REG - hVIVO PLC - Interim results
10/09/2024 07:00
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RNS Number : 4886D hVIVO PLC 10 September 2024
hVIVO plc
("hVIVO", the "Company" or the "Group")
Interim results
Strong first half delivering record revenues and margins
hVIVO plc (AIM: HVO), a fast-growing specialist contract research organisation
(CRO) and world leader in testing infectious and respiratory disease products
using human challenge clinical trials, announces its unaudited interim results
for the six-month period ended 30 June 2024.
Financial highlights
• Revenue of £35.6 million, 30.6% higher than H1 2023 (£27.3 million)
• EBITDA up 67.6% to £8.7 million (H1 2023: £5.2 million)
• EBITDA margin of 24.5% (H1 2023: 19.1%)
• Basic adjusted earnings per share up 30.6% to 0.81p (H1 2023: 0.62p)
• Cash of £37.1 million as at 30 June 2024 (H1 2023: £31.3 million)
• Weighted contracted orderbook of £71 million as at 30 June 2024 (H1 2023:
£78 million)
Operational highlights
• State-of-the-art facility in Canary Wharf opened and fully operational
providing the foundation and capacity for future growth
• A record number of volunteers inoculated in H1 across six challenge trials and
five challenge agents
• Expedited delivery of projects leading to: 1) increased utilisation of
multiple quarantine facilities, 2) record revenues and margins and, 3) H1
revenue weighting
• Greater use of automation at FluCamp resulting in efficiency and reduced cost
of volunteer recruitment
• £6.3 million Human Rhinovirus (HRV - common cold virus) contract signed with
biotech client
• £2.5 million Omicron characterisation study contract with mid-sized
pharmaceutical company
• Awarded largest field study to date representing a new income stream
• Venn expanded its multi-year consultancy agreement with major global
pharmaceutical client
• Human Metapneumovirus (hMPV) challenge agent successfully manufactured and
ready for partnering on a characterisation study
• Additional supply of Respiratory Syncytial Virus (RSV) challenge agent
successfully manufactured
• Flu B challenge model established following the successful completion of the
characterisation study
Post-period end highlights
• Completion of the fit-out of the Company's larger outpatient site at Plumbers
Row to support clinical site services contracts
• Completion of the fit-out of the CL-3 laboratory at Canary Wharf providing
foundations for new revenue streams
• First major field study contract signed by hLAB for standalone lab services
• hLAB's new laboratory information management system (LIMS) launch expected Q4
2024
• FluCamp's tiered volunteer / patient recruitment service offering launched
• Successful Capital Markets Day highlighting the capabilities of the world's
largest human challenge unit
• Industry focussed Canary Wharf opening event attended by Big Pharma and
biotech clients, regulators, partners and academic institutions
• Cancelled trading on Euronext Growth to consolidate trading of the Company's
stock to its primary listing on the AIM Market of the London Stock Exchange
Outlook
• Full year revenue guidance of £62 million reaffirmed with full year EBITDA
margins anticipated to be at the upper end of market expectations*
• 100% of 2024 revenue guidance fully contracted with good visibility into 2025
• Pipeline of live opportunities continues to expand including interest in new
challenge models and new revenue streams with short to medium term potential
opportunities of c. £40 million
• Targeting Group revenue of £100 million by 2028 achievable through strong
organic growth complemented by small bolt-on acquisitions that meet the
Company's strategic and financial criteria, with a robust cash position which
underpins the Group's M&A strategy
Yamin 'Mo' Khan, Chief Executive Officer of hVIVO, said: "After an
exceptionally strong first half with record revenues and margins, hVIVO enters
the remainder of the year with FY24 revenue guidance fully contracted and good
visibility into 2025. We continue to expand our pipeline, not only in human
challenge trials but also in our new revenue streams including clinical site
studies, standalone laboratory services, and volunteer / patient recruitment.
Operational efficiencies are set to continue to improve with the expansion of
our services, improved automation, and the move to our new facility in Canary
Wharf.
"We are pleased to reaffirm our full-year revenue guidance of £62 million and
expect EBITDA margins to be at the upper end of market expectations*. We are
targeting Group revenue of £100 million by 2028 - this growth will be
underpinned by the increased capacity of our facilities, our strong cash
position, and our long-term sustainable growth model."
Investor presentation
Yamin 'Mo' Khan, Chief Executive Officer, and Stephen Pinkerton, Chief
Financial Officer, will provide a live presentation via the Investor Meet
Company platform on 10 September 2024 at 18:00 BST.
The presentation is open to all existing and potential shareholders. Investors
can sign up to Investor Meet Company for free and add to meet hVIVO here
(https://www.investormeetcompany.com/hvivo-plc-1/register-investor) .
* Consensus market expectations for FY24 EBITDA margins are 22.7%, within a
range of 22-24%.
For further information please contact:
hVIVO plc +44 (0) 20 7756 1300
Yamin 'Mo' Khan, Chief Executive Officer
Stephen Pinkerton, Chief Financial Officer
Cavendish Capital Markets Limited (Nominated Adviser and Joint Broker) +44 (0) 20 7220 0500
Geoff Nash, Camilla Hume, Nigel Birks, Harriet Ward
Peel Hunt LLP (Joint Broker) +44 (0)20 7418 8900
James Steel, Dr Christopher Golden
Davy (Joint Broker) +353 (0) 1 679 6363
Anthony Farrell, Niall Gilchrist
Walbrook PR (Financial PR & IR) +44 (0) 20 7933 8780 or hvivo@walbrookpr.com
Stephanie Cuthbert / Phillip Marriage / +44 (0) 7796 794 663 / +44 (0) 7867 984 082 /
Louis Ashe-Jepson
+44 (0) 7747 515 393
Notes to Editors
About hVIVO
hVIVO plc (http://www.hvivo.com) (ticker: HVO) is a fast-growing specialist
contract research organisation (CRO) and the world leader in testing
infectious and respiratory disease vaccines and therapeutics using human
challenge clinical trials. The Group provides end-to-end early clinical
development services to its large, established and growing repeat client base,
which includes four of the top 10 largest global biopharma companies.
The Group's fast-growing services business includes a unique portfolio of 11
human challenge models, with a number of new models under development, to test
a broad range of infectious and respiratory disease products. The Group has
world class challenge agent manufacturing capabilities, specialist drug
development and clinical consultancy services via its Venn Life Sciences
brand, and a lab offering via its hLAB brand, which includes virology,
immunology biomarker and molecular testing. The Group also offers additional
clinical field trial services such as patient recruitment and clinical trial
site services.
hVIVO runs challenge trials in London - its new state-of-the-art facilities
in Canary Wharf opened in 2024 and is the world's largest commercial human
challenge trial unit, with highly specialised on-site virology and immunology
laboratories, and an outpatient unit. To recruit volunteers / patients for its
studies, the Group leverages its unique clinical trial recruitment capability
via its FluCamp (http://www.flucamp.com/) volunteer screening facilities
in London and Manchester.
CEO Statement
For the six months ended 30 June 2024
A long-term sustainable growth model
The first half of 2024 has seen a continuation of our strong growth across
revenue, EBITDA and cash generation, underlining our long-term sustainable
model across multi-year consecutive periods. First half revenue increased
30.6% to £35.6 million (H1 2023: £27.3 million) as the Company inoculated a
record number of volunteers across multiple challenge trials. EBITDA was also
up 67.6% to £8.7 million with record EBITDA margins of 24.5%. As previously
signalled, FY 2024 is expected to be H1 weighted as revenue and margins
benefitted from the efficient use of overlapping facilities. From July 2024,
the Group's core operations have operated solely from its new state-of-the-art
Canary Wharf facility. The increase in margins is a positive indicator of the
margin achievable in the medium term with the Canary Wharf site expected to
deliver improved, long-term operational efficiencies.
The Company's weighted contracted orderbook stood at £71 million as at 30
June 2024 (H1 2023: £78 million), post-delivery of a record £35.6
million in revenues in H1 2024, with FY 2024 revenue guidance fully
contracted and good visibility into 2025. hVIVO has a broad pipeline of live
opportunities, including a number in advanced stages, making the Group
well-positioned to grow its weighted orderbook going forward. The Group
continues to be debt free and highly cash generative, with cash of £37.1
million as at 30 June 2024 (H1 2023: £31.3 million), after the £1.4 million
dividend, paid in May 2024.
New facility move completed
The move to our new facility in Canary Wharf including corporate offices, a
Containment Level 3 (CL-3) 50 bedroom quarantine unit and cutting-edge
virology and immunology laboratories was completed on time in Q1 2024 and was
a significant inflection point for the Company reflecting the increasing
opportunities in the markets in which we operate. The facility, which was
largely funded by hVIVO's clients, will provide significant additional
capacity and capabilities, and provides the foundation for the Group's future
growth. Notable features include the purpose-built hospital isolation standard
quarantine rooms that maximise comfort for our volunteers, who are at the
centre of everything we do. The rooms are also equipped with HEPA air
filtration systems, negative air pressure and two-way call bell systems that
ensure we can be alert to our volunteers' needs and allow our staff to respond
to requests more efficiently than was previously possible. The facility has
also been designed to accommodate transmission studies, which focus on
measuring how quickly a virus spreads from an infected person to a healthy
individual. We plan to collaborate with academic institutions and/or industry
partners to develop new models to measure transmission rates. This effort
aligns with the development of next generation mucosal anti-infective drugs,
aimed at both combating the infections and reducing their spread.
On 17 July 2024, we hosted a Capital Markets Day event to showcase the
capabilities of the world's largest human challenge trial unit and demonstrate
how it has broadened and enhanced our services. The event was well attended by
institutional investors, analysts and media as well as virtual attendance for
private investors. Speakers included directors from hVIVO as well as industry
Key Opinion Leaders. Feedback from the event was extremely positive and I
would like to thank our team for delivering such a world-class facility and
for organising the successful event. We also held an industry focussed Canary
Wharf opening event in July 2024, the event was attended by five of the
world's top ten pharmaceutical companies, many existing and potential pharma
and biotech clients, regulators, partners and academic institutions.
Strong operational delivery
Looking across our key performance metrics, the first half of 2024 was another
period of strong operational delivery across the Group. hVIVO inoculated a
record number of volunteers across multiple studies, with a variety of
challenge models running simultaneously. The biggest challenge we faced in the
period was successfully managing the transition to our new facility, while
ensuring the efficient delivery of our orderbook of work across multiple
challenge trial units. I was delighted that during this time, the Company
utilised the temporary capacity of three facilities to deliver a number of
projects ahead of schedule, providing a boost to revenue and profit margins in
the first half. This is a testament to the professionalism and expertise of
our team at hVIVO. From July 2024 the Group solely operates from its Canary
Wharf quarantine site.
Delivering on our growth strategy: Optimise, scale and diversify
Optimising our operations
The main driver of efficiency and margin gains in the period was the efficient
use of multiple facilities that allowed the operational and clinical teams to
deliver a number of projects ahead of schedule. This was a temporary period of
overlapping resources, and I am pleased that we now have a consolidated
facility at Canary Wharf, which will significantly improve our resource
utilisation and be the principal source of efficiency gains moving forward.
Prior to the move, hVIVO operated quarantine rooms across three floors of the
Whitechapel Hotel and one floor of the Queen Mary BioEnterprise Centre (QMB).
This presented a number of challenges including requiring additional nurses'
stations, a slower courier system for sample delivery taking 7-8 minutes to
deliver samples to our labs, and poor space utilisation. At Canary Wharf, the
quarantine rooms are consolidated onto a single floor, reducing the need for
additional nurses' stations. We have also constructed a pneumatic chute system
that transports samples to the lab in c.30 seconds. In addition to the
efficiency benefits of our new facility, our revamped FluCamp platform with
increased automation has also been a driver of efficiency improvements and
reduced volunteer recruitment costs.
Scale the business
The first half of 2024 saw the Company inoculate a record number of volunteers
across six challenge trials and five separate challenge agents. This has
continued the trend of hVIVO successfully conducting multiple challenge trials
concurrently across different challenge agents, which has been a significant
contributor to the growth in our revenues and margins. This capability has
been substantially enhanced by the move to our new facility, as each of the 50
quarantine rooms aligns with CL-3 standards, enabling the Company to conduct a
broader range of challenge trials, including Hazard Group 3 pathogens for
which we previously had to use external sites.
We also identified hLAB, the Group's highly specialised virology and
immunology laboratory service offering, as a key growth area for the Group. I
am pleased that since 2021 we have effectively been able to double the number
of lab assays and samples it processes. However, prior to our move to Canary
Wharf, this service was at capacity as we focussed on delivering the
increasing demand for our human challenge trial services. Following our move
to Canary Wharf, we have more than doubled our usable lab space and tripled
sample throughput capacity - supported by the introduction of our new LIMS
system, due to launch in Q4 2024, and new hardware (e.g BioFire, new PCR, and
cell culture automation). The fit-out of our new CL-3 laboratory is now
complete, and we have also identified one of our labs as a potential bacterial
laboratory which will support our expansion to bacterial challenge models.
hLAB has signed three standalone lab contracts in 2024, including its first
major field study lab contract. At hVIVO we have a comprehensive repository of
a diverse range of human biospecimens which are essential for research and
development of new drugs. hLAB has partnered with Scientist.com to make these
samples available to researchers.
Finally, Venn Life Sciences ("Venn"), our drug development consulting
subsidiary accounted for 11% of total Group revenue in H1 24. Year to date,
Venn has expanded its multi-year consultancy work with a major global
pharmaceutical client and has also signed contracts in ATMP (advanced therapy
medicinal products) and QA (quality assurance) services, following investment
in these key growth areas. Venn Paris continues to deliver data management and
biostatistics services to third‐party customers, as well as supporting
hVIVO's challenge studies. As hVIVO launches its standalone hLAB, clinical
site, and recruitment services, we are excited by the cross-selling
opportunities between Venn and hVIVO, further strengthening our end-to-end
early clinical development service offering.
Diversification of orderbook and services
The diversification of the orderbook is an important goal for the Group and we
have progressed several projects that ensure we continue to have a wide
variety of work across multiple challenge agents. I can confirm that following
the completion of manufacturing of a Flu B challenge agent, we have
successfully concluded a characterisation study to determine the safe and
infectious dose of Flu B required to achieve a reliable infection in healthy
volunteers. As such, we have successfully established our Flu B challenge
model and are now able to conduct Flu B challenge trials for our customers.
Additionally, we have completed manufacturing of a hMPV challenge agent, and
this is now ready for partnering to proceed to a characterisation study. We
also signed a £2.5 million contract to conduct an Omicron characterisation
study with a mid-sized pharma company, which, if successful and following
receipt of relevant regulatory approvals, we expect to be able to conduct
Omicron human challenge trials from mid-2025. All of these challenge agents,
which were funded by clients, provide access to new markets and diversify the
Company's human challenge model portfolio, importantly allowing the business
to conduct bivalent / multivalent or universal vaccine or antiviral studies,
which are a growing trend in the global biopharma market. During H1 2024 we
also invested in the development of a H3N2 and RSV B challenge models to
provide updated models to our clients.
Outside of our core service offering, we also initiated a Phase 2b influenza
field study, the Company's largest field study to date. hVIVO will enrol up to
1,000 healthy volunteers via our FluCamp volunteer recruitment platform as the
sole UK clinical site as part of a multicentre field study, expected to
commence in Q4 2024. This is an important new income stream for the business,
and we anticipate it will help drive efficiencies by improving staff
utilisation and leveraging existing capacity at FluCamp. In September 2024, we
completed the expansion of our outpatient unit at Plumbers Row following the
conversion of the Company's former corporate offices. This will support our
Phase 2 and Phase 3 field study contract service and further leverages the
FluCamp platform.
Post-period end, we launched FluCamp's tiered volunteer / patient recruitment
service offering. This new service offers Essential, Advance and Premium
recruitment services to support CROs and pharma companies to recruit
volunteers and patients for their studies. Volunteer / patient recruitment is
the number one cause of trial delays, and with FluCamp's 100% trial
recruitment success and its database of over 320,000 engaged and motivated
participants, FluCamp can offer an effective solution for its clients. In H2
2024, we expect to launch our FluCamp portal which provides an anonymised,
live database of volunteers which is accessible to our clients targeting
healthy volunteers and patient populations.
Outlook
After a very strong first half delivering record revenues and margins, hVIVO
has entered the remainder of the year with full year revenue guidance fully
contracted with good visibility into 2025. We have a broad pipeline of live
opportunities, including a number in advanced stages, as we look to further
develop our orderbook. The Group reaffirms its full year revenue guidance of
£62 million with full year EBITDA margins anticipated to be at the upper end
of market expectations. In the medium-term, we are targeting Group revenue of
£100 million by 2028, which we believe is achievable through continued strong
organic growth complemented by small bolt-on acquisitions that meet the
Company's strategic and financial criteria. The Group's organic and inorganic
growth strategies are underpinned by the move to our new facility at Canary
Wharf, hVIVO's strong cash position and our cash generative long term
sustainable growth model.
Yamin 'Mo' Khan
CEO
9 September 2024
Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2024
6 months ended 6 months ended Year ended
30 June 2024 30 June 2023 31 December 2023
Unaudited Unaudited Audited
Note £'000 £'000 £'000
Operations
Revenue, from contracts with customers 35,637 27,297 56,043
Other operating income 1,556 1,352 2,623
Direct project and administrative costs (28,459) (23,439) (45,629)
EBITDA before exceptional items 8,734 5,210 13,037
Depreciation & amortisation (1,845) (1,340) (2,716)
Exceptional items - (219) (219)
Operating profit 6,889 3,651 10,102
Net finance income 292 530 1,055
Share of loss of associate using equity method (29) - (10)
Profit before income tax 7,152 4,181 11,147
Income tax (charge)/credit (1,894) (253) 4,968
Profit for the year 5,258 3,928 16,115
Profit for the year is attributable to:
Shareholders 5,258 3,928 16,115
Other comprehensive income
Items that will not be subsequently reclassified to income statement:
Currency translation differences (25) (106) (49)
Total comprehensive income for the year 5,233 3,822 16,066
Earnings per share attributable to
shareholders during the year:
Basic earnings per share 3 0.77p 0.58p 2.38p
Diluted earnings per share 3 0.76p 0.58p 2.35p
Adjusted earnings per share attributable to
shareholders during the year:
Basic adjusted earnings per share 3 0.81p 0.62p 1.27p
Diluted adjusted earnings per share 3 0.80p 0.61p 1.25p
Consolidated Statement of Financial Position
As at 30 June 2024
30 June 2024 30 June 2023 31 December 2023
Unaudited Unaudited Audited
Note £'000 £'000 £'000
Assets
Non‐current assets
Intangible assets 5,698 5,967 5,667
Property, plant and equipment 7,479 1,482 6,203
Right of use asset 12,768 2,393 13,835
Deferred Tax Asset 3,983 - 5,519
Total non‐current assets 29,928 9,842 31,224
Current assets
Inventories 340 443 426
Trade and other receivables 4 20,383 9,947 14,605
Cash and cash equivalents 37,094 31,346 36,973
Total current assets 57,817 41,736 52,004
Total assets 87,745 51,578 83,228
Equity attributable to owners
Share capital 680 679 680
Share premium account 516 428 516
Merger reserves (6,856) (6,856) (6,856)
Foreign currency reserves 1,284 1,252 1,309
Retained earnings 42,840 26,142 38,677
Total equity 38,464 21,645 34,326
Liabilities
Non‐current liabilities
Lease liabilities 11,665 700 12,163
Leasehold provision 1,604 660 1,559
Total non‐current liabilities 13,269 1,360 13,722
Current liabilities
Trade and other payables 5 34,105 27,075 34,228
Lease liabilities 1,359 1,428 367
Leasehold provision 548 70 585
Total current liabilities 36,012 28,573 35,180
Total liabilities 49,281 29,933 48,902
Total equity and liabilities 87,745 51,578 83,228
Consolidated Statement of Changes in Shareholders' Equity
Share capital Share premium Merger reserve Foreign currency reserve Retained earnings Total
£'000 £'000 £'000 £'000 £'000 £'000
At 1 January 2023 671 4 (6,856) 1,358 25,041 20,218
Changes in equity for the 6 months ended 30 June 2023
Profit for the period - - - - 3,928 3,928
Currency differences - - - (106) - (106)
Total comprehensive income for the period - - - (106) 3,928 3,822
Transactions with the owners
Share based payments - - - - 227 227
Shares issued 8 424 - - - 432
Dividends paid - - - - (3,054) (3,054)
Total contributions by and distributions to owners 8 424 - - (2,827) (2,395)
At 30 June 2023 679 428 (6,856) 1,252 26,142 21,645
Changes in equity for the 6 months ended 31 December 2023
Profit for the period - - - - 12,187 12,187
Currency differences - - - 57 - 57
Total comprehensive income for the period - - - 57 12,187 12,244
Transactions with the owners
Share based payments - - - - 348 348
Shares issued 1 88 - - - 89
Dividends paid - - - - - -
Total contributions by and distributions to owners 1 88 - - 348 437
At 31 December 2023 680 516 (6,856) 1,309 38,677 34,326
Changes in equity for the 6 months ended 30 June 2024
Profit for the period - - - - 5,258 5,258
Currency differences - - - (25) - (25)
Total comprehensive income for the period - - - (25) 5,258 5,233
Transactions with the owners
Share based payments - - - - 264 264
Shares issued - - - - - -
Dividends paid - - - - (1,359) (1,359)
Total contributions by and distributions to owners - - - - (1,095) (1,095)
At 30 June 2024 680 516 (6,856) 1,284 42,840 38,464
Consolidated Statement of Cash Flows
For the 6 months ended 30 June 2024
6 months ended 6 months ended Year ended
30 June 2024 30 June 2023 31 December 2023
Unaudited Unaudited Audited
£'000 £'000 £'000
Cash used in operations
Profit before income tax 7,152 4,181 11,147
Adjustments for:
- Depreciation & amortisation 1,845 1,340 2,716
- Impairment of intangible assets - 219 254
- Exceptional items - - 219
- Net finance income (292) (530) (1,055)
- Share based payment charge 264 227 575
- R & D Credit Incl. in other income (1,456) (1,343) (2,432)
- Share of Imutex loss 29 - 10
- Movement in provisions through P&L 9 - 155
Changes in working capital:
- (increase)/decrease in trade and other receivables (4,754) 3,207 (1,158)
- Decrease in inventories 86 56 73
- (Decrease)/increase in trade and other payables (304) (768) 5,187
Net cash generated in operations 2,579 6,589 15,691
Income tax (R & D Credit) received 41 75 1,548
Net cash generated in operating activities 2,620 6,664 17,239
Cash flow from investing activities
Purchase of property, plant and equipment (1,832) (386) (5,177)
Purchase of intangible assets (44) - -
Net cash used in investing activities (1,876) (386) (5,177)
Cash flow from financing activities
Lease payments (25) (1,152) (2,044)
Dividends paid (1,359) (3,054) (3,054)
Proceeds from issue of shares - 432 521
Interest & FX gains received 789 382 1,054
Net cash used in financing activities (595) (3,392) (3,523)
Net increase in cash and cash equivalents 149 2,886 8,539
Cash and cash equivalents at beginning of period 36,973 28,444 28,444
FX translation (28) 16 (10)
Cash and cash equivalents at end of period 37,094 31,346 36,973
NOTES FORMING PART OF THE INTERIM FINANCIAL STATEMENTS
1. General information
hVIVO plc is a company incorporated in England and Wales. The Company is a
public limited company, limited by shares, listed on the AIM market of the
London Stock Exchange. During the period ended 30 June 2024, the Company was
listed on Euronext Growth in Dublin. The Euronext Growth listing was
cancelled on 2 September 2024.
The address of the registered office is 40 Bank Street, Floor 24, London, E14
5NR.
The principal activity of the Group is that of a growing specialist CRO
pharmaceutical services company which is the world leader in the testing of
vaccines and antivirals using human challenge clinical trials. The Group has a
presence in the UK, Ireland, France and Netherlands.
The financial statements are presented in thousands of GBP ("£'000"), except
where otherwise indicated. The Group comprises hVIVO plc and its subsidiary
companies.
The registered number of the Company is 07514939.
2. Basis of preparation and accounting policies
The consolidated financial statements of hVIVO plc have been prepared in
accordance with UK adopted international accounting standards (IFRSs), IFRIC
interpretations and the Companies Act 2006 applicable to companies reporting
under IFRS.
The consolidated financial statements have been prepared under the historical
cost convention.
The accounting policies applied by the Group in this financial information are
the same as those applied by the Group in its financial statements for the
year ended 31 December 2023 and which will form the basis of the 2024
financial statements.
The financial information presented herein does not constitute full statutory
accounts under Section 434 of the Companies Act 2006 and was not subject to a
formal review by the Group's auditor. The financial information in respect of
the year ended 31 December 2023 has been extracted from the statutory accounts
which have been delivered to the Registrar of Companies. The Group's
Independent Auditor's report on those accounts was unqualified, did not
include references to any matters to which the auditor drew attention by way
of emphasis without qualifying their report and did not contain a statement
under section 498(2) or 498(3) of the Companies Act 2006. The financial
information for the half years ended 30 June 2024 and 30 June 2023 is
unaudited and the twelve months to 31 December 2023 is audited.
The Interim Financial Statements were approved by the Board of Directors on 9
September 2024.
3. Earnings per share
6 months ended 6 months ended Year ended
30 June 2024 30 June 2023 31 December 2023
Unaudited Unaudited Audited
Basic earnings per share (p) 0.77p 0.58p 2.38p
Basic adjusted earnings per share (p) 0.81p 0.62p 1.27p
Diluted earnings per share (p) 0.76p 0.58p 2.35p
Diluted adjusted earnings per share (p) 0.80p 0.61p 1.25p
Basic earnings per share has been calculated by dividing the profit
attributable to shareholders by the weighted average number of shares in issue
during the period.
Diluted earnings per share has been calculated after adjusting the weighted
average number of shares used in the basic calculation to assume the
conversion of all potentially dilutive shares. A potentially dilutive share is
a warrant or option where its exercise price is below the average market price
of hVIVO shares during the period and any performance conditions attaching to
the scheme have been met at the balance sheet date.
The adjusted profit is used in the calculation of adjusted earnings per share
as reconciled below:
6 months ended 6 months ended Year ended
30 June 2024 30 June 2023 31 December 2023
Unaudited Unaudited Audited
£'000 £'000 £'000
Profit for the period 5,258 3,928 16,115
Initial recognition of deferred tax assets - - (8,107)
Share based payments charge 264 227 575
Adjusted profit for the period 5,522 4,155 8,583
The numbers of shares used in calculating basic and diluted earnings per share
are reconciled below.
6 months ended 6 months ended Year ended
30 June 2024 30 June 2023 31 December 2023
Unaudited Unaudited Audited
Weighted average number of shares in issue
Basic 680,371,877 675,075,857 677,444,133
Dilution for share options and warrants 8,823,273 4,409,547 8,403,182
Diluted 689,195,150 679,485,403 685,847,315
4. Trade and other receivables
30 June 2024 30 June 2023 31 December 2023
Unaudited Unaudited Audited
£'000 £'000 £'000
Trade receivables 14,253 4,354 9,117
Prepayments 1,348 948 1,405
Accrued income 1,444 1,495 760
Other receivables (incl. R&D tax credits) 3,338 3,150 3,323
20,383 9,947 14,605
5. Trade and other payables
30 June 2024 30 June 2023 31 December 2023
Unaudited Unaudited Audited
£'000 £'000 £'000
Trade payables 1,585 1,318 2,088
Social security and other taxes 734 585 814
Other payables 1,560 215 525
Accrued expenses 8,612 5,554 5,857
Deferred income 21,614 19,403 24,944
34,105 27,075 34,228
6. Share based payments
There was a share-based payment charge in the period of £264,000 (H1 2023:
£227,000).
7. Dividend
A final dividend of 0.20 pence per share was paid to shareholders on 20 May
2024. The total amount paid by the Company was £1,359,000.
8. Press
A copy of this announcement is available from the Company's website, being
www.hvivo.com (http://www.hvivo.com) . If you would like to receive a hard
copy of the interim report, please contact the hVIVO plc offices at
ir@hvivo.com to request a copy.
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