hVIVO PLC on Tuesday said its half-year profit soared on revenue growth and upped its full-year revenue and earnings margin guidance.
The London-based specialist contract research organisation providing testing for infectious and respiratory vaccines said in the six months to June 30, pretax profit multiplied to £4.3 million from
£453,000 the year before, as revenue surged by 52% to £27.3 million from £18.0 million the year before.
hVIVO upped its full-year revenue guidance by 3.8% to £55 million from£53 million as well as its earnings before interest, tax, depreciation and amortisation margin to around 19%, citing ‘excellent visibility over revenue’ into late 2024.
Chief Executive Officer Yamin Khan said: ‘The first half of 2023 has delivered another period of excellent growth and progress towards our goal of establishing a long-term sustainable growth model. The increasing number of trials, as well as the growing volunteer cohorts and expanding use cases, highlights that the human challenge market is experiencing a strong growth trend that we strongly believe will continue over the long term.’
Shares in hVIVO were up 4.3% at 19.03 pence each in London on Tuesday morning.
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