Hvivo

HVO · AIM · Health Care · mcap £41m · 5.8p

hVIVO runs human challenge trials, in which volunteers are deliberately infected with viruses such as flu and RSV in quarantine units to test vaccines and antivirals for pharma and biotech clients. It also offers laboratory services, early-phase clinical units in Germany and bio-storage.

Target	Promise	Said	Status
2024
H1 2024	New Canary Wharf quarantine facility operational in H1 2024	13 Dec 2023	✓ Kept
	“which is on track to be operational in H1 2024” How it developed 13 Dec 2023 Said “which is on track to be operational in H1 2024” 29 Jan 2025 ✓ Kept “The Group successfully opened the world's largest commercial HCT unit, a state-of-the-art 50-bedroom CL-3 facility. This milestone enabled the Group to...” Result Later cards describe the new facility as opened and in use (Jan 2025 update: new facility opened). “The Group successfully opened the world's largest commercial HCT unit, a state-of-the-art 50-bedroom CL-3 facility. This milestone enabled the Group to inoculate the highest number of participants to date in its HCT studies, across seven challenge agents.”29 Jan 2025 · Trading update
H2 2024	Start £16.8m RSV human challenge trial in H2 2024	13 Dec 2023	✓ Kept
	“the Company expects to start the RSV human challenge trial in H2 2024” How it developed 13 Dec 2023 Said “the Company expects to start the RSV human challenge trial in H2 2024” 5 Feb 2025 ✓ Kept “notes the announcement by Shionogi & Co., Ltd. (” Result RSV human challenge trial started and completed in 2024, with Shionogi reporting positive results in February 2025. “notes the announcement by Shionogi & Co., Ltd. (”5 Feb 2025 · Shionogi reports positive RSV trial results
H1 2024	Complete GMP-compliant virus manufacturing in H1 2024	13 Dec 2023	⏱ Overdue – no update
	“which is expected to complete in H1 2024” Status so far The deadline has passed; no announcement since says whether it was met. We check again as new reports come in.
H2 2024	Start £6.3m HRV human challenge study at Canary Wharf in H2 2024	2 Jan 2024	✓ Kept
	“The study is expected to commence in H2 2024” How it developed 2 Jan 2024 Said “The study is expected to commence in H2 2024” 10 Apr 2025 ✓ Kept “£6.3 million Human Rhinovirus (HRV - common cold virus) human challenge trial ("HCT") contract signed with biotech client” Result £6.3 million HRV human challenge trial contract signed with biotech client in 2024, delivered as promised by H2 2024 deadline. “£6.3 million Human Rhinovirus (HRV - common cold virus) human challenge trial ("HCT") contract signed with biotech client”10 Apr 2025 · Final Results
2024	Commence annual dividend payment in 2024	30 Jan 2024	✓ Kept
	“the Board intends to commence payment of an annual dividend” How it developed 30 Jan 2024 Said “the Board intends to commence payment of an annual dividend” 9 Apr 2024 ✓ Kept “a dividend of c.£1.4 million, being 0.20p per Ordinary Share will be payable on 20 May 2024 to shareholders on the register on 19 April 2024” Result Dividend payment set for 20 May 2024; a further dividend was payable 11 June 2025. “a dividend of c.£1.4 million, being 0.20p per Ordinary Share will be payable on 20 May 2024 to shareholders on the register on 19 April 2024”9 Apr 2024 · Final Results
FY 2024	Deliver 2024 revenue of £62m with EBITDA margins at upper end of expectations	9 Apr 2024	✓ Kept
	“Revenue guidance of £62 million for 2024, H1 2024 weighted, with sustainable EBITDA margins” Also stated 17 Jul 2024 · 10 Dec 2024 How it developed 9 Apr 2024 Said “Revenue guidance of £62 million for 2024, H1 2024 weighted, with sustainable EBITDA margins” 17 Jul 2024 Said “Full year revenue guidance of £62 million reaffirmed with full year EBITDA margins anticipated to be at the upper end of market expectations” 10 Dec 2024 Said “The Company reaffirms its FY 2024 revenue guidance of £62 million” 29 Jan 2025 ✓ Kept “Revenue up 11.9% to £62.7 million (2023: £56.0 million) · EBITDA margin of c.26% (2023: 23.3%)” Result FY24 revenue was £62.7m with EBITDA margin about 26%. “Revenue up 11.9% to £62.7 million (2023: £56.0 million) · EBITDA margin of c.26% (2023: 23.3%)”29 Jan 2025 · Trading update “The Group expects to report record revenues of £62.7 million for FY24, an 11.9% increase on the prior year, and full year EBITDA margins of c.26% (2023: 23.3%).”29 Jan 2025 · Trading update
2024	Complete hMPV virus manufacturing process in 2024	9 Apr 2024	✓ Kept
	“hMPV virus manufacturing process on track to complete in 2024” How it developed 9 Apr 2024 Said “hMPV virus manufacturing process on track to complete in 2024” 13 Jan 2025 ✓ Kept “hVIVO successfully completes pilot hMPV characterisation study” Result Pilot hMPV challenge study completed January 2025, showing strong infectivity. “hVIVO successfully completes pilot hMPV characterisation study”13 Jan 2025 · HMPV challenge model update “The pilot study, which took place at the Company's state-of-the-art quarantine facility in Canary Wharf, produced a safe, measurable and reproducible disease in healthy volunteers with strong rates of infection and symptomatic disease.”13 Jan 2025 · HMPV challenge model update
2025
28 Feb 2025	Publish FY24 trading update with 2025 outlook before end of February 2025	10 Dec 2024	✓ Kept
	“the Company expects to announce a trading update for the year ended 31 December 2024 before the end of February 2025” How it developed 10 Dec 2024 Said “the Company expects to announce a trading update for the year ended 31 December 2024 before the end of February 2025” 29 Jan 2025 ✓ Kept “Commentary on 2025 and 2026 outlook and orderbook is included in today's other announcement regarding the Company's acquisition of two Clinical Research...” Result Trading update issued 29 January 2025. “Commentary on 2025 and 2026 outlook and orderbook is included in today's other announcement regarding the Company's acquisition of two Clinical Research Units from CRS.”29 Jan 2025 · Trading update
mid-2025	Conduct multiple Omicron human challenge trials from mid-2025	3 Jun 2024	⏱ Overdue – no update
	“the Company expects to conduct multiple Omicron human challenge trials to test the efficacy of medical products from mid-2025” Status so far The deadline has passed; no announcement since says whether it was met. We check again as new reports come in.
H2 2025	Complete hMPV characterisation study and commence hMPV human challenge trials from H2 2025	13 Jan 2025	◐ Partly kept
	“should be in a position to commence hMPV HCTs from H225, subject to the successful completion of this study and receipt of the necessary regulatory approvals” Also stated 17 Feb 2025 How it developed 13 Jan 2025 Said “will look to complete the remainder of the characterisation study with a partner in advance of completing future human challenge trials” 17 Feb 2025 Said “should be in a position to commence hMPV HCTs from H225, subject to the successful completion of this study and receipt of the necessary regulatory approvals” 11 Nov 2025 ◐ Partly “The model demonstrated high infection and symptomatic disease attack rates and robust AUC virology by qRT-PCR, and is now ready and available for vaccine...” Status so far hMPV model data presented in November 2025, but no hMPV challenge trial start is reported. “The model demonstrated high infection and symptomatic disease attack rates and robust AUC virology by qRT-PCR, and is now ready and available for vaccine and antiviral human challenge trials.”11 Nov 2025 · Positive data from novel human challenge models
H2 2025	Sign and run ILiAD Phase 3 whooping cough challenge trial, expected to start H2 2025	27 Jan 2025	◐ Partly kept
	“By leveraging hVIVO's extensive experience and expertise in human challenge trials, we plan to generate robust pivotal clinical data to support global marketing authorisation applications for BPZE1.” How it developed 27 Jan 2025 Said “By leveraging hVIVO's extensive experience and expertise in human challenge trials, we plan to generate robust pivotal clinical data to support global...” 22 Apr 2026 ◐ Partly “HVIVO is expected to recognise revenue from H1 2026, with the majority of revenue recognised during 2026 and 2027.” Status so far Contract signed 22 April 2026, later than the H2 2025 start; revenue expected from H1 2026. “HVIVO is expected to recognise revenue from H1 2026, with the majority of revenue recognised during 2026 and 2027.”22 Apr 2026 · HCT contract signed with ILiAD Biotechnologies
2025	Deliver 2025 revenue of £73m with mid-high teens EBITDA margin	10 Apr 2025	✗ Missed · target changed
	“Revenue guidance of £73 million for 2025 with H2 2025 weighting reflecting the scheduling of HCT contracts” Also stated 30 May 2025 · 22 Jul 2025 How it developed 10 Apr 2025 Said “Revenue guidance of £73 million for 2025 with H2 2025 weighting reflecting the scheduling of HCT contracts” 30 May 2025 ↻ Changed / dropped “As a result, the Company currently has £47 million of revenue contracted for FY25 which is inclusive of cancellation and postponement fees.” 30 May 2025 Said “The Company expects to achieve further contract wins during the course of FY25” 22 Jul 2025 Said “The Company expects to deliver revenues of £47 million” Result Guidance cut to £47m in May 2025 after contract cancellation; FY25 revenue was £46.8m, adjusted EBITDA margin 3.0%. “As a result, the Company currently has £47 million of revenue contracted for FY25 which is inclusive of cancellation and postponement fees.”30 May 2025 · Trading update
FY25	Deliver FY25 revenue of £47m with low-single digit EBITDA loss pre-exceptionals	22 Jul 2025	✓ Kept
	“expecting to deliver revenues of £47 million and low-single digit EBITDA loss (pre-exceptional items) for the full year” Also stated 23 Sep 2025 How it developed 22 Jul 2025 Said “low-single digit EBITDA loss (pre-exceptional items) for the full year, an improvement on previous guidance” 23 Sep 2025 Said “expecting to deliver revenues of £47 million and low-single digit EBITDA loss (pre-exceptional items) for the full year” 15 Apr 2026 ✓ Kept “Revenue of £46.8 million (2024: £62.7 million) · \| Positive adjusted EBITDA of £1.4 million (2024: £16.4 million)” Result FY25 revenue £46.8m and adjusted EBITDA positive at £1.4m, ahead of the loss guided. “Revenue of £46.8 million (2024: £62.7 million) · \| Positive adjusted EBITDA of £1.4 million (2024: £16.4 million)”15 Apr 2026 · Final Results
Today · 17 Oct 2026
2026
2026	CRS German units earnings accretive in 2026	29 Jan 2025	… In progress
	“CRS remains on track to become earnings accretive in 2026.” Also stated 10 Apr 2025 · 22 Jul 2025 · 23 Sep 2025 · 20 Nov 2025 · 15 Apr 2026 How it developed 29 Jan 2025 Said “Acquisition expected to be earnings accretive in 2026” 10 Apr 2025 Said “Integration of the acquisition of two Clinical Research Units from CRS underway, with the units expected to be earnings accretive in 2026” 22 Jul 2025 Said “the Company expects CRS to be earnings accretive in 2026” 23 Sep 2025 Said “CRS remains on track to become profitable in 2026” 20 Nov 2025 Said “CRS remains on track to become earnings accretive in 2026.” 15 Apr 2026 Said “The acquisitions are expected to contribute positively to earnings in the current financial year” Status so far Not yet due.
2026	Strong revenue growth and significantly better EBITDA margin in 2026	29 Jan 2025	✗ Missed · target changed
	“Expect to deliver strong growth in revenue in 2026 and a significant improvement on EBITDA margin” How it developed 29 Jan 2025 Said “Expect to deliver strong growth in revenue in 2026 and a significant improvement on EBITDA margin” 15 Sep 2026 ↻ Changed / dropped “FY 2026 Group revenue is expected to be approximately £47 million, as a result of project deferrals into 2027 & 2028 and includes c. £3 million of...” Result Replaced by high single-digit growth guidance for 2026 and H1 2026 adjusted EBITDA loss of £4.5m. “FY 2026 Group revenue is expected to be approximately £47 million, as a result of project deferrals into 2027 & 2028 and includes c. £3 million of additional revenue from the acquisition of CRS Berlin”15 Sep 2026 · Half-year Results “The Group expects to report positive adjusted EBITDA in H2 2026 and a low single digit adjusted EBITDA loss for full year 2026”15 Sep 2026 · Half-year Results
FY 2026	High single-digit revenue growth in 2026, about £47m	22 Jul 2025	… In progress
	“FY 2026 Group revenue is expected to be approximately £47 million” Also stated 23 Sep 2025 · 29 Jan 2026 · 15 Apr 2026 · 23 Jul 2026 · 15 Sep 2026 How it developed 22 Jul 2025 Said “expects to achieve growth in 2026 and beyond as the macro and sector-specific headwinds abate” 23 Sep 2025 Said “hVIVO expects to achieve high-single digit revenue growth in 2026 on the back of anticipated growth in its newly diversified services” 29 Jan 2026 Said “high single digit revenue growth in 2026” 15 Apr 2026 Said “High single-digit revenue growth expected in 2026, weighted to H2” 23 Jul 2026 Said “The Company expects 2026 full-year revenue to be broadly in line with expectations of high single-digit revenue growth” 15 Sep 2026 Said “FY 2026 Group revenue is expected to be approximately £47 million” Status so far Not yet due.
H2 2026	Report positive adjusted EBITDA in H2 2026	23 Jul 2026	… In progress
	“The Group expects to report positive adjusted EBITDA in H2 2026” Also stated 15 Sep 2026 How it developed 23 Jul 2026 Said “with positive adjusted EBITDA expected in H2 2026” 15 Sep 2026 Said “The Group expects to report positive adjusted EBITDA in H2 2026” Status so far Not yet due.
FY26	CRS Berlin acquisition earnings accretive and positive to revenue and EBITDA in FY26	27 Aug 2026	… In progress
	“Expected to be immediately earnings accretive and contribute positively to both revenue and EBITDA in FY26” Also stated 27 Aug 2026 How it developed 27 Aug 2026 Said “Expected to be immediately earnings accretive and contribute positively to both revenue and EBITDA in FY26” 27 Aug 2026 Said “Expected to be immediately earnings accretive and contribute positively to both revenue and EBITDA in FY26” Status so far Not yet due.
H2 2026	H2 2026 revenue about double H1's £16.3m	15 Sep 2026	… In progress
	“H2 2026 revenue is expected to be approximately double that reported in H1” Status so far Not yet due.
2028
2028	Grow Group revenue to £100m by 2028 through organic growth and small bolt-on acquisitions	30 Jan 2024	✗ Missed · target changed
	“Reiterating medium-term target of growing Group revenue to £100 million by 2028” Also stated 9 Apr 2024 · 29 Jan 2025 · 10 Apr 2025 How it developed 30 Jan 2024 Said “medium-term target of growing Group Revenue to £100m by 2028” 9 Apr 2024 Said “New medium-term target of growing Group revenue to £100 million by 2028 achievable through strong organic growth complemented by small bolt-on acquisitions” 29 Jan 2025 Said “enhanced our ability to deliver revenues of £100 million by 2028” 10 Apr 2025 Said “Reiterating medium-term target of growing Group revenue to £100 million by 2028” 15 Apr 2026 ↻ Changed / dropped “Revenue of £46.8 million (2024: £62.7 million)” Result Last reiterated April 2025; then revenue fell to £46.8m in 2025 and guidance is only high single-digit growth for 2026. Target no longer repeated. “Revenue of £46.8 million (2024: £62.7 million)”15 Apr 2026 · Final Results