REG - hVIVO PLC - Interim results
Tue 07:00
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RNS Number : 3240A hVIVO PLC 23 September 2025
hVIVO plc
("hVIVO", the "Company" or the "Group")
Interim results
Trading in line with expectations for full year
Returning to growth in 2026
hVIVO plc (AIM: HVO), a full-service early phase Contract Research
Organisation (CRO) and the world leader in human challenge clinical trials,
announces its unaudited interim results for the six months ended 30 June 2025
("H1 2025").
Financial summary
• Revenue of £24.2 million (H1 2024: £35.6 million), in line with expectations
of £47 million for the full year
· Includes £5.2 million and £0.3 million revenue contribution from
CRS and Cryostore respectively
• EBITDA (pre-exceptionals*) of £3.0 million (H1 2024: £8.7 million)
· EBITDA margin of 12.5% (H1 2024: 24.5%)
· Net EBITDA loss from acquisitions of £0.5 million
• Basic adjusted earnings per share of 0.29p (H1 2024: 0.81p)
• Cash of £23.3 million as at 30 June 2025 (30 June 2024: £37.1 million)
reflecting acquisition purchases
• Weighted contracted orderbook of £40 million as at 30 June 2025 (30 June
2024: £71 million)
*exceptional items comprise acquisition related and restructuring costs of
£1.4 million
Operational highlights
• Synergistic acquisitions of two Clinical Research Units from CRS and
Cryostore completed for £10.5 million net of cash acquired
• Integration near completion and sales synergies being realised
• Strong progress with Clinical Services and hLAB services - completed delivery
of 817 participant Phase II influenza trial
• £3.2 million hLAB contract signed for an international, multi-site Phase II
field trial
• £5.5 million CRS contracts signed in the period, the majority of which will
be recognised in 2025
• Letter of Intent ("LOI") signed with ILiAD Biotechnologies ("ILiAD") for
world's first pivotal Phase III human challenge trial ("HCT") which is
expected to be the Group's largest HCT to date
• Bacterial lab fit-out completed ahead of future bacterial HCTs and hLAB
contracts
Post-period end highlights
• Strong sales in new diversified service lines with c.£2 million and c.£5
million of new awards for Clinical Services and hLAB respectively
• New Phase III clinical site study and awarded, expected to commence Q4 2025
with the majority of revenue expected to be recognised in 2026
• Positive data generated from the final stage of the hMPV (human
metapneumovirus) characterisation study, the world's only contemporary-strain
hMPV human challenge model is now available for vaccine and antiviral trials
• Appointment of Shaun Chilton as independent Non-Executive Chair
Outlook
Trading remains in line with market expectations for the full year with the
Company expecting to deliver revenues of £47 million and low-single digit
EBITDA loss (pre-exceptional items) for the full year. The Company's weighted
contracted orderbook stood at £40 million as at 30 June 2025 with a strong
pipeline of opportunities across the Group's service lines with major
opportunities in advanced discussion.
The aggregate value of customer proposals submitted in H1 2025 surpassed FY24
which bodes well for the medium-term growth of the Group, as does the
increased conversion rate of proposals to contracts by CRS year-to-date versus
2024. A greater number of cross-selling opportunities between CRS and Venn
Life Sciences are also being realised, with a further £2.1 million of Venn
connected opportunities now in the CRS sales pipeline.
The Board remains confident in the long-term growth potential of hVIVO, both
with the Company's world leading HCT business and its new diversified service
lines. Macroeconomic and sector specific headwinds continue to impact the HCT
opportunity conversion rate which the Board expects to be transitory. hVIVO
expects to achieve high-single digit revenue growth in 2026 on the back of
anticipated growth in its newly diversified services and moving towards a
normalisation of HCT activity.
Dr Yamin 'Mo' Khan, Chief Executive Officer of hVIVO, said: "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, with the
aggregate value of customer proposals submitted in H1 2025 exceeding FY24.
Looking ahead we are focused on finalising the integration of CRS and
Cryostore into the Group, realising further synergies presented by these
bolt-ons, converting our pipeline into revenue, and positioning the business
to return to sustainable growth in 2026 and beyond."
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 today at 18:00 BST.
The presentation is open to all existing and potential shareholders. Questions
can be submitted at any time during the live presentation. Shareholders should
be aware that the Company may not be in a position to provide answers to all
questions, particularly in relation to forward-looking information beyond that
disclosed in the trading update.
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) .
Investors who already follow hVIVO on the Investor Meet Company platform will
automatically be invited.
A copy of the investor presentation will be made available on the Company's
website here (https://hvivo.com/results-centre/) .
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, Callum Davidson,
Trisyia Jamaludin, Harriet Ward
Nigel Birks - Life Science Specialist Sales
Louise Talbot - Sales
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
Paul McManus / Alice Woodings / +44 (0)7980 541 893 / +44 (0)7407 804 654/
+44 (0)7584 391 303
Lianne Applegarth
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
("MAR") EU no.596/2014. Upon the publication of this announcement via
Regulatory Information Service ("RIS"), this inside information is now
considered to be in the public domain.
Notes to Editors
hVIVO plc (https://hvivo.com/) (Ticker: HVO) is full-service early phase
Contract Research Organisation (CRO) and the global leader in human challenge
trials. The company delivers end-to-end clinical development services to a
diverse and expanding client base, including seven of the world's ten largest
biopharma companies.
hVIVO specialises in conducting human challenge trials across multiple
infectious and respiratory indications, leveraging its state-of-the-art
quarantine facility in London-the largest of its kind worldwide. The Company
also offers comprehensive virology and immunology laboratory services under
the hLAB (https://hlabservices.com/) brand.
Through its German subsidiary, CRS (https://crs-earlyphase.com/) , hVIVO
operates a 120-bed capacity across Mannheim and Kiel, providing early-phase
clinical trial services, including first-in-human and proof-of-concept
studies. Its second subsidiary, Venn Life Sciences
(https://www.vennlifesciences.com/) , offers Early Drug Development
Consulting and Biometry services to the biopharma sector.
The Group provides fully integrated drug development solutions from
preclinical stages through Phase II trials, alongside patient recruitment
via FluCamp (https://flucamp.com/) . Additionally, its five clinical sites
support outpatient Phase II and III trials, ensuring a seamless and
efficient pathway from discovery to late-stage development.
CEO Statement
For the six months ended 30 June 2025
The performance of the business in the first half of 2025 reflects the
macroeconomic and sector-specific headwinds that have impacted the broader CRO
industry. As highlighted in our recent trading updates, these challenges have
led to in delays in contract conversions and a number of cancellations and
postponements. Despite these pressures, we remain confident in the long-term
growth potential of the Company given the clear benefit of HCTs to our clients
alongside the steps we are taking to diversify the Group's revenue stream into
other growth markets.
hVIVO is a resilient organisation with strong fundamentals, diversified
revenue streams, and a healthy sales pipeline. Our reputation for quality and
delivery remains well recognised across the industry, and we are confident
that the issues affecting the sector are transitory rather than structural. As
market conditions normalise, we expect to return to growth in 2026 and beyond.
As part of our strategic plan we have taken proactive steps to diversify our
service offering, broaden our revenue streams, enhance our therapeutic
expertise, and strengthen our operational footprint across Europe. To reflect
this diversification and provide greater clarity to stakeholders, we are now
aligning our operations under four distinct service lines:
· Human Challenge Trials (HCT): services currently encompassing hVIVO,
hLAB and Venn Life Sciences' medical writing and biometry services
· Clinical Services: Phase I/II CRS CRO services, hVIVO and CRS
clinical site services, FluCamp recruitment services, and Venn Life Sciences'
medical writing and biometry services
· hLAB: hVIVO standalone laboratory services, including biobank and
storage services provided by Cryostore
· Consultancy Services: Stand-alone Venn Life Sciences consulting
services
This structure provides complementary service solutions to ongoing underserved
client needs, utilises the breadth of our capabilities and supports our
ambition to become a leading, fully integrated early clinical development
partner. We remain focused on operational excellence, client delivery, and
long-term value creation for our shareholders.
Financial results
First half revenues were £24.2 million (H1 2024: £35.6 million), with CRS
and Cryostore delivering revenues of £5.2 million and £0.3 million
respectively. The decline in overall revenues is attributed to reduced
revenues from HCT, as a result of a number of unexpected cancellations and
postponements coupled with lower consultancy revenues. Encouragingly our
diversification strategy has started successfully, with hLAB and Clinical
Services revenues, including acquisitions, accounting for £7.9 million in H1
2025 compared with minimal revenues in H1 24.
EBITDA (pre-exceptionals) was £3.0 million (H1 2024: £8.7 million), with
acquisitions contributing an expected EBITDA loss of £0.5 million. The EBITDA
margin was 12.5% in H1 2025 and benefited from the positive impact of
cancellation fees as well as a focus on operational efficiencies, and
disciplined cost management. Following the consolidation of facilities in July
2024, headcount in H1 2025 (excluding impact of acquisitions) was 24% lower
than H1 2024. The business also benefits from the flexibility of using
temporary staff to align resources with client demand. Additional efficiencies
have been realised through our new Canary Wharf facility, and ongoing
investment in automation is expected to further enhance productivity across
the Group. As a result of these actions, guidance for FY25 EBITDA was recently
updated from a "mid-single digit loss", to a "low-single digit loss."
Exceptional items, relating to acquisition and restructuring costs, were £1.4
million.
The Group continues to operate debt-free, with cash of £23.3 million as at 30
June 2025 (30 June 2024: £37.1 million). The reduction in cash reflects two
key factors: firstly, the acquisition of CRS and Cryostore for approximately
£14 million, including exceptional items and associated working capital
movements; and secondly, a lower volume of HCT contracts signed during the
period, which typically generate upfront non-refundable deposits. Should
material HCT contracts not be signed ahead of the year end, we expect the
Group's cash balance to decline further though the second half of 2025 but
remains more than sufficient to provide the working capital we need to
continue to invest and grow the business as it stands today. As and when the
Group's HCT business returns to more normal activity levels we would expect
the Group to become cash generative again.
I am pleased to report that CRS remains on track to become profitable in 2026.
This is supported by a strong pipeline and by targeted investments throughout
2025 and into 2026 aimed at driving operational efficiencies and strengthening
business development capabilities. The Group remains strategically positioned
to continue to execute its growth strategy, focused on building a business
with diversified revenue streams and maintaining tight cost controls.
As at 30 June 2025, the Company's weighted contracted orderbook stood at £40
million (H1 2024: £71 million). This figure does not include the potential
contract with ILiAD for the world's first pivotal Phase III HCT. Whilst the
orderbook has reduced year-on-year, reflecting the macroeconomic and sector
specific headwinds impacting our HCT business, it is now more diverse than
ever before, reflecting the success of our strategic diversification.
Historically, we were reliant on large HCT contracts whereas today, our
growing mix of services and revenue streams is creating a broader base of
smaller, repeatable contracts, which we expect will enhance revenue
resilience, reduce volatility over time, and ultimately lead to a higher
quality earnings stream.
Our pipeline is both substantial and broad, with opportunities across all
areas of the Group. The total value of customer proposals submitted in H1 2025
exceeded FY24 indicating that the markets in which we operate remains active
yet conversion of these opportunities into signed contracts is being
temporarily impacted. Further details on our pipeline of opportunities are
provided in the Outlook section below.
A world leading HCT business with a growing diversified offering
hVIVO remains the world leading HCT provider and this continues to be the
Company's core business. HCTs offer an efficient and cost-effective way to
evaluate the safety, dosing, and early efficacy of vaccines and antivirals
while potentially accelerating development timelines. By providing rapid and
high-quality data, HCTs can de-risk later-stage field trials and support
regulatory pathways such as Fast Track or Breakthrough Therapy designations.
A compelling example of this growing recognition is the Letter of Intent
signed with ILiAD, following consultation with the FDA, to deliver the world's
first Phase III HCT for a whooping cough vaccine candidate. This would also
mark our first bacterial HCT and could open the door to additional indications
in this field. In preparation, our bacterial lab at Canary Wharf is now
operational to support this study as well as future bacterial HCTs and
standalone hLAB contracts.
Over the past three years, hVIVO has successfully manufactured seven new
challenge agents, enabling us to support a broader range of vaccine and
antiviral development programmes. During the period, we completed a pilot
characterisation study for the world's only contemporary strain hMPV challenge
model and signed a contract with a new biopharmaceutical client to complete
its final validation. With positive data from this final validation generated,
the hMPV model is now available for use in HCTs and has already attracted
strong interest from both new and existing clients. We are also pleased to
have completed the development of the world's first RSV B challenge model.
The value of HCTs in accelerating the development of new therapies was further
demonstrated by the positive results from Shionogi & Co., Ltd, announced
in January 2025. Their Phase IIa RSV HCT, conducted by hVIVO, showed a
significant reduction in viral load for their investigational oral RSV
antiviral, which has received Fast Track designation from the FDA. These
results underscore the role of HCTs in efficiently generating meaningful
efficacy data and reducing risk in later-stage development.
We have also signed a Memorandum of Understanding with the UK Heath Security
Agency (UKHSA) with the aim of sharing preclinical insights, supporting
vaccine innovation, working on HCTs, pandemic preparedness and promoting
greater collaboration.
Strategic acquisitions and integration progress
We were pleased to complete our first acquisitions under the Group's M&A
strategy during H1 2025, having acquired two clinical research units from CRS
in Mannheim and Kiel in Germany, as well as biobank and storage services
provider Cryostore in Greenwich, London. Both businesses are performing well,
and the integration is nearing completion. Cryostore is already earnings
accretive and enhances our hLAB and biobank service offering, providing
long-term, recurring revenue from clinical sample storage contracts that
typically span 2-15 years.
With the addition of CRS, the Group now offers a full-service early phase
clinical development offering, including preclinical consulting and
first-in-human to proof-of-concept studies with a footprint in both the UK and
Germany - two strategically important markets for the biopharma industry.
Integration efforts have already delivered operational improvements including
improved KPI monitoring, standardised processes, improved IT security and the
rollout of automation systems. To date, we have also identified over £1
million of annualised cost savings through pricing optimisation and staff
synergies. CRS is delivering strong contract conversions and remains on track
to become profitable in 2026. I have had the opportunity to meet with several
CRS clients since the acquisition and was pleased to re-establish
long-standing relationships with a number of German partners. Importantly, the
cross-selling opportunities we anticipated are now materialising, with the
first contracts signed and a further £2.1 million of Venn opportunities in
CRS sales pipeline. We expect to see a number of multi-site clinical services
contracts at our UK and German trial sites going forward.
hLAB revenue stream delivering momentum
In 2024, we broadened our service offering with the launch of hLAB's
standalone specialised virology and immunology laboratory services for
preclinical and clinical drug development, leveraging existing infrastructure
at our Canary Wharf site. With over 20 years of experience supporting clinical
trials, hLAB is a recognised industry leader, and its capabilities were
further enhanced in 2025 through the acquisition of Cryostore.
The response to hLAB's expanded offering has been very encouraging. Revenues
grew strongly in H1 2025 and the orderbook continues to build. This momentum
was underlined in January, when hLAB secured its largest standalone contract
to date (£3.2 million) as the sole virology lab for an international,
multi-site Phase IIb influenza study.
Post period-end we signed another significant contract for hLAB for the
provision of Clinical Trial Kits and virology analysis for all subjects
recruited in an international, multi-site Phase III trial. This large-scale
study is expected to commence in Q4 2025 with the majority of revenue expected
to be recognised in 2026.
Strong growth in Clinical Services
Following the launch of hVIVO's Clinical Services offering, which includes
clinical site services for field trials and participant recruitment via
FluCamp, we are pleased to report strong growth in this service line in H1
2025. This performance was further enhanced by the acquisition of CRS, a
specialist in early phase clinical development, from first-in-human to
proof-of-concept studies. Combined with Venn's integrated drug development
consultancy, the Group now offers clients a comprehensive, full-service early
phase solution.
In late 2024, hVIVO secured its largest Phase II field trial to date, and we
were delighted see positive topline results from this study published by
Cidara Therapeutics Inc in June 2025. I am particularly proud of the team's
delivery on this project, enrolling 817 participants in just over six weeks.
Building on this success, post-period end we were awarded our largest Phase
III field trial to date, along with the associated hLAB contract mentioned
above. This large-scale study is expected to meaningfully support our ongoing
business development efforts and contribute to revenue in 2026.
With the addition of CRS, we can now offer multi-site field trials across five
sites in the UK and Germany. The acquisition also broadens our expertise
beyond infectious disease to include cardiometabolic, respiratory, dermatology
and renal/hepatic impairment - significantly increasing our addressable
market. Obesity remains a key focus in the pharmaceutical industry and we are
pleased to see CRS playing such a key role in the development of new drugs to
address this, with c.60% of CRS contract wins in H1 2025 in cardiometabolic
diseases.
Board update
I am pleased that Shaun Chilton has been appointed as our new independent
Non-Executive Chair, Shaun brings substantial sector-relevant experience and
expertise to the Board, underpinned by a track record of delivering strong
growth strategies in the pharma service sector. We also expect to appoint a
new independent Non-Executive Director in due course.
During the period both myself and Stephen Pinkerton, our Chief Financial
Officer, purchased additional shares in the Company. We are confident in the
continued growth prospects of the Group and our interests remain very much
aligned with those of our shareholders.
Outlook
We expect to deliver revenues of £47 million and low-single digit EBITDA
loss (pre-exceptional items) for the full year, an improvement on the guidance
provided in May 2025. The Board is pleased with the progress of our
diversification strategy, which is already delivering growth in our new
services. This approach broadens our revenue streams, enhances our therapeutic
expertise, and strengthens our operational footprint across Europe.
The Company's weighted contracted orderbook stood at £40 million as at 30
June 2025, supported by a healthy and growing sales pipeline. This includes an
increasing number of opportunities for hLAB and Clinical Services, as well as
major HCT opportunities in advanced discussion. I am particularly encouraged
by the improved conversion rate of proposals to contracts for CRS compared to
2024, as well as the early success of cross-selling between CRS and Venn Life
Sciences.
Looking ahead, the Board remains confident in the long-term growth potential
of hVIVO, underpinned by both our world leading HCT business and the momentum
in our other diversified services. Macroeconomic and sector specific headwinds
continue to impact the HCT opportunity conversion rate which the Board expects
to be transitory. hVIVO expects to achieve high-single digit revenue growth in
2026 on the back of anticipated growth in its newly diversified services and
moving towards a normalisation of HCT activity.
Yamin 'Mo' Khan
CEO
22 September 2025
Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2025
6 months ended 6 months ended Year ended
30 June 2025 30 June 2024 31 December 2024
Unaudited Unaudited Audited
Note £'000 £'000 £'000
Operations
Revenue, from contracts with customers 24,191 35,637 62,725
Other operating income 1,254 1,556 3,492
Direct project and administrative costs (22,427) (28,459) (49,802)
EBITDA before exceptional items 3,018 8,734 16,415
Depreciation & amortisation (1,953) (1,845) (3,559)
Exceptional items (1,435) - -
Operating (loss)/profit (370) 6,889 12,856
Net finance income 232 292 462
Share of loss of associate using equity method - (29) (29)
(Loss)/profit before income tax (138) 7,152 13,289
Income tax credit/(charge) 28 (1,894) (2,637)
(Loss)/profit for the period (110) 5,258 10,652
(Loss)/profit for the period is attributable to:
Shareholders (110) 5,258 10,652
Other comprehensive income
Items that will not be subsequently reclassified to income statement:
Currency translation differences 21 (25) 219
Total comprehensive (loss)/income for the period (89) 5,233 10,871
Earnings per share attributable to shareholders during the period:
Basic earnings per share 3 (0.02)p 0.77p 1.57p
Diluted earnings per share 3 (0.02)p 0.76p 1.55p
Adjusted earnings per share attributable to shareholders during the period:
Basic adjusted earnings per share 3 0.29p 0.81p 1.69p
Diluted adjusted earnings per share 3 0.28p 0.80p 1.67p
Consolidated Statement of Financial Position
As at 30 June 2025
Group Group Group
30 June 2025 30 June 2024 31 December 2024
Unaudited Unaudited Audited
Note £'000 £'000 £'000
Assets
Non‐current assets
Intangible assets 17,913 5,698 5,701
Property, plant and equipment 7,759 7,479 7,500
Right of use asset 13,700 12,768 11,801
Deferred Tax Asset 3,890 3,983 3,662
Total non‐current assets 43,262 29,928 28,664
Current assets
Inventories 1,759 340 804
Trade and other receivables 5 17,363 20,383 15,245
Cash and cash equivalents 23,288 37,094 44,180
Total current assets 42,410 57,817 60,229
Total assets 85,672 87,745 88,893
Equity attributable to owners
Share capital 687 680 680
Share premium account 520 516 516
Merger reserves (6,856) (6,856) (6,856)
Foreign currency reserves 1,549 1,284 1,528
Retained earnings 47,729 42,840 48,807
Total equity 43,629 38,464 44,675
Liabilities
Non‐current liabilities
Lease liabilities 12,200 11,665 10,391
Provisions 2,348 1,604 1,912
Deferred Tax Liability 944 - -
Total non‐current liabilities 15,492 13,269 12,303
Current liabilities
Trade and other payables 6 23,533 34,105 29,405
Lease liabilities 2,503 1,359 2,510
Provisions 515 548 -
Total current liabilities 26,551 36,012 31,915
Total liabilities 42,043 49,281 44,218
Total equity and liabilities 85,672 87,745 88,893
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 2024 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
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
Changes in equity for the 6 months ended 31 December 2024
Profit for the period - - - - 5,395 5,395
Currency differences - - - 244 - 244
Total comprehensive income for the period - - - 244 5,395 5,639
Transactions with the owners
Share based payments - - - - 572 572
Dividends paid - - - - - -
Total contributions by and distributions to owners - - - - 572 572
At 31 December 2024 680 516 (6,856) 1,528 48,807 44,675
Changes in equity for the 6 months ended 30 June 2025
Loss for the period - - - - (110) (110)
Currency differences - - - 21 - 21
Total comprehensive income for the period - - - 21 (110) (89)
Transactions with the owners
Share based payments - - - - 404 404
Shares issued 7 4 - - - 11
Dividends paid - - - - (1,372) (1,372)
Total contributions by and distributions to owners 7 4 - - (968) (957)
At 30 June 2025 687 520 (6,856) 1,549 47,729 43,629
Consolidated Statement of Cash Flows
For the 6 months ended 30 June 2025
Group Group Group
6 months ended 6 months ended Year ended
30 June 2025 30 June 2024 31 December 2024
Unaudited Unaudited Audited
£'000 £'000 £'000
Cash used in operations
(Loss)/profit before income tax (138) 7,152 13,289
Adjustments for:
- Depreciation & amortisation 1,953 1,845 3,559
- Net finance income (232) (292) (462)
- Share based payment charge 404 264 836
- R&D credit incl. in other income (933) (1,456) (3,356)
- Share of associate loss - 29 29
Changes in working capital:
- Increase/(decrease) in provisions 515 9 (326)
- Decrease/(increase) in trade and other receivables 612 (4,754) 1,745
- (Increase)/decrease in inventories (954) 86 (378)
- Decrease in trade and other payables (10,992) (304) (4,755)
Cash (used in)/generated from operating activities (9,765) 2,579 10,181
Income tax (R&D credit) received 2,237 41 155
Net cash (used in)/generated from operating activities (7,528) 2,620 10,336
Cash flow from investing activities
Purchase of property, plant and equipment (575) (1,832) (2,416)
Purchase of intangible assets (1) (44) (44)
Acquisition of subsidiaries, net of cash acquired (10,474) - -
Interest received 694 832 1,800
Net cash used in investing activities (10,356) (1,044) (660)
Cash flow from financing activities
Lease payments (1,577) (25) (984)
Dividends paid (1,372) (1,359) (1,358)
Proceeds from issue of shares 11 - -
Finance costs (13) (43) (63)
Net cash used in financing activities (2,951) (1,427) (2,405)
Net (decrease)/increase in cash and cash equivalents (20,835) 149 7,271
Cash and cash equivalents at beginning of period 44,180 36,973 36,973
FX translation (57) (28) (64)
Cash and cash equivalents at end of period 23,288 37,094 44,180
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.
The address of the registered office is 40 Bank Street, Floor 24, London, E14
5NR.
The hVIVO Group operates as a full-service early phase Contract Research
Organisation (CRO) and the world leader in human challenge clinical trials.
The Group has a presence in the UK, Germany, the Netherlands and France.
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 2024 and which will form the basis of the 2025
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 2024 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 2025 and 30 June 2024 is
unaudited and the twelve months to 31 December 2024 is audited.
The Interim Financial Statements were approved by the Board of Directors on 22
September 2025.
3. Earnings per share
6 months ended 6 months ended Year ended
30 June 2025 30 June 2024 31 December 2024
Unaudited Unaudited Audited
Basic earnings per share (p) (0.02)p 0.77p 1.57p
Basic adjusted earnings per share (p) 0.29p 0.81p 1.69p
Diluted earnings per share (p) (0.02)p 0.76p 1.55p
Diluted adjusted earnings per share (p) 0.28p 0.80p 1.67p
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.
Where there is a profit for 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.
Where there is a loss for the period, potentially dilutive shares are not
dilutive, and therefore diluted 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.
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 2025 30 June 2024 31 December 2024
Unaudited Unaudited Audited
£'000 £'000 £'000
(Loss)/profit for the period (110) 5,258 10,652
Acquisition costs 450 - -
Amortisation of acquired intangibles 229 - -
Restructuring costs 985 - -
Share based payments 404 264 836
Adjusted profit for the period 1,958 5,522 11,488
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 2025 30 June 2024 31 December 2024
Unaudited Unaudited Audited
Weighted average number of shares in issue No. No. No.
Basic 684,348,647 680,371,877 680,371,877
Dilution for share options and warrants 4,590,857 8,823,273 7,883,099
Diluted (where applicable) 688,939,504 689,195,150 688,254,976
4. Business combinations
In January 2025, the Group acquired 100% of the share capital of CRS Clinical
Research Services Kiel GmbH and CRS Clinical Research Services Mannheim GmbH,
which comprise a German full‐service early‐phase CRO providing early
clinical development services, including first‐in‐human and
proof‐of‐concept trials.
A provisional purchase price allocation exercise for the CRS acquisition,
which will be finalised in the second half of the year, has been completed
which identified £2.1 million of acquired intangible assets relating to
customer relationships which are identifiable and separable. £7.5 million
of goodwill has arisen on the acquisition.
In February 2025, the Group acquired 100% of the share capital of Cryo Store
Limited, a UK specialist provider of high industry standard,
temperature‐controlled storage solutions for biological and clinical
materials.
A provisional purchase price allocation exercise for the Cryo Store
acquisition, which will be finalised in the second half of the year, has been
completed which identified £1.4 million of acquired intangible assets
relating to customer relationships which are identifiable and separable.
£1.2 million of goodwill has arisen on the acquisition.
For both acquisitions, the Group's assessment of fair value, including the
valuation of acquired intangibles and the purchase price allocation related to
the acquisitions is preliminary and subject to change. Further adjustments,
largely related to acquired intangible assets and related deferred taxes, may
be necessary as additional information related to the fair values of assets
acquired and liabilities assumed is assessed during the measurement period (up
to one year from the acquisition date).
5. Trade and other receivables
30 June 2025 30 June 2024 31 December 2024
Unaudited Unaudited Audited
£'000 £'000 £'000
Trade receivables 4,542 14,253 4,467
Prepayments 1,913 1,348 1,288
Accrued income 5,980 1,444 4,843
Other receivables (incl. R&D tax credits) 4,928 3,338 4,647
17,363 20,383 15,245
6. Trade and other payables
30 June 2025 30 June 2024 31 December 2024
Unaudited Unaudited Audited
£'000 £'000 £'000
Trade payables 2,169 1,585 1,884
Social security and other taxes 1,245 734 851
Other payables 2,642 1,560 503
Accrued expenses 5,470 8,612 6,610
Deferred income 12,007 21,614 19,557
23,533 34,105 29,405
7. Share based payments
There was a share-based payment charge in the period of £404,000 (H1 2024:
£264,000).
8. Dividend
A final dividend of 0.20 pence per share relating to the year ended 31
December 2024 was paid to shareholders on 11 June 2025. The total amount
paid by the Company was £1,372,000.
9. 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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