HVIVO PLC - Final results for the year ended 31 December 2025

HVIVO’s FY2025 investor update highlights a transformational year marked by strategic diversification and operational progress despite softer financial results. Revenue declined to £46.8m following higher-than-usual trial cancellations, while profit remained resilient at £1.4m, supported by effective cost management and the company’s contract model. The order book stands at £30m under a more conservative recognition approach, improving revenue visibility and reliability. The group ended the year with £14.3m in cash and has prioritised reinvestment over dividends to support long-term growth. HVIVO’s growth strategy is centred on evolving from a specialist human challenge trial provider into a fully integrated, end-to-end clinical services platform spanning pre-clinical through Phase 3, with expanded capabilities in respiratory and cardio-metabolic trials. Recent acquisitions and a unified brand position the company to increase cross-selling, diversify revenue streams, and reduce reliance on challenge trials, which are expected to contribute less than 50% of future revenue. Investment in laboratory infrastructure and new challenge models further enhances margins and service offering. With a strengthened pipeline, increased proposal activity (+50% year-on-year), and improving market conditions, management expects high single-digit revenue growth in 2026, underpinned by strong demand drivers, a diversified order book, and a scalable platform targeting sustainable EBITDA and revenue expansion.