Bioventix plc
(“Bioventix” or “the Company”)
Director Dealing
Bioventix plc (BVXP), a UK company specialising in the development and commercial supply of high-affinity monoclonal antibodies for applications in clinical diagnostics, announces that it has been notified that Bruce Hiscock, Chief Financial Officer of the Company, completed the following dealings in the Company’s ordinary shares of 5 pence in the Company (“Ordinary Shares”):
Following these transactions, Mr Hiscock’s total beneficial interest in the Company is now 700 Ordinary Shares, representing approximately 0.01 per cent. of the Company’s total issued share capital.
For further information please contact:
Bioventix plc
Peter Harrison |
Chief Executive Officer |
Tel: 01252 728 001 |
finnCap Ltd
Geoff Nash/Simon Hicks/Abigail Kelly Alice Lane |
Corporate Finance ECM |
Tel: 020 7220 0500 |
1. | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | Bruce Hiscock | ||||
2. | Reason for the Notification | |||||
a) | Position/status | Chief Financial Officer | ||||
b) | Initial notification/Amendment | Initial notification | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Bioventix plc | ||||
b) | LEI | 213800225MHX7LZQY108 | ||||
4. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
a) | Description of the Financial instrument, type of instrument
|
Ordinary Shares | ||||
Identification code | GB00B4QVDF07 | |||||
b) | Nature of the transaction | Sale of Ordinary Shares | ||||
c) | Price(s) and volume(s) |
|
||||
d) | Aggregated information:
·Aggregated volume ·Price |
Sale of 204 Ordinary Shares at a price of 3,341p per Ordinary Share | ||||
e) | Date of the transaction | 26 October 2022 | ||||
f) | Place of the transaction | London Stock Exchange, AIM Market (XLON) |
1. | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | Bruce Hiscock | ||||
2. | Reason for the Notification | |||||
a) | Position/status | Chief Financial Officer | ||||
b) | Initial notification/Amendment | Initial notification | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Bioventix plc | ||||
b) | LEI | 213800225MHX7LZQY108 | ||||
4. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
a) | Description of the Financial instrument, type of instrument
|
Ordinary Shares | ||||
Identification code | GB00B4QVDF07 | |||||
b) | Nature of the transaction | Purchase of Ordinary Shares | ||||
c) | Price(s) and volume(s) |
|
||||
d) | Aggregated information:
·Aggregated volume ·Price |
Purchase of 480 Ordinary Shares at a price of 3,400p per Ordinary Share
|
||||
e) | Date of the transaction | 26 October 2022 | ||||
f) | Place of the transaction | London Stock Exchange, AIM Market (XLON) |
Director’s report and financial statements for the year ended 30th June 2022.
To download this report as a PDF file click here.
Bioventix plc (BVXP) announces its audited results for the year ended 30 June 2022
Highlights:
Click here to download the full report.
Bioventix plc (BVXP), a UK company specialising in the development and commercial supply of high-affinity monoclonal antibodies for applications in clinical diagnostics, is pleased to announce a trading update for the year ended 30 June 2022 (“FY2022”).
As announced in our interim results to 31 December 2021, we had a slow start to the financial year. However, in the second half, we have seen an improvement in performance and our trading result for FY2022 as a whole is likely to be significantly ahead of market expectations.
This improvement reflects a degree of recovery from the pandemic effects experienced since early 2020, and we hope that this recovery will prove to be sustained and long-lasting. We are pleased that the roll-out of high sensitivity troponin products, that are supported by our technology, has also matched our expectations.
In addition, our results are reported in UK Sterling and the recent fall in value of the UK Sterling against the US Dollar has had a positive effect. Approximately 50% of our revenues are linked to US Dollars and royalties received recently from customers in respect of our H2 sales have been converted at more favourable exchange rates.
Notice of Results
Bioventix expects to release FY2022 results on 24 October 2022.
For further information please contact:
Bioventix plc Peter Harrison |
Chief Executive Officer | Tel: 01252 728 001 |
finnCap Ltd Geoff Nash/Simon Hicks Alice Lane |
Corporate Finance ECM |
Tel: 020 7220 0500 |
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the company’s obligations under Article 17 of MAR.
TR-1: Notification of major interest in shares. To download this report as a PDF file click here.
Bioventix plc
(“Bioventix” or “the Company”)
Director Dealing
Bioventix plc (BVXP), a UK company specialising in the development and commercial supply of high-affinity monoclonal antibodies for applications in clinical diagnostics, announces that the Company was notified on 26 April 2022 that on 25 April 2022 Bruce Hiscock, Chief Financial Officer of the Company, purchased a total of 3 ordinary shares of 5 pence each in the Company (“Ordinary Shares”), at an average price of 3,500 pence per Ordinary Share (the “Purchase”). The shares were purchased under a dividend reinvestment plan (DRIP).
Following the Purchase, Bruce Hiscock has a beneficial interest in 424 Ordinary Shares, representing approximately 0.01 per cent. of the issued share capital of the Company.
The notification below, made in accordance with the requirements of the EU Market Abuse Regulation, provides further details.
For further information please contact:
Bioventix plc
Peter Harrison |
Chief Executive Officer |
Tel: 01252 728 001 |
finnCap Ltd
Geoff Nash/Simon Hicks Alice Lane |
Corporate Finance ECM |
Tel: 020 7220 0500 |
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the company’s obligations under Article 17 of MAR.
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them
1 | Details of the person discharging managerial responsibilities / person closely associated | |
a) | Name | Bruce Hiscock |
2. | Reason for the Notification | |
a) | Position/status | Chief Financial Officer |
b) | Initial notification/Amendment | Initial notification |
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |
a) | Name | Bioventix Plc |
b) | LEI | 213800225MHX7LZQY108 |
4. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |
a) | Description of the Financial instrument, type of instrument | Ordinary Shares of 5 pence each |
Identification code | GB00B4QVDF07 | |
b) | Nature of the transaction | Purchase of Ordinary Shares |
c) | Price(s) and volume(s) | 3 Ordinary Shares
3,500 pence |
d) | Aggregated information:
· Aggregated volume
· Price |
Purchase of 3 Ordinary Shares at 3,500 pence each |
e) | Date of the transaction | 25 April 2022 |
f) | Place of the transaction | London Stock Exchange, AIM Market (XLON) |
Bioventix plc
(“Bioventix” or the “Company”)
Dividend timetable
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 that the Board has confirmed a first interim dividend of 52p per ordinary share, which will be paid on 22 April 2022.
The dividend timetable dates are below:
Ex-dividend date: | 7 April 2022 |
Record date: | 8 April 2022 |
Payment date: | 22 April 2022 |
For further information please contact:
Bioventix plc
Peter Harrison
Chief Executive Officer Tel: 01252 728 001
finnCap Ltd
Geoff Nash/Simon Hicks
Alice Lane
Corporate Finance
ECM Tel: 020 7220 0500
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 AIM under the symbol BVXP.
Interim Report and Financial Statements for the 6 months to 31 December 2021
To download this report as a PDF file click here.
Interim results can be downloaded here and are as stated below.
Bioventix plc
(“Bioventix” or the “Company”)
Unaudited Interim Results for the six months ended 31 December 2021
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 results for the six-month period ended 31 December 2021.
Highlights
CHAIRMAN AND CHIEF EXECUTIVE’S STATEMENT
Business review
Revenues for the half-year of £4.73 million (2020: £5.16 million) were affected by a number of factors. The global pandemic has continued throughout the reporting period and has affected the activity within diagnostic pathways in hospitals and clinics around the world to which our business is intrinsically linked. The dynamics of the pandemic remain difficult to predict but when it eases, we believe our robust core business will respond accordingly. As reported previously, the growth rates for our vitamin D antibody sales were not expected to match those seen in recent financial years and a plateau in the downstream global vitamin D assay market had been anticipated. Sales associated with assay formats using larger quantities of antibody per test suffered more as price erosion in downstream markets puts pressure on costly “antibody-hungry” products. As we have previously reported, the contractual payment period relating to our NT-proBNP sales terminated in July 2021. This resulted in a reduction of our revenue of approximately £600k for the period which masked a steady performance for the remainder of the business.
Sales relating to troponin antibodies grew significantly once again during the period. The continued roll-out of high sensitivity troponin tests provides further encouragement for our future sales in this area.
Total profits before tax for the half-year were down 4% to £3.56 million (2020: £3.72 million). The cash balances at 31 December 2021 stood at £5.1 million, down from £5.8 million a year earlier.
Our research activities continue in line with the plans described in the 2021 annual report.
We continue to await news and critical data from our partners in Oslo on both our secretoneurin (CardiNor & cardiac care) and amyloid beta (Pre-Diagnostics and Alzheimer’s) projects. We hope to have more news during 2022.
Since the summer of 2020, a considerable amount of our laboratory resources has been focused on the Tau biomarker which shows exciting potential in neuropathological diseases including Alzheimer’s. Some new antibodies were made during 2021 and we have more antibodies in the development pipeline for 2022. The antibodies have been and will continue to be subjected to assay development and validation using clinical samples at the world-renowned laboratory of Kaj Blennow and Henrik Zetterberg at the University of Gothenburg. We are delighted with the continuing development of this collaboration and look forward to the generation of new data with our partners during 2022.
We are pleased with the continued development of our industrial pollution exposure assay. Our prototype lateral flow test for pyrene in industrial worker’s urine featured in a field trial at a UK industrial site during Q4.2021. The results from the device and phone-app correlated relatively well with results from parallel samples analysed by a central health and safety laboratory. Important feedback from the trial was gained and has prompted a minor modification of the phone-app camera reader system and we plan further trials in 2022.
Our work on developing antibodies to mitigate against the interference effect of biotin vitamin supplements on certain blood tests has progressed and we now have a candidate “blocker” antibody that shows promise. Our focus now is on the process development parameters required to make this antibody in the required quantity and at the prices necessary for this application to be commercially attractive for customers.
Our new THC/cannabis antibody “sandwich” format which has been in development for approximately two years is now successfully working in a number of customer products and is moving into commercial development thereby adding to overall revenues in the future.
Throughout the challenges of the recent past, Bioventix has demonstrated that it is a resilient business with established products and reliable revenue streams. We will therefore continue to follow our established dividend policy and for the period under review, the Board is pleased to announce a first interim dividend of 52p per share which represents a 20% increase on the interim dividend paid last year (43 pence per share). The shares will be marked ex-dividend on the 7 April 2022 and the dividend will be paid on 22 April 2022 to shareholders on the register at close of business on 8 April 2022.
In conclusion, there have been challenges over the last two years but we continue to have confidence in the strength of our core business and the outlook for the full year. We remain optimistic about our troponin revenues and the success of these high sensitivity troponin products around the world and we look forward to reporting further progress in the second half of the year.
P Harrison I J Nicholson
Chief Executive Officer Non-Executive Chairman
For further information please contact:
Bioventix plc
Peter Harrison
Chief Executive Officer Tel: 01252 728 001
finnCap Ltd
Geoff Nash/Simon Hicks
Alice Lane
Corporate Finance
ECM Tel: 020 7220 0500
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 AIM under the symbol BVXP.
The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.
BIOVENTIX PLC
STATEMENT OF COMPREHENSIVE INCOME
for the six month period ended 31 December 2021
Unaudited Six months ended 31 Dec 2021 |
Unaudited Six months ended 31 Dec 2020 |
||
£ | £ | ||
TURNOVER | 4,730,570 | 5,164,733 | |
Cost of sales | (388,205) | (452,689) | |
GROSS PROFIT | 4,342,365 | 4,712,044 | |
Administrative expenses | (669,107) | (688,981) | |
Share option charge | (129,873) | (137,810) | |
Difference on foreign exchange | 10,565 | (195,842) | |
Research & development tax credit adjustment | 5,583 | 17,981 | |
OPERATING PROFIT | 3,559,533 | 3,707,392 | |
Interest receivable | 2,657 | 10,587 | |
PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION | 3,562,190 | 3,717,979 | |
Tax on profit on ordinary activities | (574,380) | (620,012) | |
PROFIT FOR THE FINANCIAL PERIOD
|
2,987,810 | 3,097,967 | |
Earnings per share for the period: |
|||
Basic | 57.35p | 59.47p | |
Diluted | 56.79p | 58.84p |
BIOVENTIX PLC
STATEMENT OF FINANCIAL POSITION
as at 31 December 2021
Unaudited 31 Dec 2021 |
Unaudited 31 Dec 2020 | |||
£ | £ | |||
FIXED ASSETS |
||||
Tangible fixed assets | 779,003 | 777,244 | ||
Investments | 610,039 | 610,039 | ||
1,389,042 | 1,387,283 | |||
CURRENT ASSETS |
||||
Stocks | 375,163 | 225,471 | ||
Debtors | 3,813,882 | 3,747,887 | ||
Cash at bank and in hand | 5,050,769 | 5,844,455 | ||
9,239,814 | 9,817,813 | |||
CREDITORS: amounts falling due within one year | (836,475) | (839,835) | ||
NET CURRENT ASSETS | 8,403,339 | 8,977,978 | ||
TOTAL ASSETS LESS CURRENT LIABILITIES | 9,792,381 | 10,365,261 | ||
PROVISIONS FOR LIABILITIES |
||||
Deferred Tax | (63,717) | 58,134 | ||
NET ASSETS | 9,728,664 | 10,307,127 | ||
CAPITAL AND RESERVES |
||||
Called up share capital | 260,467 | 260,467 | ||
Share premium account | 1,332,471 | 1,332,471 | ||
Capital redemption reserve | 1,231 | 1,231 | ||
Profit and loss account | 8,134,495 | 8,712,958 | ||
SHAREHOLDERS’ FUNDS | 9,728,664 | 10,307,127 |
BIOVENTIX PLC
STATEMENT OF CASH FLOWS
for the six month period ended 31 December 2021
Unaudited
31 Dec 2021 |
Unaudited
31 Dec 2020 |
|||
£ | £ | |||
CASHFLOW FROM OPERATING ACTIVITIES |
||||
Cash flows from operating activities
Profit for the financial period |
2,987,810 | 3,097,967 | ||
Depreciation of tangible fixed assets | 68,034 | 61,858 | ||
Interest received | (2,657) | (10,587) | ||
Taxation charge | 574,380 | 620,012 | ||
Decrease / (increase) in stocks | (42,705) | 19,952 | ||
Decrease / (increase) in debtors | 812,085 | (98,517) | ||
(Decrease) /increase in creditors | (212,127) | (127,399) | ||
Corporation tax (paid) | (548,916) | (373,512) | ||
Share option charge | 129,873 | 137,810 | ||
Net cash generated from operating activities | 3,765,777 | 3,327,584 | ||
Cash flows from investing activities | ||||
Purchase of tangible fixed assets | (3,317) | (120,607) | ||
Interest received | 2,657 | 10,587 | ||
Net cash from investing activities | (660) | (110,020) | ||
Cash flows from financing activities | ||||
Issue of ordinary shares | – | 74 | ||
Movement on share premium account | – | 20,148 | ||
Dividends paid | (5,209,333) | (5,469,800) | ||
Net cash used in financing activities | (5,209,333) | (5,449,578) | ||
Cash and cash equivalents at the beginning of the period | 6,494,985 | 8,076,468 | ||
Cash and cash equivalents at the end of the period | 5,050,769 | 5,884,455 | ||
Cash and cash equivalents at the end of the period comprise: | ||||
Cash at bank and in hand | 5,050,769 | 5,884,455 |
BIOVENTIX PLC
Notes to the financial information
3.1 | Basis of preparation of financial statements | |
The financial statements have been prepared under the historical cost convention and in accordance with FRS 102. |
3.2 | Revenue | |
· Turnover is recognised for product supplied or services rendered to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria determine when turnover will be recognised:
· Direct sales are recognised at the date of dispatch.
· Subcontracted R & D income is recognised based upon the stage of completion at the period end.
· Annual licence revenue is recognised, in full, based upon the date of the invoice, and royalties are accrued over the period to which they relate. Revenue is recognised based on the returns and notifications received from customers and in the event that subsequent adjustments are identified, they are recognised in the period in which they are identified. |
3.3 | 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
|
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3.4 | Valuation of investments | ||||||||||
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment. | |||||||||||
3.5 | Stocks | ||||||||||
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss. |
|||||||||||
3.6 | Debtors | ||||||||||
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. | |||||||||||
3.7 | Cash and cash equivalents | ||||||||||
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than twelve months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company’s cash management. |
|||||||||||
3.8 | Financial instruments | ||||||||||
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. | |||||||||||
3.9 | Creditors | |||||
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. | ||||||
3.10 | Foreign currency translation | |||||
Functional and presentation currency | ||||||
The Company’s functional and presentational currency is GBP. | ||||||
Transactions and balances | ||||||
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. |
||||||
3.11 | Finance costs | |||||
Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. | ||||||
3.12 | Dividends | |||||
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. | ||||||
3.13 | Employee benefits-share-based compensation | |||||
The company operates an equity-settled, share-based compensation plan. The fair value of the employee services received in exchange for the grant of the options is recognised as an expense over the vesting period. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted. At each balance sheet date, the company will revise its estimates of the number of options are expected to be exercisable. It will recognise the impact of the revision of original estimates, if any, in the profit and loss account, with a corresponding adjustment to equity. The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised. | ||||||
3.14 | Research and development | |||||
Research and development expenditure is written off in the period in which it is incurred.
|
||||||
3.15 | Pensions | |||||
Defined contribution pension plan | ||||||
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds. |
||||||
3.16 | Interest income | |||||
Interest income is recognised in the Statement of comprehensive income using the effective interest method. | ||||||
3.17 | Provisions for liabilities | |||||
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of comprehensive income in the period that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of financial position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position. |
||||||
3.18 | Current and deferred taxation | |||||
The tax expense for the period comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income. |
||||||
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of financial position date, except that:
· The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and · Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. |
||||||
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date. |
Bioventix plc (AIM: BVXP) announces that at its Annual General Meeting (“AGM”), all resolutions put to shareholders were duly passed.