Half-yearly Report

Bioventix plc ("Bioventix" or the "Company") Unaudited Interim Results for the six months ended 31 December 2013 Bioventix plc (BVXP) ("Bioventix" or "the Company"), a UK company specialising in the development and commercial supply of high-affinity monoclonal antibodies for applications in clinical diagnostics, announces its unaudited interim financial results for the six-month period ending 31 December 2013. HIGHLIGHTS * Turnover: £1.51m (H2 2012: £1.18m) * Profit before tax: £975,305 (H2 2012: £736,646 * Profit after tax: £805,649 (H2 2012:£630,160) * Cash at 31 Dec: £2.88m (2012: £2.31m) * Interim dividend per share: 9.6p (March 2013: 5.8p) CHAIRMAN AND CHIEF EXECUTIVE'S STATEMENT We are pleased to report the results for the half-year ended 31 December 2013. Revenues for the half-year period of £1.51m (H2 2012:£1.18m) were significantly up on the equivalent period last year. Sales of physical antibody increased as did receipts from product royalties which now account for the majority of the total revenues. Profit after tax at £805,649 (2012:£630,160) and cash balances at 31 December 2013 of £2.88m (2012: £2.31m) were both higher than the previous year. We have reported previously on our positive outlook for our vitamin D activities and a leading antibody called vitD3.5H10. Revenue from this product has continued to grow from antibody sales and from royalties as customer products (assays for vitamin D deficiency) reach markets around the world. Customer product launches have now taken place in the valuable US market and this has been a significant contributing factor. Related to our vitamin D interests, we recently announced that we will be opposing certain patent property in the vitamin D antibody field. In addition to antibody manufacturing activities, the Company expends considerable resource directed towards developing new antibodies for commercialisation and has continued its R&D activities to enhance the future pipeline. As we have mentioned before, the continued achievements of the Company would not be possible without the on-going contribution from our scientists and support staff and we would like to thank them for their efforts which underpin our success. Over the previous years, the Board has followed a cautious dividend policy that embraces continuity in the absence of special dividends. It is the intention of the board to continue with this policy into the future, albeit from a higher base level. The increased interim dividend of 9.6p per Ordinary share (2012: 4.84p) is a reflection of a step up to this new higher base level. The shares will be marked ex-dividend on 7 May 2014 and the dividend will be paid on 27 May 2014 to shareholders on the register at close of business on 9 May 2014. During 2012 and 2013, we have been delighted to welcome new shareholders such as Miton Group and Henderson Global Investors. We have taken the opportunity to review with them and other shareholders their views on various aspects of the Company. Taking into account the interests of all shareholders, the board has pursued the admission of Bioventix shares to the AIM. In recognition of this impending change, we would like to thank ISDX for the contribution that their trading platform has made to the development of the Company and in preparing Bioventix for admission to AIM. P J Harrison Chief Executive Officer I J Nicholson Non-Executive Chairman For further information please contact: Bioventix plc Chief Executive Tel: 01252 728 001 Officer Peter Harrison finnCap Ltd Corporate Finance Tel: 020 7220 0500 Geoff Nash/Simon Corporate Broking Hicks Steve Norcross About Bioventix plc: Bioventix (www.bioventix.com) specialises in the development and commercial supply of high-affinity monoclonal antibodies with a primary focus on their application in clinical diagnostics, such as in automated immunoassays used in blood testing. The antibodies created at Bioventix are generated in sheep and are of particular benefit where the target is present at low concentration and where conventional monoclonal or polyclonal antibodies have failed to produce a suitable reagent. Bioventix currently offers a portfolio of antibodies to customers for both commercial use and R&D purposes, for the diagnosis or monitoring of a broad range of conditions, including heart disease, cancer, fertility, thyroid function and drug abuse. Bioventix currently supplies antibody products and services to the majority of multinational clinical diagnostics companies. Bioventix is based in Farnham, UK and its shares are traded on ISDX under the symbol BVXP. BIOVENTIX PLC PROFIT AND LOSS ACCOUNT for the six month period ended 31 December 2013 Six months Six months ended ended 31 Dec 2013 31 Dec 2012 £ £ TURNOVER 1,507,329 1,181,353 Cost of sales (167,512) (88,357) GROSS PROFIT 1,339,817 1,092,966 Administrative expenses (383,880) (363,140) OPERATING PROFIT 955,937 729,856 Interest receivable 19,368 6,887 Interest payable (0) (97) PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION 975,305 736,646 Tax on profit on ordinary activities (169,656) (106,486) PROFIT FOR THE FINANCIAL PERIOD 805,649 630,160 Earnings per share for the period: Basic (same as diluted) 16.03p 12.54p BIOVENTIX PLC BALANCE SHEET as at 31 December 2013 31 Dec 2013 31 Dec 2012 £ £ FIXED ASSETS Intangible fixed assets 0 20,000 Tangible fixed assets 428,550 442,618 428,550 462,618 CURRENT ASSETS Stocks 156,782 111,797 Debtors 1,383,692 913,893 Cash at bank and in hand 2,878,618 2,312,261 4,419,092 3,337,951 CREDITORS:amounts falling due within one (268,894) (187,918) year NET CURRENT ASSETS 4,150,198 3,153,033 TOTAL ASSETS LESS CURRENT LIABILITIES 4,578,748 3,612,651 PROVISIONS FOR LIABILITIES Deferred Tax (5,481) (7,651) NET ASSETS 4,573,267 3,605,000 CAPITAL AND RESERVES Called up share capital 251,269 251,269 Capital redemption reserve 1,231 1,231 Profit and loss account 4,320,767 3,352,500 SHAREHOLDERS' FUNDS 4,573,267 3,605,000 BIOVENTIX PLC CASH FLOW STATEMENT for the six month period ended 31 December 2013 31 Dec 2013 31 Dec 2012 £ £ NET CASHFLOW FROM OPERATING ACTIVITIES Operating profit 955,937 729,856 Amortisation of intangible assets 10,000 10,000 Depreciation of tangible fixed 10,217 11,618 assets Increase in stocks (8,252) (26,110) Increase in debtors (54,330) (97,711) Increase/(decrease) in debtors (44,053) 44,539 Net cash inflow from operating 869,519 632,192 activities Net cash inflow from operating activities 869,519 632,192 Returns on investments & servicing of 19,368 6,790 finance Taxation (158,567) (129,000) Capital expenditure & financial investment - (12,015) Equity dividends paid (437,208) (364,843) Increase in cash 293,112 133,124 Net funds at 1 July 2013 2,585,506 2,179,137 Net funds at 31 December 2013 2,878,618 2,312,261 Notes to the financial information 1. While the interim financial information has been prepared using the company's accounting policies and in accordance with UK GAAP, the announcement does not itself contain sufficient information to comply with UK GAAP. 2. This interim financial statement has not been audited or reviewed by the auditors. 3. The accounting policies which were used in the preparation of this interim financial information were as follows: 3.1 Basis of preparation of financial statements The financial statements have been prepared under the historical cost convention and in accordance with applicable accounting standards. 3.2 Turnover •Turnover comprises revenue recognised by the company in respect of goods and services supplied, exclusive of Value Added Tax and trade discounts. •Direct sales are recognised at the date of dispatch, and royalties are accrued over the period to which they relate. •Subcontracted R & D income is recognised based upon the stage of completion at the year end. •Annual licence revenue is recognised, in full, based upon the date of the invoice. 3.3 Intangible fixed assets and amortisation Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the identifiable assets and liabilities. It is amortised to the Profit and loss account over its estimated economic life. Amortisation is provided at the following rates: Goodwill - Over 10 years Know how - Over 10 years 3.4 Tangible fixed assets and depreciation Tangible fixed assets are stated at cost less depreciation. Depreciation is not charged on freehold land. Depreciation on other tangible fixed assets is provided at rates calculated to write off the cost of those assets, less their estimated residual value, over their expected useful lives on the following bases: Freehold property - 2% straight line Plant and equipment - 25% reducing balance Motor Vehicles - 25% straight line Equipment - 25% straight line 3.5 Stocks Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. 3.6 Deferred taxation Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation. A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse. Deferred tax assets and liabilities are not discounted. 3.7 Foreign currencies Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange gains and losses are recognised in the Profit and loss account. 3.8 Research and development Research and development expenditure is written off in the year in which it is incurred. 3.9 Pensions The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.

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