hVIVO said its orderbook has more than doubled in the first half of 2026, supported by strong commercial momentum and higher proposal activity.
The AIM-listed clinical development partner and human challenge trial specialist expects to report unaudited first-half revenue of £16.3 million for the six months to 30 June 2026, down from £24.2 million a year earlier.
The company said full-year revenue will be heavily weighted towards the second half, reflecting the timing of contracted client programmes and shifts in revenue recognition.
The orderbook increased to £65 million, compared with £30 million at the start of the year, improving revenue visibility for the remainder of 2026 and into 2027 and 2028.
Proposal volumes were around 45% higher year-on-year, supporting the potential for further orderbook expansion in the second half.
hVIVO expects to report negative mid-single digit adjusted EBITDA for the first half, compared with adjusted EBITDA of £3.0 million in H1 2025.
The company said positive adjusted EBITDA is expected in the second half, driven by significantly higher anticipated revenues.
Cash stood at £13 million at 30 June 2026, compared with £14.3 million at the end of December 2025, supported by working capital inflows from recent contract wins.
Chief executive Yamin “Mo” Khan said the company had seen renewed commercial momentum in the first half, with one of its strongest periods of new contract sales to date.
He said the enlarged orderbook provides improved visibility for the rest of 2026, 2027 and into 2028.
hVIVO is now operating under one brand across consulting, clinical trials, human challenge trials and laboratory services.
The company said the integrated model is supporting cross-selling, broader client engagement and a more diversified revenue base.
Demand remains encouraging across infectious disease, respiratory and cardiometabolic programmes, alongside growing interest in hVIVO’s early-phase CRO and laboratory capabilities.
The board said full-year 2026 revenue is expected to be broadly in line with existing guidance of high single-digit revenue growth, although some revenues previously expected in the second half are now expected to move into 2027.
hVIVO said its strengthened orderbook, diversified clinical development platform and cash position leave it well placed for sustainable mid- and long-term growth.
