**Summary**
hVIVO plc, a full-service early-phase Contract Research Organisation (CRO) and leader in human challenge clinical trials, released a trading update for FY25 (year ended 31 December 2025). Key highlights include
1. **Financial Performance**
Revenue of approximately ยฃ46.7 million, in line with expectations (FY24: ยฃ62.7 million).
Positive low single-digit adjusted EBITDA margin, exceeding guidance (FY24: 26.2%).
Cash position of ยฃ14.3 million, debt-free, and ahead of expectations (FY24: ยฃ44.2 million).
2. **Strategic Acquisitions**
Completed and integrated acquisitions of CRS Mannheim & Kiel and Cryostore, creating an end-to-end early clinical development platform from preclinical to Phase III.
Four integrated service lines now fully operational: Consulting, Clinical Trials, Human Challenge Trials (HCTs), and Laboratories.
3. **Market Position and Pipeline**
FY25 faced macroeconomic and sector-specific challenges, including programme deferrals and cancellations in HCTs.
Strong momentum in FY26 pipeline across all service lines, with increasing opportunities in infectious diseases and diversified therapeutic areas (e.g., cardiometabolic, respiratory, immunology).
Aggregate value of customer proposals in FY25 exceeded FY24, indicating positive medium-term revenue growth.
4. **Outlook**
Reiterated guidance for high single-digit revenue growth in 2026.
Focus on four key growth initiativesexpanding therapeutic specialisms, enhancing laboratory services, and improving patient recruitment.
Confidence in full-service platform to drive near and long-term growth.
5. **Investor Engagement**
CEO Yamin Mo Khan and CFO Stephen Pinkerton hosted an investor meeting via Investor Meet Company to discuss the update.
hVIVO is well-positioned for growth in 2026, leveraging its diversified service offerings and strengthened infrastructure.
Below is the HTML table code comparing the financials and debt year-on-year for hVIVO PLC based on the provided text:
### Explanation:
- **Revenue**: FY2024 revenue was ยฃ62.7 million, while FY2025 is expected to be ยฃ46.7 million. - **Adjusted EBITDA Margin**: FY2024 was 26.2%, and FY2025 is expected to be a positive low single-digit percentage. - **Cash Position**: Cash decreased from ยฃ44.2 million in FY2024 to ยฃ14.3 million in FY2025, primarily due to strategic acquisitions. - **Debt**: The company remains debt-free in both years. This table provides a clear year-on-year comparison of key financial metrics for hVIVO PLC.