hVIVO expands orderbook to £65m, signals H2 rebound

hVIVO reported first-half 2026 revenue of £16.3 million, down from £24.2 million a year earlier, with guidance that full-year revenue will be heavily weighted to the second half as contract timing shifts emerge. The orderbook more than doubled to £65 million, boosting revenue visibility into 2027 and 2028, while proposal volumes rose about 45% year on year. Adjusted EBITDA is expected to be negative in the mid-single digits for H1, with management forecasting a return to positive EBITDA in the second half driven by higher anticipated revenues. The business is operating under a single brand across consulting, clinical trials, human challenge trials and laboratory services, a move described as strengthening cross-selling opportunities and broadening the client base. CEO Yamin “Mo” Khan said the momentum in new contract sales is among the strongest the company has seen, reinforcing guidance for continued growth despite near-term revenue timing shifts and a cash position of about £13 million at 30 June. While some revenue originally expected in 2026 has shifted to 2027 due to programme timing, the company maintained its view of high single-digit full-year revenue growth.