Bioventix PLC on Monday said its annual profit has risen following a reduction in expenses and an increase in antibody product sales.
The London-based biotechnology company said pretax profit for the financial year that ended June 30 was £10.6 million, up 6.0% from £10.0 million the year before. Turnover grew 6.3% to £13.6 million from £12.8 million.
Bioventix said its most significant revenue stream was from its vitamin D antibody, vitD3.5H10, sales for which rose 1.7% to £5.9 million during the year from £5.8 million. This reflected analyst expectations for a ‘relatively mature global in vitro diagnostics market’.
Sales of T3 antibodies rose 27% to £1.4 million from £1.1 million last year, alongside sales of biotins & biotin blockers increasing 29% to £1.1 million from £850,000.
Meanwhile, cost of sales during the year rose 12% to £925,527 from £828,410 the year before, whilst administrative expenses were up 11% to £2.0 million from £1.8 million.
The company declared a second interim dividend of 87 pence per share, down 3.3% from 90p last year. This brought the total dividend to 155p per share, up 2.0% from 152p in 2023.
Bioventix said: ‘We are pleased with our financial results for the year, which we believe reflect steady growth in the use of our established products in more mature diagnostic markets. We remain very encouraged by the very early signs of success for our Tau/Alzheimer’s antibodies, and we look forward to more progress into the future.’
Shares in Bioventix were down 6.2% at 3,400.00 pence each in London on Monday morning.
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