Results round-up: Bioventix, Quadrise Fuels, Trading Emissions

High-affinity antibody developer and supplier Bioventix announced its unaudited interim financial results for the six months to 31 December on Monday, with turnover rising 32% period-on-period to £3.12m.

The AIM-traded firm said profit before tax was up 49% at £2.48m, while profit after tax improved 41% to £1.98m.

Cash at period end was £0.54m higher than at the end of H2 2015, at £5.15m.

The board proposed an interim dividend of 20p per share, up 21% on the 16.5p declared in March 2016.

“As mentioned in our last report in October 2016, Bioventix revenues arriving in global currencies converted at post-Brexit referendum exchange rates give an uplift in reported sterling revenues of 15-20% as no hedging mechanisms are employed,” commented chief executive officer Peter Harrison.

“The 2015/16 annual accounts featured such an effect for H1 2016 compared to H1 2015 and a similar effect accounts for some of the growth in the reporting period – H2 2016 compared to H2 2015.”

Harrison said shipments to China had continued at a high frequency with the majority of antibodies being used for research and development purposes, and while revenues from China remained modest, the board was still optimistic that Bioventix antibodies were proving to be successful.

“We reported in October on the progress of our troponin partner Siemens Healthcare Diagnostics and a high sensitivity troponin test which features a Bioventix-created antibody."

Quadrise Fuels International

Emerging supplier of ‘MSAR’ emulsion technology and fuel Quadrise Fuels International announced its interim results for the six months to 31 December on Monday - a period in which it raised £5.25m through a placing and open offer of new ordinary shares in November.

The AIM-traded firm said the open offer was oversubscribed 2.5 times.

At period end, the company had no debt and £7m cash, up from £6.5m a year earlier.

It reported a loss after tax of £2.4m - of which £0.2m related to non-cash charges for share options - with the loss precisely in line with the figure in the prior comparative period.

Total assets at 31 December stood at of £11.5m, up from £10.8m.

Accumulated tax losses of around £43m were available to be carried forward against future profits, the board reported.

“The performance of ‘MSAR’ on the marine trial vessel has been positive and we expect the recent interim inspection to confirm this,” said executive chairman Mike Kirk.

“We are now closely engaged with our partners to expedite the interim LONO (low and no emission tests).

“This should put us in a good position to progress discussions on commercialisation of ‘MSAR’ within the shipping industry.”

Trading Emissions

Closed-ended investment company that specialises in renewable energy projects and emissions instruments, Trading Emissions, announced its results for the six month period to 31 December on Monday.

The AIM-traded firm reported nil realised gain on carbon assets for the period, down from £4k in the same period a year earlier, while its realised gain on private equity assets was £9k, swinging from a £236k realised loss.

Its net positive change in the fair value of private equity assets was £419k, compared to a negative change of £532k in the first half of the 2016 financial year.

Investment services fees were nil, compared to £142k, and administration fees were in line with the prior period at £106k.

Net foreign exchange losses were £6k, compared to gains of £72k, and its other net operating expenses were £519k, almost the double £215k reported at the same time last year.

Trading Emissions said its total operating loss was £203k for the period, narrowing from £336k.

“During the six month period ended 31 December 2016, we sold two of the company's five Italian solar operating subsidiaries held through TEP Solar for net proceeds of €9.6m including dividends, of which €3.0m is held in escrow,” explained chairman Martin Adams.

“Conditional on no claims being received from the buyer, Sonnedix, we expect €1.0m to be released to TEP Solar in December 2017 and €2.0m in December 2018.

“Our efforts continue to try to resolve the various operating issues at TEP Solar's three remaining Italian solar operating subsidiaries.”

Adams said that as a result of Poland's Renewable Energy Law enacted in July 2016, coal would continue to underpin the supply of energy in Poland.