Business
Preliminary Results 2018
Preliminary Results 2018.
About this update from Hvivo Plc
[{"type":"text","content":"\n \nRNS Number : 8739V hVIVO plc 11 April 2019 \n\nhVIVO plc\n(\"hVIVO\" or the \"Company\")\n \nPreliminary Results\nFor the year ended 31 December 2018\nTransitional year, revenues increasing, operating costs reducing\n \n· Re-focussed services business model with strong pipeline of contract opportunities\n· Good progress on business turnaround, R&D expense significantly reduced and focussed specifically on opportunities to support the enhancement of our development services\n· Cost base and expenditure reductions implemented to support future growth and provide a pathway to cash generation\n· Positive Phase IIb FLU-v results\n \nLondon, UK - 11 April 2019: hVIVO plc (AIM: HVO), an industry leading clinical development services business pioneering human disease models based upon viral challenge, today announces its preliminary results for the year ended 31 December 2018.\n \nFinancial Highlights: Service revenue increasing, financial impact of operating efficiencies and cost savings will be fully recognised across 2019 and 2020\n \n· Revenue & Other Income up 10.5% to £13.6 million (2017: £12.3 million)\n· Adjusted Loss Before Tax* down 27.6% to £9.6 million (2017: £13.2 million)\n· Loss Before Tax - £18.9 million (2017: £14.8 million)\n· Cash and cash equivalents of £13.4 million (2017: £20.3 million)\n· Research and development expense down 21% to £4.8 million (2017: £6.1 million)\n· Current cost reduction programmes are forecasted to deliver improvements which will reduce operating expense by a total of £3.9 million, across 2018, 2019 and 2020\n \n* Adjusted Loss Before Tax excludes costs relating to the impairment of intangibles, provision against virus inventory and share of loss from associates and joint ventures: (1) PrEP Biopharm Limited consolidated balance sheet value of £4.7 million impaired to £nil as at 31 December 2018 (2) consolidated balance sheet value of intangible assets of £2.6 million impaired to £nil as at 31 December 2018 (3) provision of £1.2 million made a...