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LONDON (Alliance News) - Bioventix PLC Monday reported a rise in pretax profit for its most recently ended financial year, and expressed optimism for further modest growth over the next two years.
The biotechnology company posted a pretax profit of GBP3.1 million for the year to end-June, compared to a pretax profit of GBP2.2 million for the previous year, as revenue rose to GBP4.3 million from GBP3.5 million.
The company attributed its revenue growth to a strong performance from its vitamin D antibody. Whilst sales of the product can be "spasmodic" due to irregular customer ordering patterns, the company said, it expects the increase in royalties from the product is likely to be sustained.
The roll-out of customer products for vitamin D testing has progressed throughout the year, the company said, although this process is not quite complete, and the company said it remains optimistic revenue from the product will continue to grow over the next year or so.
Bioventix proposed a final dividend of 10.6 pence, taking its total dividend for the year to 21.6p per share. In the previous year the company paid a total dividend of 24p.
"We are delighted to be able to report such positive news for the current year. Furthermore, we remain optimistic that further modest growth in the next two years will come from additional vitamin D antibody sales and royalties. Beyond that, growth in the period from 2017 to 2020 will be linked to the success of our troponin project. The challenge for our continued research activities will be to seed additional projects that will germinate in the period from 2020 to 2030 to allow us to create further shareholder value," the company said in a statement.
Shares in Bioventix were up 2.3% at 1,130.00 pence Monday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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