hVIVO plc (LON: HVO), the London-listed contract research organisation that runs human challenge clinical trials, reported first-half revenue of £16.3m, down from £24.2m a year earlier. Shares fell after the results.
The stock traded at 6.1p, down 4.7% from yesterday’s close of 6.4p, having opened at 6.4p and fallen as low as 5.8p. That leaves shares roughly 34% below their 52-week high of 11.0p and beneath both their 50-day and 200-day moving averages.
The results, published earlier today, showed an adjusted EBITDA loss of £4.5m, up from a £3.0m loss a year earlier, as previously flagged second-half weighting hit the top line. Alongside the results, hVIVO said chief financial officer Stephen Pinkerton will retire on 30 September after ten years with the company, with non-executive director Richard Cotton stepping in as interim CFO while a search for a permanent replacement continues. Management also cut its full-year revenue guidance to approximately £47m, as some contracted programmes are deferred into 2027 and 2028.
Chief executive Yamin “Mo” Khan said: “We expect to see a near doubling in revenue from H1 2026 to H2 2026, with FY 2026 Group revenue now expected to be approximately £47 million.” The company’s contracted order book more than doubled to £65m at 30 June from £30m at the end of December, or £72m including the acquisition of CRS Berlin. Cash fell to £13.0m at the end of June from £14.3m at the end of December, and the loss for the period widened to £6.455m from £0.236m a year earlier. No interim dividend was declared.
Khan pointed to improving demand, saying: “The first half of 2026 saw a clear improvement in commercial momentum. With proposal volumes ramping up and our contracted order book more than doubling since the start of the year, the growing demand across our integrated early clinical development platform is very evident.”
hVIVO not yet naming a permanent CFO, that search and delivery of the near-doubling in second-half revenue Khan has guided to, are the key markers for the shares.