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
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
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