Good morning!Bioventix (LON:BVXP)Share price: 1840p (up 4.2% today)No. shares: 5.1mMarket cap: £93.8mInterim results – for the 6 months to 31 Dec 2016.These are sparkling interim figures. The company says it doesn’t hedge forex, therefore that has given a 15-20% uplift in reported sterling values for sales denominated in foreign currencies. Looking back to last year’s results, 5.7% of turnover was UK, and the rest was overseas. So there’s no doubt that unhedged forex will have had a major boost to these results.Amazingly high profit margins will have further helped, profit before tax of £2,484k is an astonishing 79.5% of revenues – I don’t recall ever seeing such a high net profit margin.Profit growth is 49% against H1 last year, which is terrific. Although, I reckon forex movements will have been a major driver of that.Balance sheet – looks terrific. Net cash has risen to £5.1m, and the company is paying out decent divis now. Debtors look high, but I flagged that last time, and there was some reasonable explanation for it, but I can’t remember the detail, but it’s not a worry anyway. There are hardly any creditors.New products / outlook…
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