hVIVO (HVO) H2 2024 earnings summary

Executive summary

• Achieved record revenue of just under GBP 63 million (£62.7m) for FY2024, representing 11.9% year-on-year growth and EBITDA of GBP 16.4 million at a 26% margin.

• EPS increased by 33% to 1.69p, and cash position strengthened to GBP 44.2 million as of 31 Dec 2024, remaining debt-free.

• Completed acquisitions of CRS (Germany) and Cryostore (UK), expanding early-phase clinical, biostorage capabilities, and geographic reach.

• Integration of CRS progressing, with annualised cost savings of EUR 800,000 and global sales coverage established.

• On track to deliver GBP 100 million revenue by 2028, with 2025 revenue guidance of GBP 73 million and 70% already contracted.

Financial highlights

• Revenue grew from GBP 56 million to GBP 62.7 million in 2024, with field trial revenue contributing 6% and challenge revenues up 13%.

• EBITDA margin increased to 26.2% (23% underlying, excluding facility fees and overlapping costs).

• EPS rose to 1.69p, up 33% from 1.27p in 2023.

• Cash reserves at year-end were GBP 44.2 million, with GBP 29 million as core cash and GBP 13.1 million as non-refundable client advances.

• Annual dividend maintained at GBP 1.4 million, with a special dividend paid in 2023.

Outlook and guidance

• FY2025 revenue guidance set at GBP 73 million, with 70% already contracted and targeted EBITDA margin in the mid to high teens.

• On track to achieve GBP 100 million revenue by 2028, with a strong and diversified pipeline.

• CRS expected to be financially accretive by 2026, with integration and cost savings underway.

• Good visibility into FY26 pipeline; focus on integration and delivery against guidance.

• H2 2025 revenue weighting expected due to market volatility and contract timing.