Bioventix ups dividend on improved profits

AIM-quoted pharmaceuticals company Bioventix saw revenues and profits move ahead in the first half of its trading year, leading the company to boost its first interim dividend by 20%.

Underlying revenues at Bioventix grew 13% to £3.5m, thanks in no small part to an improved performance in the "important emerging market" that is China, pushing pre-tax profits up 36% to £3.4m as a result.

During the half, an internal audit undertaken by one of Bioventix's customers identified a back-dated royalty stream of £772,391, owed to the firm for work completed between 1 July 2014 to 30 June 2017 and therefore, outside the current reporting period.

Vitamin D antibody sales continued at the same healthy levels seen in the last half of its previous trading year and gained approximately £400,000 year-on-year.

Growth in other antibody sales, such as progesterone, drug antibodies, contract NT-proBNP, also amounted to roughly £400,000, meaning the combined effect of the improved sales was "more than sufficient" to make up for the £400,000 of revenue lost due to a previously reported terminated revenue stream.

For the six months ended 31 December, Bioventix announced a first interim dividend of 25p.

"We are pleased with the continued success of our vitamin D antibody and the remainder of the core antibody business. We remain optimistic about our troponin project and the success of Siemens as their product launches around the world and we look forward to further progress in the second half of the year," said chief executive Peter Harrison on Monday.

As of 1020 GMT, shares had collected 12.90% to 2,320p.