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
2025
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
Today · 17 Oct 2026
2026
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
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