Bioventix profits shoot higher on vit-D tests, but may plateau

Biotech group Bioventix lifted annual pre-tax profits by more than a third as revenue was boosted by a significant increase in sales of its vitamin D antibody.

Bioventix announced annual revenue of £7.2m, up from £5.5m a year earlier, and PBT up 37% to £5.7m as part of a strong set of results on Monday, also helped by keeping cost increases to a minimum.

The firm increased its cash balance to £6.1m from £5.3m.

Bioventix collected £2.75m from sales of vitD3.5H10, its vitamin D antibody, a 24% improvement on the 2016 financial year which surpassed management's expectations.

However, the group warned that its "prudent belief" was that the vitamin D market would plateau in the near future, and may only record a "modest further increase" in the coming fiscal period.

Basic earnings per share shot up to 96.3p from 69.18p a year earlier.

As of 0940 BST, shares had backtracked 1.45% to 2,275.00p.