Here is a summary of the key points from the trading update provided by hVIVO plc
hVIVO plc, a specialist CRO and leader in infectious and respiratory disease product testing, has released its trading update for the first half of 2024.
The company reports record H1 revenue of £35.6 million, a 30.6% increase from H1 2023, and an EBITDA margin of ~24%, up from 19.1% in H1 2023.
Cash reserves as of June 30, 2024, were £37.1 million, and the weighted contracted order book stood at £71 million.
The strong financial performance is attributed to exceptional operational delivery, including a record number of volunteer inoculations and multiple challenge models running simultaneously.
The new quarantine facility in Canary Wharf is now fully operational, providing increased capacity and CL-3 capability, enabling hVIVO to broaden its offering.
hVIVO reaffirms its full-year revenue guidance of £62 million and expects EBITDA margins to be at the upper end of market expectations.
The companys outlook remains positive, with a strong order book, a diverse service offering, and the successful opening of the new facility in Canary Wharf.
A Capital Markets Event is being held at the new facility to showcase its capabilities and provide an update on trading.
Overall, hVIVO plc is reporting strong financial and operational performance in the first half of 2024, with expectations of continued growth and improved margins in the medium term.
| Year | Revenue (£ millions) | EBITDA Margin | Cash (£ millions) | Order Book (£ millions) |
|---|---|---|---|---|
| H1 2024 | 35.6 | 24% | 37.1 | 71 |
| H1 2023 | 27.3 | 19.1% | 31.3 | 78 |
| Change | 30.6% | 4.9% increase | 5.8% increase | 8.9% decrease |