hVIVO (HVO) has reported a strong increase in commercial activity during the first half of 2026, with its orderbook more than doubling to £65 million, providing improved revenue visibility despite lower first-half revenue.
The clinical development specialist reported unaudited revenue of £16.3 million for the six months to 30 June 2026, compared with £24.2 million a year earlier, reflecting the previously guided weighting of activity towards the second half of the year. The company continues to expect full-year revenue to deliver high single-digit growth, broadly in line with market expectations.
The orderbook has increased to £65 million from £30 million at the start of 2026 following a series of contract wins. Proposal volumes have also risen by about 45% year-on-year, supporting further opportunities for orderbook growth during the second half. The company said the stronger orderbook provides improved visibility across the remainder of 2026 as well as into 2027 and 2028.
Adjusted EBITDA is expected to be a negative mid-single digit for the first half, compared with a positive £3.0 million in the corresponding period last year, reflecting the lower revenue base. However, management expects profitability to recover in the second half as contracted programmes commence. Cash stood at £13 million at 30 June 2026, compared with £14.3 million at the end of December, supported by positive working capital inflows from recent contract wins.
Demand remains strong across infectious disease, respiratory and cardiometabolic programmes, while the company is also seeing growing interest in its broader clinical research organisation and laboratory services. hVIVO said operating under a single brand across consulting, clinical trials, human challenge trials and laboratory services is creating cross-selling opportunities and supporting a more diversified client base.
“I am pleased to report renewed commercial momentum in the first half of 2026, with one of our strongest periods of new contract sales to date. This has more than doubled our orderbook since the start of the year, providing improved revenue visibility for the remainder of 2026, 2027 and into 2028,” said hVIVO's Chief Executive Officer Yamin 'Mo' Khan.
“We have made good progress executing our strategy, now operating under one brand across Consulting, Clinical Trials, Human Challenge Trials and Laboratory Services. This diversified model will support a more balanced and resilient revenue profile and positions the Group well for sustainable future growth.”
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The headline decline in first-half revenue was already anticipated and reflects project timing rather than weaker demand. The more significant takeaway is the sharp increase in the orderbook, which gives hVIVO greater revenue visibility and supports expectations for a much stronger second half. If contract conversion continues at its current pace, the company appears well positioned to deliver sustainable medium-term growth.