UK's hVIVO H1 revenue falls on contract timing, orderbook doubles

By Reuters News


Overview

  • UK clinical research firm's H1 2026 revenue fell yr/yr due to timing of contract delivery

  • Adjusted EBITDA loss widened in H1 2026, with positive adjusted EBITDA expected in H2

  • Contracted orderbook more than doubled to £65 mln; CRS Berlin acquisition expands platform


Outlook

  • hVIVO expects H2 2026 revenue to be nearly double that of H1 2026

  • Company forecasts FY 2026 revenue of about £47 mln, including c.£3 mln from CRS Berlin

  • Company expects positive adjusted EBITDA in H2 2026, but a low single-digit adjusted EBITDA loss for FY 2026


Result Drivers

  • CONTRACT TIMING - Co said H1 2026 revenue decline reflected second-half weighting and timing of contract delivery

  • ORDERBOOK GROWTH - Contracted orderbook more than doubled, driven by increased proposal volumes and new contract wins

  • REPEAT BUSINESS - About three-quarters of revenue generated from repeat customers, indicating revenue base stability


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

H1 Revenue

GBP 16.27 mln

H1 Adjusted EBITDA

-GBP 4.45 mln

H1 EBIT

-GBP 6.90 mln


Analyst Coverage

  • The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 6 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

  • The average consensus recommendation for the biotechnology & medical research peer group is "buy"

  • Wall Street's median 12-month price target for hVIVO PLC is GBp16.75, about 161.7% above its September 14 closing price of GBp6.40


Reuters Recommended Reads

  • Sept 14 - UK's GlobalData half-year revenue rises on acquisitions

  • Sept 14 - UK's Keystone Law interim revenue rises 22.5% yr/yr

  • Sept 14 - UK's Arcontech revenue drops 11.5% on customer loss


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