Bioventix plc

              UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED

                               31 DECEMBER 2014

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
financial results for the six-month period ending 31 December 2014.

                                  HIGHLIGHTS

  * Turnover: £1.93M (+28%; H2 2013: £1.51M)

  * Profit before tax: £1.26M (+31%; H2 2013: £0.96M)

  * Profit after tax: £1.07M (+32%; H2 2013:£0.81M)

  * Cash at 31 Dec: £3.80M (+0.92M; 2013: £2.88M)

  * Interim dividend per share: 11p (+15%; March 2013: 9.6p)

                   CHAIRMAN AND CHIEF EXECUTIVE'S STATEMENT

We are pleased to report the interim results for the half-year ended 31
December 2014. Revenues for the half-year period of £1.93M (H2 2013:£1.51M)
were up 28% and profits after tax have increased by 32% for the comparable
period in the previous year.

The core business has remained robust with additional growth coming from our
vitamin D antibody vitD3.5H10. We have reported previously on our positive
outlook for vitD3.5H10 and revenue from this product has continued to grow from
antibody sales and from royalties as customer products (assays for vitamin D
deficiency) reach markets around the world. More customer product launches have
now taken place in the valuable US market and this has been a significant
contributing factor such that this vitamin D antibody has now become the
largest revenue stream for the Company.

Over the last few years, there has been significant growth in the volume of
vitamin D tests at hospitals and clinics in the USA and in other countries
around the world. This growth has naturally followed medical research over the
last decade or so that has clearly linked low vitamin D levels with not only
bone fractures but also other key health measures such as heart disease,
stroke, cancer - and indeed overall mortality.

Many experts believe that the weight of this evidence supports the testing of
"at risk" patients and the vitamin D supplementation of those patients who are
shown to be deficient. However, there are also other experts in the field who
argue that this strategy of vitamin D testing and supplementation has not yet
actually been demonstrated to be of overall patient benefit. There is ongoing
research around the world to investigate this area of medicine further and
those involved in the vitamin D field - such as Bioventix - will continue to
monitor the evolution of the science with interest.

Despite the lack of a complete consensus in the area of vitamin D science, we
remain optimistic that revenues from vitD3.5H10 will continue to grow as more
vitD3.5H10 based products reach the market.

Cash flows remained strong and have increased significantly to £3.8M at 31
December 2014 (2013: £2.88M) despite increased dividend payments during 2014.

During 2014, total dividend payments of 24p were paid (9.6p plus 14.4p, first
and second interim payments). This represented a significant increase over the
14.4p total paid in 2013. Over the previous years, the Board has followed a
cautious dividend policy that embraces continuity in the absence of special
dividends and it is the intention of the Board to continue with this policy
into the future, albeit from the higher base level set in 2014.

Accordingly, we are pleased to announce a first interim dividend payment of 11p
representing a 15% increase from the equivalent period in 2014.

The shares will be marked ex dividend on 9 April 2015 and the dividend will be
paid on 24 April 2015 to shareholders on the register at close of business on
10 April 2015.

The Company has enjoyed continued success during the first half of the year and
we would like to take this opportunity to thank all the operating staff for
their contribution to this result.

P J Harrison
Chief Executive Officer

I J Nicholson
Non-Executive Chairman


For further information please contact:

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

finnCap Ltd                Corporate Finance          Tel: 020 7220 0500
Geoff Nash/Simon Hicks     Corporate Broking
Stephen Norcross


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.

                                 BIOVENTIX PLC

                            PROFIT AND LOSS ACCOUNT

                for the six month period ended 31 December 2014

                                                 Six months       Six months
                                                      ended            ended
                                                31 Dec 2014      31 Dec 2013

                                                          £                £

TURNOVER                                          1,925,249        1,507,329

Cost of sales                                     (202,221)        (167,512)

GROSS PROFIT                                      1,723,028        1,339,817

Administrative expenses                           (466,732)        (383,880)

OPERATING PROFIT                                  1,256,296          955,937

Interest receivable                                   1,282           19,368

Interest payable                                    (1,874)              (0)

PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION     1,255,704          975,305

Tax on profit on ordinary activities              (189,270)        (169,656)

PROFIT FOR THE FINANCIAL PERIOD                   1,066,434          805,649

Earnings per share for the period:

Basic                                                21.15p           16.03p

Diluted                                              20.79p           16.03p




                                 BIOVENTIX PLC

                                 BALANCE SHEET

                            as at 31 December 2014

                                               31 Dec 2014       31 Dec 2013

                                                         £                 £

FIXED ASSETS

Intangible fixed assets                                  0                 0

Tangible fixed assets                              413,312           428,550

                                                   413,312           428,550

CURRENT ASSETS

Stocks                                             176,151           156,782

Debtors                                          1,487,374         1,383,692

Cash at bank and in hand                         3,795,449         2,878,618

                                                 5,458,974         4,419,092

CREDITORS:amounts falling due within one         (266,479)         (268,894)
year

NET CURRENT ASSETS                               5,192,495         4,150,198

TOTAL ASSETS LESS CURRENT LIABILITIES            5,605,807         4,578,748

PROVISIONS FOR LIABILITIES

Deferred Tax                                        17,364           (5,481)

NET ASSETS                                       5,623,171         4,573,267

CAPITAL AND RESERVES

Called up share capital                            252,546           251,269

Share premium account                               78,426                 -

Capital redemption reserve                           1,231             1,231

Profit and loss account                          5,290,968         4,320,767

SHAREHOLDERS' FUNDS                              5,623,171         4,573,267



                                 BIOVENTIX PLC

                              CASH FLOW STATEMENT

                for the six month period ended 31 December 2014

                                               31 Dec 2014       31 Dec 2013

                                                         £                 £

NET CASHFLOW FROM OPERATING
ACTIVITIES

Operating profit                                 1,256,296           955,937

Amortisation of intangible assets                        -            10,000

Depreciation of tangible fixed                       9,088            10,217
assets

Increase in stocks                                (12,044)           (8,252)

Decrease/(increase) in debtors                     332,978          (54,330)

(Decrease) in creditors                           (18,965)          (44,053)

Share option charge                                 25,945                 -

Net cash inflow from operating                   1,593,298           869,519
activities

Net cash inflow from operating activities        1,593,298           869,519

Returns on investments & servicing of                (591)            19,368
finance

Taxation                                         (440,706)         (158,567)

Capital expenditure & financial investment         (2,660)                 -

Equity dividends paid                            (726,365)         (437,208)

Financing                                           20,994                 -

Increase in cash                                   443,970           293,112

Net funds at 1 July 2014                         3,351,479         2,585,506

Net funds at 31 December 2014                    3,795,449         2,878,618



                                BIOVENTIX PLC

                      Notes to the financial information

 1. While the interim financial information has been prepared using the
    company's accounting policies and in accordance with UK GAAP, the
    announcement does not itself contain sufficient information to comply with
    UK GAAP.

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

 3. 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 applicable accounting standards.

     3.2 Turnover


         •Turnover comprises revenue recognised by the company in respect of
         goods and services supplied, exclusive of Value Added Tax and trade
         discounts.

         •Direct sales are recognised at the date of dispatch, and royalties
         are accrued over the period to which they relate.

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

         •Annual licence revenue is recognised, in full, based upon the date of
         the invoice.

     3.3 Intangible fixed assets and amortisation


         Goodwill is the difference between amounts paid on the acquisition of
         a business and the fair value of the identifiable assets and
         liabilities. It is amortised to the profit and loss account over its
         estimated economic life.

         Amortisation is provided at the following rates:

               Goodwill               -   Over 10 years

               Know how               -   Over 10 years

     3.4 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

     3.5 Stocks

         Stocks are valued at the lower of cost and net realisable value after
         making due allowance for obsolete and slow-moving stocks. Cost
         includes all direct costs and an appropriate proportion of fixed and
         variable overheads.

     3.6 Deferred taxation


         Full provision is made for deferred tax assets and liabilities arising
         from all timing differences between the recognition of gains and
         losses in the financial statements and recognition in the tax
         computation.


         A net deferred tax asset is recognised only if it can be regarded as
         more likely than not that there will be suitable taxable profits from
         which the future reversal of the underlying timing differences can be
         deducted.

         Deferred tax assets and liabilities are calculated at the tax rates
         expected to be effective at the time the timing differences are
         expected to reverse.

         Deferred tax assets and liabilities are not discounted.

     3.7 Foreign currencies


         Monetary assets and liabilities denominated in foreign currencies are
         translated into sterling at rates of exchange ruling at the balance
         sheet date.

         Transactions in foreign currencies are translated into sterling at the
         rate ruling on the date of the transaction.

         Exchange gains and losses are recognised in the Profit and loss
         account.

     3.8 Research and development

         Research and development expenditure is written off in the year in
         which it is incurred.

     3.9 Pensions


         The company operates a defined contribution pension scheme and the
         pension charge represents the amounts payable by the company to the
         fund in respect of the year.

    3.10 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.

Copyright h 27 PR Newswire

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