Business
Trading Update
hVIVO plc expects to report FY25 revenue of approximately £46.7 million, in line with expectations, and a positive low single-digit adjusted EBITDA margin, exceeding previous guidance. Despite a decrease from £62.7 million in 2024, the company's cash position stands at approximately £14.3 million as of December 31, 2025, with no debt. These results are attributed to stronger Q4 operational delivery and contractual protections. The integration of strategic acquisitions, CRS Mannheim & Kiel and Cryostore, is complete, creating an integrated end-to-end early clinical development offering across four specialist service lines. hVIVO reiterates its guidance for high single-digit revenue growth in 2026, driven by a diversified service offering and a strong sales pipeline. Disclaimer*
About this update from Hvivo Plc
[{"type":"text","content":"\n\nhVIVO plc\n(\"hVIVO\", the \"Company\" or the \"Group\")\n \nTrading update\nFY25 revenue in line and positive adjusted EBITDA\nPositioned to return to growth in 2026\n \nLondon, UK - 29 January 2026, hVIVO plc (AIM: HVO), a full-service early phase Contract Research Organisation (CRO) and the world leader in human challenge clinical trials, provides a trading update for the year ended 31 December 2025 (FY25). The FY25 financials in this statement remain subject to audit.\n \nHighlights\n\n\n\n\n•\n\n\nRevenue is expected to be c.£46.7 million (2024: £62.7 million), in line with expectations\n\n\n\n\n•\n\n\nAdjusted EBITDA margin is expected to be positive low single-digit* (2024: 26.2%), above expectations\n\n\n\n\n•\n\n\nCash of c.£14.3 million as at 31 December 2025 (31 December 2024: £44.2 million), no debt and ahead of expectations\n\n\n\n\n•\n\n\nCompleted strategic acquisitions and integration of CRS Mannheim & Kiel and Cryostore, creating an integrated end-to-end early clinical development offering, from preclinical to Phase III\n\n\n\n\n•\n\n\nFour integrated specialist service lines (Consulting, Clinical Trials, Human Challenge Trials (\"HCTs\"), and Laboratories) now fully operational\n\n\n\n\n•\n\n\nGuidance reiterated for high single digit revenue growth in 2026\n\n\n\n\n \n* Adjusted EBITDA is stated before one off exceptional items related to acquisitions.\n \nYamin 'Mo' Khan, Chief Executive Officer of hVIVO, said: \"I am pleased to update the market that we expect to report positive (adjusted) EBITDA ahead of guidance for FY25. This was driven by stronger than expected operational delivery in Q4 2025, and the contractual protections embedded within our model.\n \n\"Following the acquisition of CRS and Cryostore we now offer a full end‑to‑end service platform from preclinical through to Phase III across multiple therapeutic areas. The integration of CRS and Cryostore is complete, and we are realising synergies across our four specialist service lines. Our purpose-built full-service early phase capabilities clearly differentiate us within the market and together with our strong and diverse pipeline, we reiterate our guidance for high single digit revenue growth in 2026.\"\n \nRevenue in line, EBITDA and cash ahead of expectations\nhVIVO expects to...