Business
Half-year Report
Half-year Report.
About this update from Bioventix Plc
[{"type":"text","content":"\n \n Bioventix plc\n (“Bioventix” or the “Company”)\n Unaudited Interim Results for the six months ended 31 December 2021\n 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 2021.\n Highlights\n · Revenue down 8% to £4.7 million (2020: £5.2 million)\n · Profit before tax £3.6 million (2020: £3.7 million)\n · Closing cash balances of £5.1 million (2020 £5.8 million)\n · First interim dividend up 20% to 52p per share (2020: 43p)\n CHAIRMAN AND CHIEF EXECUTIVE’S STATEMENT\n Business review\n Revenues for the half-year of £4.73 million (2020: £5.16 million) were affected by a number of factors. The global pandemic has continued throughout the reporting period and has affected the activity within diagnostic pathways in hospitals and clinics around the world to which our business is intrinsically linked. The dynamics of the pandemic remain difficult to predict but when it eases, we believe our robust core business will respond accordingly. As reported previously, the growth rates for our vitamin D antibody sales were not expected to match those seen in recent financial years and a plateau in the downstream global vitamin D assay market had been anticipated. Sales associated with assay formats using larger quantities of antibody per test suffered more as price erosion in downstream markets puts pressure on costly “antibody-hungry” products. As we have previously reported, the contractual payment period relating to our NT-proBNP sales terminated in July 2021. This resulted in a reduction of our revenue of approximately £600k for the period which masked a steady performance for the remainder of the business.\n Sales relating to troponin antibodies grew significantly once again during the period. The continued roll-out of high sensitivity troponin tests provides further encouragement for our future sales in this area.\n Total profits before tax for the half-year were down 4% to £3.56 million (2020: £3.72 million). The cash balances at 31 December 2021 stood at £5.1 million, down from £5.8 million a year earlier.\n Our research activities continue in line with the plans described in the 2021 annual report.\n ...