BioVentix revenue, profits improve in full-year results

24th Oct 2022 11:55

(Sharecast News) - Diagnostic monoclonal antibody specialist BioVentix reported a 7% improvement in revenue in its full-year results on Monday, to £11.72m.

The AIM-traded firm said its profit before tax was ahead 14% for the 12 months ended 30 June, at £9.28m.

Cash at year-end totalled £6.1m, compared to £6.5m at the end of the 2021 financial year.

The board declared a second interim dividend of 74p per share, up from 62p a year ago, and a special dividend of 26p per share,down from 38p.

"We are pleased with our financial results for the year which we believe reflect both the growth in the use of our products and of course some relief from the global pandemic," the board said in its statement.

"In particular, the continued roll-out of the high sensitivity troponin assays and the royalties associated with them have combined to help replace revenues from NT-proBNP which ceased from August 2021."

BioVentix said that, after stripping out the impact of those two significant changes, the growth in its underlying business over the year was in the range 8% to 10%, which it believed was "sustainable" for the immediate future as its sales mix continued to change.

"Excellent technical progress has been made with our research projects and we anticipate that our pipeline of opportunities will create additional shareholder value in the period 2026 to 2036."

At 1118 BST, shares in BioVentix were up 3.73% at 3,433.5p.

Reporting by Josh White at Sharecast.com.