Healthcare company hVIVO, formerly Open Orphan, said it expects to report first half revenues of £35.6m, which would represent 30.6% revenue growth on the same time last year
In a trading update for the six months to the end of June, hVIVO said its quarantine facility in Canary Wharf in London is now fully operational and provides the foundation and capacity for future growth.
It said the move to the new facility in Canary Wharf enables hVIVO to broaden its core human challenge trial offering to include new pathogen models.
The group recently announced its largest field study contract to date where hVIVO was selected as the sole UK clinical site for a multicentre study to enrol up to 1,000 volunteers.
hVIVO said its services continue to be in high demand across several different challenge models.
During the first half of this year, it said it was able to utilise its three quarantine facilities to deliver a number of projects ahead of schedule which provided a boost to revenues and margins.
The company said its weighted contracted orderbook stood at £71m as at 30 June 2024, down slightly from the £78m the same time last year.
It added that 100% of its full year revenue guidance is already contracted, while it has good visibility into 2025.
"The orderbook value as at 30 June 2024 reflects the exceptional operational delivery of £35.6m revenue in H1 2024, including the acceleration of several projects contributing to a faster conversion of contracted work versus previous periods," it stated.
"hVIVO has a broad pipeline of live opportunities, including a number in advanced stages, making the group well positioned to increase its weighted orderbook going forward," it added.
Yamin 'Mo' Khan, the company's chief executive, said the first half results reflect the hard work, flexibility and commitment of the team.
"During a period of significant activity including the build-out and move to a new facility, we have not only materially increased our revenue but also further improved our margins. The concurrent running of three different facilities helped to boost our revenues for H1 2024, creating an expected H1 2024 weighting," the CEO said.
"We have full visibility over our expected 2024 revenues and continue to deliver on our sustainable growth strategy. The orderbook remains strong in spite of record revenue delivery in H1 2024," he stated.
"The outlook for hVIVO is positive as we welcomed our first volunteers into our new facility at Canary Wharf - the world's largest human challenge trial unit. I believe we have laid the foundations for strong performance in the months and years ahead," he added.
