hVIVO (AIM:HVO) reported first-half revenue of £16.3 million for the six months ended 30 June, down from £24.2 million a year earlier, with full-year 2026 revenue expected to be heavily weighted to the second half.
The AIM-listed clinical development partner, which specialises in human challenge trials alongside consulting, clinical trials and laboratory services, said its orderbook has more than doubled to £65 million from £30 million at the start of the year.
Proposal volumes are up approximately 45% year-on-year, which the company said supports mid-term growth and potential further orderbook expansion in the second half.
Adjusted EBITDA for the first half is expected to be negative in the mid-single digits, against £3.0 million a year earlier, with positive adjusted EBITDA expected in the second half as revenue lifts.
Cash stood at £13 million as of 30 June, down from £14.3 million at the end of December, reflecting positive working capital inflows from recent contract wins.
"This has more than doubled our orderbook since the start of the year, providing improved revenue visibility for the remainder of 2026, 2027 and into 2028", said chief executive Yamin "Mo" Khan.
The company said timing shifts on certain contracted programmes will push some revenue previously expected in the second half into 2027, but its full-year expectation remains broadly in line with existing guidance of high single-digit revenue growth.
News Intelligence what this means for the company
hVIVO's orderbook more than doubled to £65m in the first half of 2026, anchored by a 45% year-on-year rise in proposal volumes, signalling strong forward demand for its human challenge trial services. First-half revenue fell to £16.3m from £24.2m, but the company expects a heavily weighted second-half recovery and maintains full-year guidance for high single-digit growth, with visibility now extended into 2028.
The orderbook expansion materially improves revenue visibility and de-risks near-term execution, offsetting the H1 revenue decline. However, the shift of some contracted revenue into 2027 and the mid-single-digit negative adjusted EBITDA in H1 underscore execution and timing risk; the bull case hinges on the company delivering the promised second-half uplift and converting the enlarged orderbook into cash.
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