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(Alliance News) - Bioventix PLC on Monday reported increased first half earnings and said that it expects further progress in its second half despite the Covid-19 outbreak.
The stock was trading 13% higher at 3,650.00 pence each on Monday afternoon in London.
For the six-month period to the end of 2019, the biotechnology company posted pretax profit of GBP4.3 million, up 31% year-on-year from GBP3.2 million. Revenue was 21% higher at GBP5.3 million from GBP4.4 million.
An interim dividend of 36p was proposed, up 20% from 30p paid the year prior.
Bioventix reported growth in Vitamin D antibody sales. While the company has seen sales in the downstream global vitamin D assay market plateau, sales for customers Diazyme and Boditech - located in the US state of San Diego and South Korea respectively - have continued to grow.
Revenue for established antibodies showed "modest" growth, and sales of newer antibodies to T4 (thyroxine), androstenedione - a steroid closely related to testosterone - and biotin grew. While sales relating to troponin antibodies were slightly below expectations, growth was still recorded during the period, the company said.
Biovetx said it is currently progressing on the development of its pollution exposure assay, with commercial kit manufacture expected in the second half of 2020. It added that it anticipates that a lab-based kit will be available for sale to pollution researchers in 2021.
Looking ahead, the Farnham-based company said it remains "optimistic" about its troponin revenues, adding that although the Covid-19 outbreak may affect its business, it remains confident of progress in the second half of its financial year ending June 30.
"During 2020, we will aim to maintain the production and supply of commercial SMAs to our customers. We have already implemented a raw material purchasing strategy that minimises the possibility of reagent supply shortages and we already hold large stocks of final products which offers a degree of buffering against adverse effects."
As at the end of December, Bioventix had cash of GBP5.5 million.
By Ife Taiwo; ifetaiwo@alliancenews.com
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