LONDON (ShareCast) - (ShareCast News) - High-affinity antibody developer and supplier Bioventix announced its unaudited interim financial results for the six months to 31 December on Monday, with turnover rising 32% period-on-period to £3.12m.
The AIM-traded firm said profit before tax was up 49% at £2.48m, while profit after tax improved 41% to £1.98m.

Cash at period end was £0.54m higher than at the end of H2 2015, at £5.15m.

The board proposed an interim dividend of 20p per share, up 21% on the 16.5p declared in March 2016.

"As mentioned in our last report in October 2016, Bioventix revenues arriving in global currencies converted at post-Brexit referendum exchange rates give an uplift in reported sterling revenues of 15-20% as no hedging mechanisms are employed," commented chief executive officer Peter Harrison.

"The 2015/16 annual accounts featured such an effect for H1 2016 compared to H1 2015 and a similar effect accounts for some of the growth in the reporting period - H2 2016 compared to H2 2015."

Harrison said shipments to China had continued at a high frequency with the majority of antibodies being used for research and development purposes, and while revenues from China remained modest, the board was still optimistic that Bioventix antibodies were proving to be successful.

"We reported in October on the progress of our troponin partner Siemens Healthcare Diagnostics and a high sensitivity troponin test which features a Bioventix-created antibody.

"Whilst the exact timing of a Siemens product launch is confidential Siemens information and will be dependent on their discussions with global regulatory authorities, the board expects to hear news later in 2017 relating to their ex-US activities," Harrison explained on the subject of future developments.

"Significant troponin revenues during the financial year 2017/2018 are expected to offset the loss of revenues of around £800,000 from another product due to the expiry of the relevant agreement."

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