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hVIVO (HVO) investor relations material
hVIVO H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2025 earnings summary23 Sep, 2025
Executive summary
Revenue for H1 2025 was £24.2m, down from £35.6m in H1 2024, reflecting sector headwinds, lower HCT activity, and contract delays.
Integration of CRS (Germany) and Cryostore (London) is nearly complete, delivering sales synergies, operational improvements, and expanded service offerings.
Diversification into metabolic, renal, hepatic, immunology, dermatology, and obesity trials, with strong pipelines in hLAB and Clinical Services.
Appointment of Shaun Chilton as independent Non-Executive Chair to strengthen leadership.
Human challenge clinical trials (HCT) faced significant headwinds due to macroeconomic challenges, regulatory changes, and biotech funding pressures.
Financial highlights
H1 2025 revenue was £24.2m, with £5.5m from acquisitions; core revenue declined from £35.6m year-over-year.
EBITDA (pre-exceptionals) was £3.0m, with margin dropping to 12.5% from 24.5% in H1 2024; net EBITDA loss from acquisitions was £0.5m.
Cash position at period end was £23.3m, down from £37.1m, with no debt; cash reduction mainly due to acquisitions and lower advance receipts.
Adjusted basic EPS was 0.29p, down from 0.81p in H1 2024.
Orderbook at £40m, down from £71m in H1 2024, with increased diversification and proposal activity.
Outlook and guidance
FY25 revenue guidance reiterated at £47m, with low single-digit EBITDA loss expected for the full year.
High single-digit revenue growth anticipated in 2026 as HCT activity normalises; profitability and cash generation expected in 2027.
Weighted order book at end of June was £40m, with a strong and diversified sales pipeline.
CRS expected to become earnings accretive in 2026.
Long-term target of £100m revenue remains, but timeline is flexible due to market volatility.
Basis for HCT headwinds being transitory?
CRS profitability drivers for 2026?
Impact of HCT deposits on cash flow?
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H2 20259 Apr, 2026
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Frequently asked questions
hVIVO plc is a contract research organization (CRO) based in the United Kingdom, specializing in the testing of vaccines and antiviral treatments using human challenge clinical trials. The company is a global leader in this niche field, focusing on infectious and respiratory diseases. hVIVO works with major pharmaceutical companies, providing early clinical development services and testing products in areas like RSV, influenza, COVID-19, and other respiratory conditions. The company is headquartered in London, UK, and its shares are listed on the LSE.
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