hVIVO orderbook more than doubles to £65m as revenue shifts to second half

hVIVO PLC (AIM:HVO), the clinical trials specialist and world leader in human challenge studies, said its order book had more than doubled to £65 million since the start of the year. That compares with £30 million at the beginning of 2026 and gives the company far greater visibility over contracted revenues into 2027 and 2028. The group also confirmed that 2026 revenue would be heavily weighted towards the second half, a pattern it had flagged previously. Proposal volumes, a measure of new business being tendered for, were running roughly 45% higher year-on-year. Revenue for the six months to 30 June came in at £16.3 million, down from £24.2 million in the same period last year. The decline reflects both the second-half weighting and timing shifts in revenue recognition on certain contracted client programmes. hVIVO expects to report negative adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) in the mid-single-digit millions for the first half, against a £3 million profit on that measure a year earlier. It expects to return to positive adjusted EBITDA in the second half as contracted work begins. Cash stood at £13 million at the end of June, down slightly from £14.3 million at the end of December, helped by working capital inflows from recent contract wins. Some revenue previously expected in the second half of 2026 will now land in 2027 because of programme timing changes. Even so, the company said full-year revenue remained broadly in line with guidance for high single-digit growth.