hVIVO (HVO)  reported a sharp improvement in commercial momentum during H1 2026, with its contracted orderbook more than doubling to £65 million from £30 million at the start of the year.

Including the €10 million (£8.6 million) orderbook of CRS Berlin, acquired after the period end, the enlarged Group orderbook reached £72 million at 30 June, providing revenue visibility into 2027 and 2028. The orderbook now comprises only signed Clinical Trial Agreements, giving greater confidence in conversion to revenue.

Revenue for H1 was £16.3 million, compared with £24.2 million a year earlier, reflecting the anticipated second-half weighting following weaker order intake during 2025 and the timing of revenue recognition on certain contracted programmes. Adjusted EBITDA was a £4.5 million loss.

Proposal volumes increased about 45% year-on-year, while the aggregate value of customer proposals submitted in H1 rose 26%. hVIVO said some programmes are now expected to commence in 2027, but the stronger orderbook and sales pipeline provide increased confidence in the outlook for 2027 and 2028.

The company expects H2 revenue to nearly double from H1 and FY 2026 revenue to be ~£47 million, including an expected ~£3 million contribution from CRS Berlin. It expects positive adjusted EBITDA in H2 and a low single-digit adjusted EBITDA loss for FY 2026.

Trading since 30 June has continued to improve, with strong momentum in the sales pipeline and proposal volumes. Participant recruitment and enrolment are also underway for key contracts, alongside increased activity at its Canary Wharf quarantine facility and specialist laboratories.

hVIVO said its customer base is becoming more diversified, with revenue concentration among the top 10 customers falling from 92% in 2024 to 75% at the half-year. Repeat customers accounted for about three-quarters of group revenue.

Clinical Trials delivered strong contract awards and study execution, including a Phase III study for a leading vaccine developer that recruited more than 350 participants against a 200-participant target. Laboratory Services also performed strongly, with its orderbook increasing about 18%, supported by new virology and molecular biology work.

Post-period end, the company acquired CRS Berlin, expanding its German network and adding specialist capabilities in dermatology and women's health. The Phase I/II clinical research unit has completed more than 350 studies and has long-standing relationships with two major pharmaceutical companies.

Human challenge trials remain the core of hVIVO's platform. In April, it signed its largest HCT contract to date with ILiAD Biotechnologies for the world's first pivotal Phase III HCT evaluating its whooping cough vaccine candidate BPZE1. Two further influenza HCT contracts were signed during H1, including a £6 million contract.

hVIVO Chief Executive Officer Yamin 'Mo' Khan said: "The first half of 2026 saw a clear improvement in commercial momentum. With proposal volumes ramping up and our contracted orderbook more than doubling since the start of the year, the growing demand across our integrated early clinical development platform is very evident.

“We expect to see a near doubling in revenue from H1 2026 to H2 2026, with FY 2026 Group revenue now expected to be approximately £47 million. The deferrals and phasing of revenue recognition across certain contracted client programmes are expected to boost FY 2027 and 2028 revenues, along with a material contribution from CRS Berlin. Our record orderbook now provides us with good revenue visibility and positions the Group for significant revenue growth in 2027.”

View from Vox

The key takeaway is the sharp improvement in forward visibility, with the signed orderbook more than doubling to £65 million before the CRS Berlin addition. The shift of some programmes into 2027 and 2028 is a near-term timing issue, but it strengthens the revenue base heading into those years. The broader customer mix and expanding service offering also point to a less concentrated business model.

hVIVO Interim Results: Mo Khan on Guidance, Growth and What Comes Next