7th Oct 2014 08:34
LONDON (Alliance News) - Bioventix PLC Tuesday declared a maiden dividend as it saw pretax profit rise in the financial year to end-June, its first results published since it listed on AIM in April.
Bioventix proposed a total dividend of 24.00 pence per share for the year and said it plans to continue with its dividend policy, which it said "embraces continuity in the absence of special dividends". Prior to listing, Bioventix paid a total dividend of 14.50p for to June 2013.
The company posted a pretax profit of GBP2.2 million, up from GBP1.8 million a year before, as revenue rose to GBP3.5 million, including GBP189,729 of back-dated royalty income, from GBP2.7 million. Revenue growth offset a rise in administrative costs and GBP169,400 in costs of its listing on AIM.
Revenue growth was boosted by continued growth from its leading antibody vitD3.5H10, with royalties from the product now being generated as customer products were rolled out. It now has thirteen licensees for the antibody across large and small diagnostic companies, and expects to see revenue from the product grow as more products from the licensees reach the market.
Bioventix said it remains focused on the development and manufacture of high affinity sheep monoclonal antibodies for use in diagnostics. The company noted that the "natural dynamics" of product development and launch at its customers leads to a delay of between two to five years between the evaluation of its samples to product launches.
The company remains "cautiously optimistic" for its growth prospects in China, although it noted that business development in the region "does present challenges", it expects the quality of its antibodies to help it meet its objectives.
Shares in Bioventix are trading up 7.9% at 630.97 pence Tuesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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