Hvivo

HVO · AIM · Health Care · mcap £41m · 6.0p

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Financials · LTM to 30 Jun 26

Source: results 15 Sep 26 ↗

Revenue: £38.9m
Operating profit: −£11.0m
Net income: −£12.2m
Free cash flow: −£10.8m
Net cash: £13.0m
Market cap: £41.7m
EV / EBIT: –
FCF yield: −26.0%
Price / book: 1.3×

Latest half-year · H1 26 vs H1 25 results 15 Sep 26 ↗

Revenue: £16.3m
Operating profit: −£6.9m
Net income: −£6.5m
Cash from operations: £322k

Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

As reported Key figures · multi-year

Income statement Balance sheet Cash flow

Latest interim Latest annual

Half-year Results, published 15 Sep 26 · read the announcement ↗

Consolidated income statement · Finalisation of prior year acquisition accounting · Restated

	6 months ended 30 June 2026 Unaudited	6 months ended 30 June 2025 Unaudited	Year ended 31 December 2025 Audited
Consolidated statement of cashflows
Loss per share
Basic loss per share (p)	(0.94)p	(0.03)p	(0.87)p
Basic adjusted (loss)/earnings per share (p)	(0.82)p	0.29p	(0.41)p
Diluted loss per share (p)	(0.94)p	(0.03)p	(0.87)p
Diluted adjusted (loss)/earnings per share (p)	(0.82)p	0.29p	(0.41)p
Restated
6 months ended 6 months ended Year ended
30 June 2026 30 June 2025 31 December 2025
Unaudited Unaudited Audited
£’000 £’000 £’000
Loss for the year	(6,455)	(236)	(5,993)
Acquisition costs*	-	450	450
Amortisation of acquired intangibles	541	409	960
Restructuring costs*	-	985	960
Share based payments	284	404	814
Adjusted (loss)/profit for the year	(5,630)	2,012	(2,809)
6 months ended 6 months ended Year ended
30 June 2026 30 June 2025 31 December 2025
Unaudited Unaudited Audited
Weighted average number of shares in issue No. No. No.
Basic	687,966,692	684,348,647	685,688,650
Dilution for share options and warrants	-	4,590,857	-
Diluted	687,966,692	688,939,504	685,688,650
Trade and other receivables
Restated
30 June 2026 30 June 2025 31 December 2025
Unaudited Unaudited Audited
£’000 £’000 £’000
Trade receivables	6,766	4,542	6,333
Prepayments	1,633	1,913	1,440
Accrued income	5,395	5,980	4,170
Other receivables (incl. R&D tax credits)	3,553	4,193	1,994
	17,347	16,628	13,937
Trade and other payables
30 June 2026 30 June 2025 31 December 2025
Unaudited Unaudited Audited
£’000 £’000 £’000
Trade payables	4,559	2,169	1,114
Social security and other taxes	860	1,245	965
Other payables	2,226	2,642	2,611
Accrued expenses	4,327	5,470	5,498
Deferred income	11,061	12,007	4,275
	23,033	23,533	14,463

Consolidated Statement of Financial Position · As at 30 June 2026


Restated (note	4)
Group Group Group
30 June 2026 30 June 2025 31 December 2025
Unaudited Unaudited Audited
Note £’000 £’000 £’000
Assets
Non‐current assets
Goodwill	13,815	13,792	13,901
Intangible assets	4,400	5,422	4,960
Property, plant and equipment	6,900	7,759	7,674
Right-of-use assets	13,295	13,700	14,073
Deferred tax asset	3,666	3,890	2,282
Total non‐current assets	42,076	44,563	42,890
Current assets
Inventories	723	1,759	691
Trade and other receivables	17,347	16,628	13,937
Cash and cash equivalents	12,981	23,288	14,297
Total current assets	31,051	41,675	28,925
Total assets	73,127	86,238	71,815
Equity attributable to owners
Share capital	688	687	687
Share premium account	520	520	520
Merger reserves	(6,856)	(6,856)	(6,856)
Foreign currency reserves	1,642	1,568	1,552
Retained earnings	36,085	47,602	42,256
Total equity	32,079	43,521	38,159
Liabilities
Non‐current liabilities
Lease liabilities	11,706	12,200	12,298
Provisions	2,600	2,348	2,543
Deferred tax liability	1,024	1,618	1,081
Total non‐current liabilities	15,330	16,166	15,922
Current liabilities
Trade and other payables	23,033	23,533	14,463
Lease liabilities	2,211	2,503	2,489
Provisions	474	515	782
Total current liabilities	25,718	26,551	17,734
Total liabilities	41,048	42,717	33,656
Total equity and liabilities	73,127	86,238	71,815
Consolidated Statement of Changes in Shareholders’ Equity
£’000 £’000 £’000 £’000 £’000 £’000
At 1 January 2025	1,528	48,807	44,675
Changes in equity for the 6 months ended 30 June 2025
Loss for the period	-	(236)	(236)
Currency differences	40	-	40
Total comprehensive (loss)/income for the period restated (note	40	(236)	(196)
Transactions with the owners
Share based payments	-	404	404
Shares issued	-	-	11
Dividends paid	-	(1,372)	(1,372)
Total contributions by and distributions to owners	-	(968)	(957)
At 30 June 2025 restated (note	1,568	47,603	43,522
Changes in equity for the 6 months ended 31 December 2025
Loss for the period	-	(5,757)	(5,757)
Currency differences	(16)	-	(16)
Total comprehensive loss/(income) for the period	(16)	(5,757)	(5,773)
Transactions with the owners
Share based payments	-	410	410
Dividends paid	-	-	-
Total contributions by and distributions to owners	-	410	410
At 31 December 2025	1,552	42,256	38,159
Changes in equity for the 6 months ended 30 June 2026
Loss for the period	-	(6,455)	(6,455)
Currency differences	90	-	90
Total comprehensive (loss)/income for the period	90	(6,455)	(6,365)
Transactions with the owners
Share based payments	-	284	284
Shares issued	-	-	1
Dividends paid	-	-	-
Total contributions by and distributions to owners	-	284	285
At 30 June 2026	1,642	36,085	32,079

Consolidated statement of cashflows · Finalisation of prior year acquisition accounting · Restated

	6 months ended 30 June 2026 Unaudited	6 months ended 30 June 2025 Unaudited	Year ended 31 December 2025 Audited
Loss per share
Basic loss per share (p)	(0.94)p	(0.03)p	(0.87)p
Basic adjusted (loss)/earnings per share (p)	(0.82)p	0.29p	(0.41)p
Diluted loss per share (p)	(0.94)p	(0.03)p	(0.87)p
Diluted adjusted (loss)/earnings per share (p)	(0.82)p	0.29p	(0.41)p
Restated
6 months ended 6 months ended Year ended
30 June 2026 30 June 2025 31 December 2025
Unaudited Unaudited Audited
£’000 £’000 £’000
Loss for the year	(6,455)	(236)	(5,993)
Acquisition costs*	-	450	450
Amortisation of acquired intangibles	541	409	960
Restructuring costs*	-	985	960
Share based payments	284	404	814
Adjusted (loss)/profit for the year	(5,630)	2,012	(2,809)
6 months ended 6 months ended Year ended
30 June 2026 30 June 2025 31 December 2025
Unaudited Unaudited Audited
Weighted average number of shares in issue No. No. No.
Basic	687,966,692	684,348,647	685,688,650
Dilution for share options and warrants	-	4,590,857	-
Diluted	687,966,692	688,939,504	685,688,650
Trade and other receivables
Restated
30 June 2026 30 June 2025 31 December 2025
Unaudited Unaudited Audited
£’000 £’000 £’000
Trade receivables	6,766	4,542	6,333
Prepayments	1,633	1,913	1,440
Accrued income	5,395	5,980	4,170
Other receivables (incl. R&D tax credits)	3,553	4,193	1,994
	17,347	16,628	13,937
Trade and other payables
30 June 2026 30 June 2025 31 December 2025
Unaudited Unaudited Audited
£’000 £’000 £’000
Trade payables	4,559	2,169	1,114
Social security and other taxes	860	1,245	965
Other payables	2,226	2,642	2,611
Accrued expenses	4,327	5,470	5,498
Deferred income	11,061	12,007	4,275
	23,033	23,533	14,463

Final Results, published 15 Apr 26 · read the announcement ↗

Consolidated Statement of Comprehensive Income · For the year ended 31 December 2025 · 2025 2024


Operations
Revenue, from contracts with customers	4	46,773	62,725
Other operating income	5	2,887	3,492
Direct project and administrative costs	6	(48,239)	(49,802)
EBITDA before exceptional items	1,421	16,415
Depreciation & amortisation	15, 16 ,18	(4,657)	(3,559)
Exceptional items	6	(1,410)	-
Operating (loss)/profit	(4,646)	12,856
Net finance income	10	136	462
Share of loss of associate using equity method	-	(29)
(Loss)/profit before income tax	(4,510)	13,289
Income tax charge	11	(1,483)	(2,637)
(Loss)/profit for the period	(5,993)	10,652
(Loss)/profit for the period is attributable to
Shareholders	(5,993)	10,652
Other comprehensive income
Items that will not be subsequently reclassified to income statement
Currency translation diﬀerences	24	219
Total comprehensive (loss)/income for the period	(5,969)	10,871
Earnings per share attributable to shareholders during the period
Basic earnings per share	12	(0.87)p	1.57p
Diluted earnings per share	12	(0.87)p	1.55p
Adjusted earnings per share attributable to shareholders during the period
Basic adjusted earnings per share	12	(0.41)p	1.69p
Diluted adjusted earnings per share	12	(0.41)p	1.67p
All activities relate to continuing operations.
Consolidated and Company Statements of Financial Position
As at 31 December 2025
Group Group Company Company
	2025	2024	2025	2024
Note £'000 £'000 £'000 £'000
Assets
Non‐current assets
Goodwill	13,901	5,600	-	-
Intangible assets	4,960	101	-	-
Property, plant and equipment	7,674	7,500	-	-
Investments in subsidiaries	-	-	27,768	22,377
Right-of-use assets	14,073	11,801	-	-
Deferred tax asset	2,282	3,662	-	-
Total non‐current assets	42,890	28,664	27,768	22,377
Current assets
Inventories	691	804	-	-
Trade and other receivables	13,937	15,245	6,755	1,573
Cash and cash equivalents	14,297	44,180	97	42
Total current assets	28,925	60,229	6,852	1,615
Total assets	71,815	88,893	34,620	23,992
Equity attributable to owners
Share capital	687	680	687	680
Share premium account	520	516	520	516
Merger reserves	(6,856)	(6,856)	(2,241)	(2,241)
Foreign currency reserves	1,552	1,528	2,014	2,014
Retained earnings	42,256	48,807	10,899	19,570
Total equity	38,159	44,675	11,879	20,539
Liabilities
Non‐current liabilities
Lease liabilities	12,298	10,391	-	-
Provisions	2,543	1,912	-	-
Deferred tax liability	1,081	-	-	-
Total non‐current liabilities	15,922	12,303	-	-
Current liabilities
Trade and other payables	14,463	29,405	22,741	3,453
Lease liabilities	2,489	2,510	-	-
Provisions	782	-	-	-
Total current liabilities	17,734	31,915	22,741	3,453
Total liabilities	33,656	44,218	22,741	3,453
Total equity and liabilities	71,815	88,893	34,620	23,992
Consolidated and Company Statement of Changes in Shareholders' Equity
For the year ended 31 December 2025
Group £'000 £'000 £'000 £'000 £'000 £'000
At 1 January 2024	(6,856)	1,309	38,677	34,326
Changes in equity for the year ended 31 December 2024
Profit for the year	-	-	10,652	10,652
Currency differences	-	219	-	219
Total comprehensive income for the year	-	219	10,652	10,871
Transactions with the owners
Share based payments (note	-	-	836	836
Dividends paid	-	-	(1,358)	(1,358)
Total contributions by and distributions to owners	-	-	(522)	(522)
At 31 December 2024	(6,856)	1,528	48,807	44,675
Changes in equity for the year ended 31 December 2025
Profit for the year	-	-	(5,993)	(5,993)
Currency differences	-	24	-	24
Total comprehensive income for the year	-	24	(5,993)	(5,969)
Transactions with the owners
Share based payments (note	-	-	814	814
Shares issued	-	-	-	11
Dividends paid	-	-	(1,372)	(1,372)
Total contributions by and distributions to owners	-	-	(558)	(547)
At 31 December 2025	(6,856)	1,552	42,256	38,159
Company £'000 £'000 £'000 £'000 £'000 £'000
At 1 January 2024	(2,241)	2,014	21,970	22,939

Net cash outflow arising on acquisition and in cash flow statement | (2,498) · £'000


14. Goodwill
Goodwill
Cost
At 1 January 2024	7,228
At 31 December 2024	7,228
Business combinations	8,008
Exchange Differences	293
At 31 December 2025	15,529
Impairment
At 1 January 2024, 31 December 2024 and 31 December 2025	1,628
Net book value
At 1 January 2024	5,600
At 31 December 2024	5,600
At 31 December 2025	13,901
The key assumptions used for value in use calculations in 2025 were as follows
Longer‐term growth rate (from 2028 onwards)	2%
Pre tax discount rate	9.1%
Average tax rate	16%
15. Intangible assets
Software and other Customer relationships Total
£'000 £'000 £'000
Cost
At 1 January 2024	2,971	-	2,971
Transfer from property plant and equipment	63	-	63
Additions	44	-	44
Disposals	(685)	-	(685)
At 31 December 2024	2,393	-	2,393
Business combinations	403	5,661	6,064
Additions	32	-	32
Disposals	(99)	-	(99)
Exchange differences	18	181	199
At 31 December 2025	2,747	5,842	8,589
Amortisation	-
At 1 January 2024	2,904	-	2,904
Charge for the year	30	-	30
Transfer from property plant and equipment	43	-	43
Disposals	(685)	-	(685)
At 31 December 2024	2,292	-	2,292
Business combinations	398	-	398
Charge for the year	62	960	1,023
Elimination on disposal	(121)	-	(121)
Exchange differences	19	18	37
At 31 December 2025	2,650	978	3,629
Net book value
At 1 January 2024	67	-	67
At 31 December 2024	101	-	101
At 31 December 2025	97	4,864	4,960
16. Property plant and equipment
Leasehold improvements Plant & machinery Computer equipment Total
£'000 £'000 £'000 £'000
Cost
At 1 January 2024	3,370	1,567	11,037
Additions	817	171	2,416
Disposals	(713)	(268)	(1,706)
Transfer to intangible assets	-	(63)	(63)
Exchange differences	-	(21)	(21)
At 31 December 2024	3,474	1,386	11,663
Additions	1,032	17	1,397
Business combinations	2,261	7	2,301
Disposals	(280)	-	(280)
Intragroup Transfer	-	-	-
Exchange differences	72	(189)	(117)
At 31 December 2025	6,559	1,221	14,964
Depreciation
At 1 January 2024	2,509	1,097	4,834
Charge for the year	436	211	1,098
Elimination on disposal	(713)	(268)	(1,706)
Transfer to intangible assets	-	(43)	(43)
Exchange differences	-	(18)	(18)
At 31 December 2024	2,231	980	4,165
Business combinations	1,742	5	1,763
Charge for the year	694	178	1,644
Elimination on disposal	(273)	-	(273)
Impairment	14	-	37
Exchange differences	148	(194)	(46)
At 31 December 2025	4,556	969	7,290
Net book value
At 1 January 2024	861	470	6,203
At 31 December 2024	1,243	406	7,500
At 31 December 2025	2,003	252	7,674
17. Investments in subsidiaries and associates
	2025	2024
Company £'000 £'000
Shares in Group undertakings
At 1 January	22,377	22,377
Additions	13,756	-
Disposals	(2,649)	-
Impairment	(5,716)	-
At 31 December	27,768	22,377
The subsidiaries of hVIVO plc are as follows
Proportion of ordinary shares and voting rights held (%)
Name of Company Country of Registration Principal activities	2025	2024

As published in the company's results announcement: every line, heading and subtotal, read automatically from the text. Figures in brackets are negative; units as stated in the column headings.

Income statement Cash flow Balance sheet

Annual Half-yearly

Latest report: H1 26 (six months to 30 Jun 26), published 15 Sep 26 · read the results ↗

£m unless stated · newest first · italic = calculated (LTM, H2 = FY − H1) · hover a value for its source

	LTM Jun 26	FY 25	FY 24
Revenue to operating profit
Revenue	38.9	46.8	62.7
Gross profit	10.9	19.6	–
Adjusted EBITDA	(6.0)	1.4	16.4
Exceptional / adjusting items	0.0	(1.4)	0.0
Operating profit	(11.0)	(4.6)	12.9
Share-based payments	0.7	0.8	0.8
Operating profit to net income
Finance costs	(1.7)	(1.2)	–
Profit before tax	(11.8)	(4.5)	13.3
Tax	(0.4)	(1.5)	(2.6)
Net income (owners)	(12.2)	(6.0)	10.7
Per share
EPS basic	(1.8p)	(0.9p)	1.6p
EPS diluted	(1.8p)	(0.9p)	1.6p

	H1 26	vs H1 25	H2 25	H1 25
Revenue to operating profit
Revenue	16.3	−33%	22.6	24.2
Gross profit	3.7	−70%	7.2	12.4
Adjusted EBITDA	(4.5)	n/m	(1.6)	3.0
Exceptional / adjusting items	0.0	n/m	0.0	(1.4)
Operating profit	(6.9)	n/m	(4.1)	(0.6)
Share-based payments	0.3	−30%	0.4	0.4
Operating profit to net income
Finance costs	(0.9)	+127%	(0.8)	(0.4)
Profit before tax	(7.6)	n/m	(4.2)	(0.3)
Tax	1.1	n/m	(1.6)	0.1
Net income (owners)	(6.5)	n/m	(5.8)	(0.2)
Per share
EPS basic	(0.9p)	–	(0.8p)	(0.0p)
EPS diluted	(0.9p)	–	(0.8p)	(0.0p)

	LTM Jun 26	FY 25	FY 24
Operating activities
Cash from operations	(6.6)	(14.4)	10.3
Tax paid	(0.3)	(0.6)	(0.0)
Investing activities
Capex (PP&E)	(0.9)	(1.4)	(2.4)
Capex (intangibles)	(0.1)	(0.0)	(0.0)
Financing activities
Lease principal paid	(3.3)	(3.2)	(1.0)
Dividends paid	0.0	(1.4)	(1.4)
Shares issued	0.0	0.0	0.0

	H1 26	vs H1 25	H2 25	H1 25
Operating activities
Cash from operations	0.3	n/m	(6.9)	(7.5)
Tax paid	(0.0)	−99%	(0.3)	(0.3)
Investing activities
Capex (PP&E)	(0.1)	−87%	(0.8)	(0.6)
Capex (intangibles)	(0.1)	n/m	(0.0)	(0.0)
Financing activities
Lease principal paid	(1.7)	+6%	(1.6)	(1.6)
Dividends paid	0.0	n/m	0.0	(1.4)
Shares issued	0.0	n/m	0.0	0.0

	Latest Jun 26	FY 25	FY 24
Non-current assets
Goodwill	13.8	13.9	5.6
Other intangibles	4.4	5.0	0.1
Property, plant & equipment	6.9	7.7	7.5
Non-current assets	42.1	42.9	28.7
Current assets
Inventories	0.7	0.7	0.8
Trade receivables	17.3	13.9	15.2
Cash	13.0	14.3	44.2
Current assets	31.1	28.9	60.2
Total assets	73.1	71.8	88.9
Current liabilities
Trade payables	23.0	14.5	29.4
Lease liabilities, current	2.2	2.5	2.5
Current liabilities	25.7	17.7	31.9
Non-current liabilities
Lease liabilities, non-current	11.7	12.3	10.4
Non-current liabilities	15.3	15.9	12.3
Total liabilities	41.0	33.7	44.2
Equity
Total equity	32.1	38.2	44.7

	H1 26	H2 25	H1 25	H2 24
Non-current assets
Goodwill	13.8	13.9	13.8	5.6
Other intangibles	4.4	5.0	5.4	0.1
Property, plant & equipment	6.9	7.7	7.8	7.5
Non-current assets	42.1	42.9	44.6	28.7
Current assets
Inventories	0.7	0.7	1.8	0.8
Trade receivables	17.3	13.9	16.6	15.2
Cash	13.0	14.3	23.3	44.2
Current assets	31.1	28.9	41.7	60.2
Total assets	73.1	71.8	86.2	88.9
Current liabilities
Trade payables	23.0	14.5	23.5	29.4
Lease liabilities, current	2.2	2.5	2.5	2.5
Current liabilities	25.7	17.7	26.6	31.9
Non-current liabilities
Lease liabilities, non-current	11.7	12.3	12.2	10.4
Non-current liabilities	15.3	15.9	16.2	12.3
Total liabilities	41.0	33.7	42.7	44.2
Equity
Total equity	32.1	38.2	43.5	44.7

Line items extracted automatically from each results announcement; when a later report restates a period, the later figure is shown. LTM and H2 are calculated from reported periods. Check the source before relying on a figure.

Company filings. Not investment advice.