hVIVO CEO reports on "very strong" H1 2023
London, UK
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July 27, 2023 08:36 AM Eastern Daylight Time
hVIVO PLC (AIM:HVO) chief executive Mo Khan speaks to Thomas Warner from Proactive after the specialist contract research organisation released a trading update for first half of 2023 - a period he describes as a "very strong six months." Khan gives his highlights from the update, highlighting a 52% year-on-year increase in revenues to £27.3mln.
He attributes the growth to improved operational efficiencies and the increasing frequency of large concurrent trials. The company reports cash reserves of £31.3 million, even after paying out a special dividend of £3 million, with an order book of £78 million. Addressing a technical detail, Khan mentioned that the company would now report revenue exclusive of other income to align with industry practice. Despite delays at the Medicines and Healthcare Products Regulatory Agency impacting some UK clinical trials, Khan says that hVIVO has successfully managed the situation through its risk mitigation strategy.
For the next six months, hVIVO plans to maintain its growth momentum, with full-year guidance of £53 million in revenue and an ever-expanding order book.
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