Dublin and London-listed pharmaceutical services company Hvivo said revenue reached a record in the first half of the year as the company continued its momentum.
The company, which specialises in testing infectious and respiratory disease products, said revenue for the six months ended June 20th was expected to be £35.6 million, up 30 per cent from £27.3 million in the same period a year earlier.
During the period, Hvivo said revenues were boosted by a number of projects being delivered ahead of schedule. Hvivo said its weighted contracted order book was £71 million at the end of the six months, compared to £78 million in 2023.
Earnings before interest, tax, depreciation and amortisation (ebidta) was 24 per cent, compared with 19.1 per cent in the first half of 2023.
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Cash was £37.1 million, with the group paying an annual dividend of £1.4 million to shareholders in May.
Its quarantine facility in Canary Wharf, which includes advanced laboratories, an outpatient unit and corporate offices, is now fully operational, providing the company with capacity for future growth through increased quarantine capacity. The expanded facilities and containment level three capability will also allow the company to expand its core human challenge trial to include new pathogen models. Hvivo said it will solely operate from its Canary Wharf quarantine site from July.
The company is on track for its full year revenue guidance of £62 million, and ebidta margins are expected to be at the upper end of market expectations.
“The results of H1 2024 reflect the hard work, flexibility and commitment of the team. During a period of significant activity including the buildout and move to a new facility, we have not only materially increased our revenue but also further improved our margins. The concurrent running of three different facilities helped to boost our revenues for H1 2024, creating an expected H1 2024 weighting,” said chief executive Yamin “Mo” Khan.
“The outlook for hVIVO is positive as we welcomed our first volunteers into our new facility at Canary Wharf – the world’s largest human challenge trial unit. I believe we have laid the foundations for strong performance in the months and years ahead.”
Hvivo was formed when chairman Cathal Friel reversed his pharma services business, then known as Open Orphan, into Dublin-listed drug clinical trials manager Venn Life Sciences. It rebranded as Hvivo in 2022.
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