tax charges.
10. Dividends
2025 2024
£ £
8,194,860 8,247,056
Dividends paid 157 pence per share (2024:158 pence per share)
11. Tangible fixed assets
Freehold property Plant & Machinery Motor Vehicles Fixtures & Fittings Office Equipment
£ £ £ £ £
Cost
475,000 490,113 13,090 412,436 39,525
At 1 July 2024
- 19,189 - - -
Additions
- - - (1,885) (18,334)
Disposals
475,000 509,302 13,090 410,551 21,191
At 30 June 2025
Depreciation
163,875 423,516 11,455 320,348 32,973
At 1 July 2024
7,125 35,704 1,635 43,776 4,589
Charge for the year on owned assets
- - - (1,885) (18,334)
Disposals
171,000 459,220 13,090 362,239 19,228
At 30 June 2025
Net book value
304,000 50,082 - 48,312 1,963
At 30 June 2025
311,125 66,597 1,635 92,088 6,552
At 30 June 2024
Total
£
Cost
1,430,164
At 1 July 2024
19,189
Additions
(20,219)
Disposals
1,429,134
At 30 June 2025
Depreciation
952,167
At 1 July 2024
92,829
Charge for the year on owned assets
(20,219)
Disposals
1,024,777
At 30 June 2025
Net book value
404,357
At 30 June 2025
477,997
At 30 June 2024
Included within land and buildings is freehold land at cost of £118,750 which
is not depreciated. (2024 ‑ £118,750).
12. Fixed asset investments
Unlisted Investments
£
Cost or valuation
610,039
At 1 July 2024
610,039
At 30 June 2025
Impairment
183,306
At 1 July 2024
183,306
At 30 June 2025
Net book value
426,733
At 30 June 2025
426,733
At 30 June 2024
13. Stocks
2025 2024
£ £
689,404 615,345
Finished goods and goods for resale
14. Debtors
2025 2024
£ £
1,031,762 1,521,963
Trade debtors
29,856 26,375
Other debtors
5,181,917 4,661,092
Prepayments and accrued income
20,445 2,489
Deferred taxation
6,263,980 6,211,919
15. Cash and cash equivalents
2025 2024
£ £
5,079,295 5,998,953
Cash at bank and in hand
16. Creditors: Amounts falling due within one year
2025 2024
£ £
77,948 169,982
Trade creditors
836,710 1,154,816
Corporation tax
32,425 28,428
Other taxation and social security
364,969 375,063
Accruals and deferred income
1,312,052 1,728,289
17. Deferred taxation
2025 2024
£ £
2,489 (18,224)
At beginning of year
17,957 20,713
Charged to profit or loss
20,446 2,489
At end of year
The deferred tax asset is made up as follows:
2025 2024
£ £
20,446 2,489
Accelerated capital allowances
20,446 2,489
18. Share capital
2025 2024
£ £
Allotted, called up and fully paid
5,224,860 (2024 ‑ 5,219,656) Ordinary shares of £0.05 each 261,243 260,983
The holders of ordinary shares are entitled to receive dividends as declared
and are entitled to one vote per share at meetings of the Company. All
ordinary shares rank equally with regard to the Company's residual assets.
5,204 ordinary shares were issued during the year at £13.50 per share.
19. Reserves
Share premium account
The share premium reserve contains the premium arising on issues of equity
shares, net of issue expenses.
Capital redemption reserve
The capital redemption arose on the buy‑back of shares by the company.
Profit & loss account
The profit and loss reserve represents cumulative profits or losses, net of
dividends paid and other adjustments.
20. Share‑based payments
During the year the company operated 2 share option schemes; an Approved EMI
Share Option Scheme and an Unapproved Share Option Scheme to incentivise
employees. The schemes were implemented in 2013 with provision for a 10 year
term during which options might be granted; this period expired in June 2023.
The company has applied the requirements of FRS 102 Section 26 Share‑based
Payment to all the options granted under both schemes. The terms for granting
share options under both schemes are the same and provide for an option price
equal to the market value of the Company's shares on the date of the grant and
for the Approved EMI Share Option Scheme this price is subsequently agreed
with HMRC Shares and Assets Valuation Division.
The contractual life of an option under both schemes is 10 years from the date
of grant. Options granted become exercisable on the third anniversary of the
date of grant. Exercise of an option is normally subject to continued
employment, but there are also considerations for good leavers. All share
based remuneration is settled in equity shares.
Weighted average exercise price (pence) Number Weighted average exercise price Number
(pence)
2025 2025
2024
2024
Outstanding at the beginning of the year 3544 77,281 3544 77,281
Granted during the year - ‑ -
Forfeited during the year - ‑ -
Exercised during the year 1350 (5,204) ‑ -
Outstanding at the end of the year
3816 72,077 3544 77,281
2025 2024
Option pricing model used Black Scholes Black Scholes
Issue price £13.50‑£38.50 £13.50‑£38.50
Exercise price (pence) £13.50‑£38.50 £13.50‑£38.50
Option life 10 years 10 years
Expected volatility 7.459% 7.459%
Fair value at measurement date £4.66 ‑ £26.91 £4.66 ‑ £26.91
Risk‑free interest rate 1.5% 1.5%
There were no options issued in the year to 30 June 2025 for previous years
the expected volatility was based upon the historical volatility over the
period since the Company's shares were listed on AIM.
The expense recognised for share‑based payments during the year ended 30
June 2025 was £89,223 (2024 : £89,223).
The number of staff and officers holding share options at 30 June 2025 was 15
(2024: 16). The share options have been issued to underpin staff service
conditions.
21.
Earnings per share
The weighted average number of shares in issue for the basic earnings per
share calculation is 5,220,811 (2024: 5,219,656) and for the diluted earnings
per share, assuming the exercise of all share options is 5,292,888 (2024:
5,296,937).
The calculation of the basic earnings per shares is based on the profit for
the period of £7,584,442 (2024: £8,096,718) divided by the weighted average
number of shares in issue of 5,220,811 (2024: 5,219,656), the basic earnings
per share is 145.27p (2024: 155.12p). The diluted earnings per share, assuming
the exercise of all of the share options is based on 5,292,888 (2024:
5,296,937) shares and is 143.29p (2024: 152.86p).
22. Pension commitments
The company operates a defined contributions pension scheme. The assets of the
scheme are held separately from those of the company in an independently
administered fund. The pension charge represents contributions payable by the
company to the fund and amounted to £91,942 (2024: £91,692). No
contributions were owing at the year end (2024: £nil).
23. Related party transactions
During the year a dividend of £466,428 (2024: £525,199) was paid to a
director and his wife.
24. Controlling party
During the year there has not been an individual controlling party.
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