hVIVO (AIM:HVO) reported its revenue dropped to £46.8m for the year ended 31 December 2025, from £62.7m a year earlier, driven by a wave of cancelled human challenge trials. The group still produced positive adjusted EBITDA of £1.4m (2024: £16.4m) and an adjusted EBITDA margin of 3.0% (2024: 26.2%), while basic adjusted EPS was (0.41)p (2024: 1.69p).
Cash at year end stood at £14.3m (31 December 2024: £44.2m) after the group deployed capital into strategic deals.
hVIVO (AIM:HVO) highlighted it completed the acquisitions of two Clinical Research Units from CRS for €10m and Cryostore for £3.2m; the purchases added £13.1m of revenue in 2025 and broadened services into early-phase trials, labs and storage. Integration finished on schedule, with the CRS business generating cash in Q4 and expected to be earnings accretive in 2026.
"2025 was a year of significant strategic progress for hVIVO. While the financial performance reflected the anticipated transitional nature of the period, against a backdrop of macroeconomic and sector headwinds, we have entered 2026 with a significantly stronger integrated and diversified offering," said CEO Yamin 'Mo' Khan.
The orderbook was weighted at £30m (restated 2024: £43.5m) and was materially bolstered post-period by an influenza human challenge contract with Traws Pharma.
It has not declared a dividend for 2025.
Looking ahead, the company expects high single-digit revenue growth in 2026, weighted to H2, and will discuss results in an investor presentation today at 18:00 BST.
