Irish research and clinical trial specialist hVivo saw its revenues rise by over 30% in the first six months of the year to reach £35.6m.
The company, which was formerly known as Open Orphan, said its earnings before interest, tax, depreciation and amortisation were up nearly 68% to £8.7m.
Its basic adjusted earnings per share jumped by 30.6% to 0.81 pence from 0.62 pence the same time last year.
The company is engaged in testing infectious and respiratory disease vaccines and therapeutics using human challenge clinical trials.
It recently opened a state-of-the-art testing facility at London's Canary Wharf, while it also signed a £6.3m Human Rhinovirus (the common cold virus) deal with a biotech firm.
The company said that a record number of volunteers were inoculated in the first half of 2024 across six challenge trials and five challenge agents.
It also said it has a strong pipeline of live opportunities which it continues to expand including interest in new challenge models and new revenue streams with short to medium term potential opportunities of about £40m.
Yamin 'Mo' Khan, the chief executive of hVIVO, said that after an exceptionally strong first half with record revenues and margins, hVIVO enters the remainder of the year with full year revenue guidance fully contracted and good visibility into 2025.
"We continue to expand our pipeline, not only in human challenge trials but also in our new revenue streams including clinical site studies, standalone laboratory services, and volunteer / patient recruitment," the CEO said.
"Operational efficiencies are set to continue to improve with the expansion of our services, improved automation, and the move to our new facility in Canary Wharf," he added.
The CEO said the company was reaffirming its full-year revenue guidance of £62m and expect EBITDA margins to be at the upper end of market expectations.
"We are targeting Group revenue of £100m by 2028 - this growth will be underpinned by the increased capacity of our facilities, our strong cash position, and our long-term sustainable growth model," he added.
