Image source: © 2025 Krish Capital Pty. Ltd.

Highlights

  • hVIVO reported revenue of GBP 24.2m in H1 2025, with orderbook at GBP 40m as of June 2025.
  • EBITDA reached GBP 3.0m in H1 2025, with margin of 12.5% versus 24.5% in H1 2024.
  • The Board expects high single-digit revenue growth in 2026.

hVIVO plc (LSE:HVO), a full-service early phase Contract Research Organization focused on human challenge clinical trials, announced its unaudited interim results for 6 months, that ended on 30 June 2025.

Revenue for H1 2025 was GBP 24.2m, compared with GBP 35.6m in H1 2024. The company reaffirmed expectations for full-year revenue of GBP 47m. Of the reported revenue, GBP 5.2m came from CRS and GBP 0.3m from Cryostore.

EBITDA (pre-exceptionals) was GBP 3.0m compared with GBP 8.7m in H1 2024, with a margin of 12.5% versus 24.5% last year. The net EBITDA loss from acquisitions was GBP 0.5m. Exceptional items of GBP 1.4m were recorded, relating to acquisition and restructuring costs.

Basic adjusted earnings per share stood at 0.29p, down from 0.81p in H1 2024. Cash was GBP 23.3m on 30 June 2025, compared with GBP 37.1m a year earlier, reflecting acquisition-related payments. The company reported a weighted contracted orderbook of GBP 40m, down from GBP 71m as of 30 June 2024.

Operationally, HVIVO completed the acquisitions of two Clinical Research Units from CRS and Cryostore for GBP 10.5m net of cash acquired. Integration is nearing completion, and sales synergies are being realized. Clinical and hLAB services made progress, including completion of an 817-participant Phase II influenza trial and a GBP 3.2m hLAB contract for an international, multi-site Phase II field trial.

During the period, GBP 5.5m in CRS contracts were signed, most of which will be recognized in 2025. A Letter of Intent was signed with ILiAD Biotechnologies for the world’s first pivotal Phase III human challenge trial, expected to be the company’s largest to date. The bacterial lab fit out was completed to support future bacterial trials and hLAB contracts.

Post-period, new awards included approximately GBP 2m for Clinical Services and GBP 5m for hLAB. A new Phase III clinical site study is expected to commence in Q4 2025, with the majority of revenue to be recognized in 2026. Positive data was also reported from the hMPV characterization study, establishing the only contemporary-strain hMPV human challenge model for use in vaccine and antiviral trials. Shaun Chilton was appointed as independent Non-Executive Chair.

The outlook statement confirmed for trading remains in line with market expectations for FY25, with revenue of GBP 47m and a low single-digit EBITDA loss (pre-exceptionals). The company reported a proposal pipeline exceeding FY24 levels and noted a higher conversion rate of CRS proposals compared to the prior year. Additional cross-selling opportunities are being developed, with GBP 2.1m of Venn-related opportunities in the CRS pipeline.

The Board expects high single-digit revenue growth in 2026, supported by newly diversified services and a gradual normaliation of HCT activity.

HVO shares were trading 2.11% higher at GBX 9.19 per share at the time of writing on 23 September 2025.