hVIVO plc (AIM: HVO), a specialist early-phase contract research organization, announced interim results that met expectations for the full year, while also signaling a return to growth in 2026. However, shares fell as revenue and profit declined year-on-year.
The company is navigating macroeconomic and sector-specific challenges, but its diversification strategy is showing early promise.
Headline Numbers:
- Revenue: £24.2 million (H1 2024: £35.6 million) for H1 2025, aligning with the full-year expectation of £47 million.
- Profit & Margins: EBITDA (pre-exceptionals) stood at £3.0 million (H1 2024: £8.7 million), yielding a 12.5% margin.
- Cash & Balance Sheet: Cash reserves totaled £23.3 million as of June 30, 2025 (30 June 2024: £37.1 million).
The interim results reflect a decrease in revenue compared to H1 2024, driven by industry headwinds, but the company remains confident in its diversified service lines.
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Strategic acquisitions of CRS and Cryostore are near full integration and contributing to sales synergies, which are expected to boost revenue.
The weighted contracted orderbook stood at £40 million as of June 30, 2025, compared to £71 million the prior year. While lower than the previous year, the company has seen increased conversion rates of proposals to contracts by CRS year-to-date versus 2024.
This is partially due to a greater number of cross-selling opportunities between CRS and Venn Life Sciences, with a further £2.1 million of Venn connected opportunities now in the CRS sales pipeline.
Dr. Yamin ‘Mo’ Khan, Chief Executive Officer of hVIVO, stated that “The broader CRO industry has been impacted by macroeconomic and sector-specific headwinds, and hVIVO is no exception. However, we are greatly encouraged by the early success of our diversification strategy and by the strength of our pipeline…”.
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