hVIVO’s order book has more than doubled to £65m from £30m at the start of the year, as one of the clinical trials specialist’s strongest periods of new contract sales offset a quieter first half for revenue.
The AIM-listed human challenge trials leader expects to report H1 revenue of £16.3m, down from £24.2m a year earlier, reflecting previously guided second-half weighting and timing shifts in revenue recognition on certain client programmes.
Adjusted EBITDA is expected to be negative mid-single digit, against a £3.0m profit last year, though the significantly higher second-half revenues are expected to restore profitability.
There seems to be a level of visibility over these revenues.
Proposal volumes are running around 45% higher year-on-year, supporting potential further orderbook expansion in the second half, with encouraging demand across infectious disease, respiratory and cardiometabolic programmes alongside growing interest in the group’s broader early-phase CRO and laboratory capabilities.
Chief executive Yamin ‘Mo’ Khan said the renewed momentum provides improved revenue visibility through 2027 and into 2028, with the group now operating under one brand across its four service lines, driving cross-selling opportunities and a more diversified client base.
Cash stood at £13m at the end of June, broadly level with December, helped by working capital inflows from recent wins. While timing shifts will defer some revenue previously expected this year into 2027, the board expects full-year revenue broadly in line with guidance of high single-digit growth.