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hVIVO PLC on Wednesday reported strong revenue growth and a positive outlook amid its move to a new facility in Canary Wharf. The London-based contract research organisation specialises in testing infectious and respiratory disease products. In the first half that ended on June 30, revenue rose 31% to £35.6 million from £27.3 million the year before. The company expects an earnings margin before interest, taxes, depreciation, and amortisation of approximately 24%, ahead of 19% previously. hVIVO increased its cash holdings by 19% to £37.1 million from £31.3 million, meanwhile the weighted contracted order book reduced by 9.0% to £71 million from £78 million. 100% of revenue guidance for the current year is already contracted and there is good visibility into next year. Full year revenue guidance of £62 million has been reaffirmed, which would represent an 11% increase from financial 2023. Chief Executive Officer Yamin Khan said: ‘During a period of significant activity including the build-out and move to a new facility, we have not only materially increased our revenue but also further improved our margins.’ The company recently moved to a new facility situated in Canary Wharf with greater quarantine capacity and containment capabilities for human clinical trials. The relocation is expected to deliver greater operational efficiencies going forward. hVIVO shares were up 3.7% to 29.03 pence each in London on Wednesday afternoon. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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