TIDMBVXP
Bioventix plc
("Bioventix" or the "Company")
Preliminary results for the year ended 30 June 2016
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
2016.
Highlights:
* Revenue up 27% to GBP5.5 million
* Profit before tax up 35% to GBP4.2 million
* Cash up GBP1.25 million to GBP5.4 million
* Second interim dividend of 26p per share (2015: 21.6p)
* Special dividend of 20p per share
Business review
We are pleased to report another set of excellent results for the financial
year ended 30 June 2016. Most significantly, revenues for the year of GBP5.5
million (2014/15: GBP4.3 million) were 27% up on the previous year. Profits also
increased significantly by 35% at GBP4.2 million (2014/15: GBP3.1 million). Despite
increased dividend distribution, cash balances during the year increased by GBP
1.25 million to GBP5.4 million.
As in recent years, much of the revenue growth has come from our vitamin D
antibody (vitD3.5H10) in the form of increased physical antibody sales and
royalties. The roll out of our customer's products for vitamin D testing
throughout world markets has progressed further during the year. This roll out
process has advanced but is not yet quite complete and we remain optimistic
that revenues from vitD3.5H10 will continue to grow modestly over the next
year.
Our main non vitamin D business comprises (in order of importance) antibodies
to NT proBNP (heart failure), testosterone, FT3 (thyroid hormone), estradiol,
various drugs (eg THC/cannabis) and progesterone. The revenues from this core
business have remained robust and have provided a firm base for the growth that
has come from vitamin D.
Of the new antibodies added to the product portfolio over the last few years an
antibody to androstenedione, an androgenic steroid that is related to
testosterone has started to generate material revenues. The testing volumes for
androstenedione at hospitals are lower than for testosterone and so revenues
are likely to be of lower value than testosterone in the future as sales grow.
Approximately three quarters of Bioventix sales are generated from customer
royalties. These are based on our customers' global sales which are then
factored by a royalty percentage and then sent to Bioventix around 2 months
after the end of each half year. In the first half of 2016, this mechanism
resulted in $ based and Euro based royalties being converted into sterling
around August at post Brexit exchange rates of approximately 1.3$/GBP and 1.2Euro
/GBP. As no hedging mechanisms are employed, this provided an additional uplift
in reported sterling revenues compared to previous periods.
Physical antibody despatches to China have continued during the year at an
increased frequency. There are a myriad of emerging Chinese diagnostics
companies, both small and larger, that are developing diagnostics products for
the Chinese and other global markets. We sell products into this market via
some direct sales, but mainly through approved distributors with whom we have
long term relationships. Whilst nearly all of the supplies are for R&D use, two
Chinese companies are now approaching the commercial phase and we now have two
recently signed royalty bearing contracts with these companies. We anticipate
modest revenues from such Chinese companies as commercial progress will require
a few years to advance. The Bioventix revenue model featuring royalties is not
adopted by other reagent suppliers and is considered unusual in China. We are
very aware of the future challenge to manage and monitor our royalty agreements
and supplies in this market.
Future developments
We recently reported on the progress of our troponin partner Siemens Healthcare
Diagnostics and a high sensitivity troponin test which features a Bioventix
created antibody. The Board is encouraged by their recent development
activities as mentioned in a scientific presentation at the August 2016
American Association of Clinical Chemistry. Troponin remains an important
product for Bioventix's future performance as we expect to commence significant
sales during the financial year 2017/2018 and we anticipate that this revenue
will offset revenues of GBP0.7 million - GBP0.8 million from another product which
will terminate during this period.
More recent sponsored projects have been in the field of infectious disease and
in the field of cancer diagnostics. We will know more about the technical
success of these projects over the coming years.
Regarding longer term research projects, we have two separate research
activities with two different groups that both happen to be based in Oslo. The
secretoneurin (heart disease) project with CardiNor has been running for almost
two years and has made significant technical progress. As with all such
research, there has been a combination of exciting and unforeseen data. We
remain fully committed to exploring the diagnostic utility of secretoneurin
together with our Norwegian partners.
Our collaboration with Pre Diagnostics in the field of beta amyloid and
Alzheimers diagnostics is at a much earlier stage and we hope to report more on
this next year. We have made modest investments in both Oslo companies as part
of our commitments to these projects.
Whilst the composition of the Bioventix team has remained stable over the last
two years facilitating excellent performance and know how retention, we have
recruited two additional graduates having identified excellent candidates
during the Autumn. This takes our total head count to 13 full time equivalents
and will help us strengthen further our research elements.
The continued outstanding performance of the Company in a globally competitive
market for antibodies is very satisfying. Our sheep monoclonal antibody
technology continually delivers high performance antibodies to our customers.
However, the operation of the antibody technology is made possible by the
efforts of our expert staff and we would like to thank them for their
remarkable achievements over the last year.
Dividend policy
Over the previous years, the Board has followed a cautious dividend policy that
embraces continuity in the absence of special dividends. It is the general
intention of the Board to continue with this policy into the future.
Dividends have increased over recent years (2014: 24p; 2015: 32.6p) as profits
and cash flows have increased. For the current year, the Board is pleased to
announce a second interim dividend of 26p which when added to the first interim
dividend of 16.5p makes a total of 42.5p for the current year.
The outstanding financial performance reported above has resulted in a
significant increase in cash reserves. Our policy is to hold sufficient cash to
facilitate operational and strategic agility and to ensure that any possible
variation in future revenue trajectory is unlikely to impinge on our dividend
policy which we know to be important for shareholders. Due to the exceptional
financial performance, we have decided to distribute funds which are surplus to
our strategic requirements, and accordingly, we are pleased to announce a
special dividend of 20p per share.
The shares will be marked ex dividend on 27th October 2016 and both the second
interim dividend and the special dividend will be paid on 11th November 2016 to
shareholders on the register at close of business on 28th October 2016.
Conclusion
We are delighted to be able to report such positive news for the current year.
Furthermore, we remain optimistic that further modest growth next year will
come from additional vitamin D antibody sales and royalties. Beyond that,
growth in the period 2017 2020 will be linked to our troponin project and the
success of Siemens in their product launches around the world. We continue our
research activities as we look to seed additional projects that will germinate
in the period 2020 2030 creating additional shareholder value.
For further information please contact:
Bioventix plc Tel: 01252 728 001
Peter Harrison Chief Executive Officer
finnCap Ltd Tel: 020 7220 0500
Geoff Nash/Simon Hicks Corporate Finance
Stephen Norcross Corporate Broking
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.
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEARED 30 JUNE 2016
2016 2015
GBP GBP
Turnover 5,517,217 4,333,221
Cost of sales (494,880) (320,464)
Gross profit
5,022,337 4,012,757
Administrative expenses (816,946) (915,164)
Operating profit
4,205,391 3,097,593
Interest receivable and similar income 13,694 9,972
Interest payable and expenses (164) (1,872)
Profit before tax
4,218,921 3,105,693
Tax on profit (724,493) (548,227)
Profit for the year
3,494,428 2,557,466
Other comprehensive income for the year
Total comprehensive income for the year
3,494,428 2,557,466
Earnings per share:
Basic 69.18p 50.66p
Diluted 67.95p 49.79p
There were no recognised gains and losses for 2016 or 2015 other than those
included in the statement of comprehensive income.
BALANCE SHEET AS AT 30 JUNE 2016
2016 2015
GBP GBP GBP GBP
Fixed assets
Tangible assets 467,087 487,804
Investments 43,330 -
510,417 487,804
Current assets
Stocks 198,933 192,970
Debtors: amounts falling due 2,685,475 2,090,573
within one year
Cash at bank and in hand 5,380,405 4,130,622
8,264,813 6,414,165
Creditors: amounts falling due (549,908) (297,526)
within one year
Net current assets 7,714,905 6,116,639
Total assets less current 6,604,443
liabilities 8,225,322
Provisions for liabilities
Deferred tax (17,949) (20,318)
(17,949) (20,318)
Net assets 6,584,125
8,207,373
Capital and reserves
Called up share capital 252,547 252,547
Share premium account 78,426 78,426
Capital redemption reserve 1,231 1,231
Profit and loss account 20 7,875,169 6,251,921
6,584,125
8,207,373
STATEMENT OF CHANGES IN EQUITY FOR THE YEARED 30 JUNE 2016
Called up Share Capital Profit and Total equity
share premium redemption loss account
capital account reserve
GBP GBP GBP GBP GBP
At 1 July 2015 252,547 78,426 1,231 6,251,921 6,584,125
Comprehensive income for
the year
Profit for the year - - - 3,494,428 3,494,428
Other comprehensive income - - - - -
for the year
Total comprehensive income - - - 3,494,428
for the year 3,494,428
Dividends: Equity capital - - - (1,924,405) (1,924,405)
Share option charge - - - 53,225 53,225
Total transactions with - - -
owners (1,871,180) (1,871,180)
At 30 June 2016 252,547 78,426 1,231 7,875,169
8,207,373
STATEMENT OF CHANGES IN EQUITY FOR THE YEARED 30 JUNE 2015
Called up Share Capital Profit and Total equity
share premium redemption loss account
capital account reserve
GBP GBP GBP GBP GBP
At 1 July 2014 252,210 57,768 1,231 4,924,955 5,236,164
Comprehensive income for
the year
Profit for the year - - - 2,557,466 2,557,466
Other comprehensive income - - - - -
for the year
Total comprehensive income - - - 2,557,466
for the year 2,557,466
Dividends: Equity capital - - - (1,281,967) (1,281,967)
Shares issued during the 337 20,658 - - 20,995
year
Share option charge - - - 51,467 51,467
Total transactions with 337 20,658 -
owners (1,230,500) (1,209,505)
At 30 June 2015 252,547 78,426 1,231 6,251,921
6,584,125
STATEMENT OF CASH FLOWS FOR THE YEARED 30 JUNE 2016
2016 2015
GBP GBP
Cash flows from operating activities
Profit for the financial year 3,494,428 2,557,466
Adjustments for:
Depreciation of tangible assets 41,729 45,522
Loss on disposal of tangible assets - (514)
Interest paid 164 1,872
Interest received (13,694) (9,972)
Taxation 724,493 548,227
(Increase) in stocks (5,963) (28,863)
(Increase) in debtors (594,901) (270,220)
Increase in creditors 19,559 20,226
Corporation tax (494,039) (770,127)
Share option charge 53,225 51,467
Net cash generated from operating activities
3,225,001 2,145,084
Cash flows from investing activities
Purchase of tangible fixed assets (21,012) (113,750)
Sale of tangible fixed assets - 681
Purchase of unlisted and other investments (43,330) -
Interest received 13,694 9,972
Net cash from investing activities
(50,648) (103,097)
Cash flows from financing activities
Issue of ordinary shares - 20,995
Dividends paid
(1,924,405) (1,281,967)
Interest paid (164) (1,872)
Net cash used in financing activities
(1,924,569) (1,262,844)
Cash and cash equivalents at beginning of year 4,130,622 3,351,479
Cash and cash equivalents at the end of year
5,380,406 4,130,622
Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand 5,380,405 4,130,622
5,380,405 4,130,622
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEARED 30 JUNE 2016
1. Accounting policies
1.1 Basis of preparation of financial statements
The financial statements have been prepared under the historical cost
convention 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.
The following principal accounting policies have been applied:
1.2 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 recognised at the date of dispatch.
R&D income
Subcontracted R&D income is recognised based upon the stage of completion at
the year?end.
Licence revenue
Annual licence revenue is recognised, in full, based upon the date of the
invoice, and royalties are accrued over the period to which they relate.
1.3 Intangible assets
Goodwill
Goodwill represents the difference between amounts paid on the cost of a
business combination and the acquirer's interest in the fair value of its
identifiable assets and liabilities of the acquiree at the date of acquisition.
Subsequent to initial recognition, Goodwill is measured at cost less
accumulated amortisation and accumulated impairment losses. Goodwill is
amortised on a straight line basis to the Profit and loss account over its
useful economic life.
Other intangible assets
Intangible assets are initially recognised at cost. After recognition, under
the cost model, intangible assets are measured at cost less any accumulated
amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a
reliable estimate of the useful life cannot be made, the useful life shall not
exceed five years.
The estimated useful lives range as follows:
Goodwill ? 10 years
Know how ? 10 years
1.4 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.
Depreciation is charged so as to allocate the cost of assets less their
residual value over their estimated useful lives on the following basis:
Freehold property ? 2% straight line
Plant and equipment ? 25% reducing balance
Motor Vehicles ? 25% straight line
Equipment ? 25% straight line
1.5 Valuation of investments
Investments in unlisted Company shares, whose market value can be reliably
determined, are remeasured to market value at each balance sheet date. Gains
and losses on remeasurement are recognised in the Profit and loss account for
the period. Where market value cannot be reliably determined, such investments
are stated at historic cost less impairment.
1.6 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.
1.7 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.
1.8 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 three 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.
1.9 Financial instruments
The Company only enters into basic financial instruments transactions that
result in the recognition of financial assets and liabilities like trade and
other accounts receivable and payable, loans from banks and other third
parties, loans to related parties and investments in non?puttable ordinary
shares.
1.10 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.
1.11 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.
1.12 Finance costs
Finance costs are charged to the Profit and loss account over the term of the
debt using the effective interest method so that the amount charged is at a
constant rate on the carrying amount. Issue costs are initially recognised as a
reduction in the proceeds of the associated capital instrument.
1.13 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.
Dividends on shares recognised as liabilities are recognised as expenses and
classified within interest payable.
1.14 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.
1.15 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 payments obligations.
The contributions are recognised as an expense in the Profit and loss account
when they fall due. Amounts not paid are shown in accruals as a liability in
the Balance sheet. The assets of the plan are held separately from the Company
in independently administered funds.
1.16 Interest income
Interest income is recognised in the Profit and loss account using the
effective interest method.
1.17 Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a
legal or constructive obligation that probably requires settlement by a
transfer of economic benefit, and a reliable estimate can be made of the amount
of the obligation.
Provisions are charged as an expense to the Profit and loss account in the year
that the Company becomes aware of the obligation, and are measured at the best
estimate at the Balance sheet date of the expenditure required to settle the
obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in
the Balance sheet.
1.18 Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is
recognised in the Profit and loss account, except that a change attributable to
an item of income and expense recognised as other comprehensive income or to an
item recognised directly in equity is also recognised in other comprehensive
income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws
that have been enacted or substantively enacted by the balance sheet 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 Balance sheet 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 balance sheet date.
1.19 Research and development
Research and development expenditure is written off in the year in which it is
incurred.
2. Judgments in applying accounting policies and key sources of estimation
uncertainty
In the application of the company's accounting policies, management is required
to make judgements, estimates and assumptions. These estimates and underlying
assumptions are reviewed on an ongoing basis.
There are no sources of estimation uncertainty that have a significant effect
on the amounts recognised in the financial statements.
3. Turnover
An analysis of turnover by class of business is as follows:
2016 2015
GBP GBP
Product revenue and R&D income 1,389,061 1,210,887
Royalty and licence fee income 4,128,156 3,122,334
5,517,217 4,333,221
2016 2015
GBP GBP
United Kingdom 313,712 246,840
Other EU 1,754,400 1,735,902
Rest of the world 3,449,104 2,350,480
5,517,216 4,333,222
4. Operating profit
The operating profit is stated after charging:
2016 2015
GBP GBP
Depreciation of tangible fixed assets 41,729 45,522
Fees payable to the Company's auditor and its associates 9,240 10,294
for the audit of the Company's annual financial statements
Exchange differences (75,512) 7,766
Research and development costs written off 713,715 511,821
5. Taxation
2016 2015
GBP GBP
Corporation tax
Current tax on profits for the year 726,862 527,095
Adjustments in respect of previous periods - (10,582)
726,862 516,513
Total current tax
726,862 516,513
Deferred tax
Origination and reversal of timing differences (2,369) 31,714
Total deferred tax 31,714
(2,369)
Taxation on profit on ordinary activities
724,493 548,227
Factors affecting tax charge for the year
The tax assessed for the year is lower than (2015 ? lower than) the standard
rate of corporation tax in the UK of 20% (2015: 20%). The differences are
explained below:
2016 2015
GBP GBP
Profit on ordinary activities before tax 4,218,921 3,105,693
Profit on ordinary activities multiplied by standard 843,784 621,139
rate of corporation tax in the UK of 20% (2015: 20%)
Effects of:
Expenses not deductible for tax purposes, other than 10,898 10,356
goodwill amortisation and impairment
Capital allowances for year in excess of depreciation 3,855 (14,092)
Short term timing difference leading to an increase (2,368) 31,714
(decrease) in taxation
Other timing differences leading to an increase - 19,068
(decrease) in taxation
Adjustment in research and development tax credit leading (131,676) (114,508)
to an increase (decrease) in the tax charge
Tax deduction arising from exercise of employee options - (5,450)
Total tax charge for the year
724,493 548,227
Factors that may affect future tax charges
There were no factors that may affect future tax charges.
6. Dividends
2016 2015
GBP GBP
Dividends paid 1,924,405 1,281,967
1,924,405 1,281,967
7.
Share capital
2016 2015
GBP GBP
Shares classified as equity
Allotted, called up and fully paid
5,050,931 (2015 ? 5,050,931) Ordinary shares of GBP0.05 252,547 252,547
each
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.
8. Share based payments
During the year the company operated an Approved Share Option Scheme (the
"Option Scheme"), to incentivise employees.
The company have applied the requirements of FRS 102 Section 26 Share?based
Payment to all the options granted. The Option Scheme provides for a grant
price equal to the market value of the Company's shares on the date of the
grant, as agreed with HMRC Shares and Assets Valuation Division.
The contractual life of an option 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 Number Weighted Number
average 2016 average 2015
exercise exercise
price price
(pence) (pence)
2016 2015
Outstanding at the beginning of the GBP3.66 87,743 GBP3.62 94,472
year
Granted during the year GBP11.15 4,000 -
Exercised during the year - GBP3.12 (6,729)
Outstanding at the end of the year GBP3.99 91,743 GBP3.66 87,743
2016 2015
Option pricing model used Black Black
Scholes Scholes
Issue price GBP3.12?GBP GBP3.12?GBP
11.60 6.40
Exercise price (pence) GBP3.12?GBP GBP3.12?GBP
11.60 6.40
Option life 10 years 10 years
Expected volatility 17.47%? 33.82%
33.82%
Fair value at measurement date GBP1.50?GBP GBP1.50?GBP
3.08 3.08
Risk?free interest rate 0.84% 2.47%
Expected volatility was based on past volatility since the shares have been
listed on AIM.
The expense recognised for share?based payments during the year ended 30 June
2016 was GBP53,225 (Year ended 30 June 2015: GBP51,467).
The number of staff holding share options at 30 June 2016 was 11. The share
options have been issued to underpin staff service conditions.
9. Earnings per share
The weighted average number of shares in issue for the basic earnings per
share calculation is 5,050,931 (2015 5,048,479) and for the diluted earnings
per share, assuming the exercise of all share options is 5,142,673 (2015
5,136,221).
The calculation of the basic earnings per shares is based on the profit for the
period of GBP3,494,428 (2015 GBP2,557,466) divided by the weighted average number
of shares in issue of 5,050,931 (2014 5,084,479), the basic earnings per share
is 69.18p (2015 51.04p). The diluted earnings per share, assuming the exercise
of all of the share options is based on 5,142,673 (2015 5,136,221) shares and
is 67.95p (2015 50.17p).
10. Publication of Non-Statutory Accounts The financial information set out in
this preliminary announcement does not constitute the Group's financial
statements for the year ended 30 June 2016 and the year ended 30 June 2015.
The financial statements for the year ended 30 June 2015 have been delivered
to the Registrar of Companies. The financial statements for the year ended 30
June 2016 will be delivered to the Registrar of Companies following the
Company's Annual General Meeting. The auditors' report on both accounts was
unqualified, did not include references to any matters to which the auditors
drew attention by way of emphasis without qualifying their report and did not
contain statements under sections 498(2) or (3) of the Companies Act 2006.
The audited financial statements of Bioventix plc for the period ended 30 June
2016 are expected to be posted to shareholders shortly, will be available to
the public at the Company's registered office, 7 Romans Business Park, East
Street, Farnham, Surrey, GU9 7SX and available to view on the Company's
website at www.bioventix.com once posted.
END
(END) Dow Jones Newswires
October 17, 2016 02:00 ET (06:00 GMT)