Hvivo revenue rose last year as company diversified services

Revenue at clinical trials company Hvivo rose almost 12 per cent last year as the company diversified its services.

But there was change ahead for the company, as chairman Cathal Friel announced he would not seek re-election as chairman at the next AGM.

In an update on Thursday morning, the company said it was a “record year” for the business, with revenue at £62.7 million and earnings before interest, tax, depreciation and amortisation (ebitda) rising almost 26 per cent to £16.4 million. Cash generation was also strong.

The company said the move to its new Canary Wharf site had increased the group’s revenue cap and was driving efficiencies, in addition to allowing it to widen its services to include standalone lab, field trial and participant recruitment services.

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The year also saw Hvivo deliver its largest field trial to date, and said it was on track to achieve its £100 million group revenue target by 2028.

“2024 demonstrated further evidence of the strength of our long-term sustainable growth model, with record revenue and EBITDA coupled with strong cash generation. An increasing number of global biopharma companies have expressed their interest in our world-leading services, with additional models in various new indications underlining the value that HCTs can offer to the development of innovative new therapies,” said chief executive Dr Yamin ‘Mo’ Khan.

“To meet this demand, we have built a world class organisation in personnel and infrastructure, with our new cutting-edge facility in Canary Wharf, which was largely funded by our clients, enabling the execution of larger more complex trials. The facility has also opened the door to new revenue streams such as laboratory, participant recruitment, and clinical site services.”

Looking ahead, Hvivo is guiding revenue of £73 million for the year, with ebitda profit margins expected to be in the mid-high teens as the company integrates its latest purchase of CRS units into the group.

It will be with a new chairman, as Mr Friel also announced his decision to step back from the company after eight years. The search for a new chair has already begun and the company said it will be announced in due course.

The move comes after Mr Friel sold his entire 3.1 per cent stake in the London-based company last year, raising £6.14 million.

“Cathal identified two loss making companies, Venn and hVIVO, and at personal risk, invested in the combined entity and transformed it into a long- term sustainable business model. He foresaw an opportunity and helped grow the business to where it stands today,” Mr Khan said.