HVIVO PLC - Interim results for the six months ended 30 June 2026

hVIVO’s 2026 interim results highlight a period of near-term contract deferrals alongside strong commercial momentum, a record order book and continued expansion of its early-stage clinical development platform. Revenue for the first half was £16.3 million, with an EBITDA loss of £4.5 million and cash of £13 million at the end of June. Management has guided to full-year revenue of approximately £47 million, reflecting the postponement rather than cancellation of several contracts into 2027 and 2028. New proposals increased 45% year on year, while proposal value rose 26%, supporting an underlying order book of £65 million, increasing to £72 million following the acquisition of CRS Berlin. Second-half revenue is expected to reach approximately £31 million, almost double the first-half performance, with EBITDA forecast to turn positive in the second half and in 2027. hVIVO’s growth strategy centres on becoming a diversified, end-to-end provider of early clinical development services, covering consultancy, clinical trial units, human challenge trials and standalone laboratory services. Human challenge trials remain a key differentiator, supported by specialist expertise, dedicated recruitment infrastructure and a 150-bed unit, while expanding capabilities in laboratory services, respiratory, cardio-metabolic, dermatology and women’s health are widening the Group’s addressable market. The CRS Berlin acquisition adds clinical capacity, new therapeutic expertise and access to a significant patient population, while being earnings-accretive and self-funding through an earnout structure. With improving biotech funding, increased pharmaceutical M&A activity and strong contracted demand, hVIVO enters 2027 with a record order book, broader service offering and expectations of significant year-on-year growth.