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Hvivo delivers record revenues in H1, reiterates FY guidance
(Sharecast News) - Contract research organisation Hvivo restated full-year guidance on Wednesday as the group revealed it had delivered record revenues in H1. Hvivo said revenues were up 30.6% year-on-year at £35.6m, while underlying earnings margins improved from 19.1% to approximately 24% in the six months ended 30 June.
The AIM-listed firm also said it had a weighted contracted order book of £71.0m, down slightly from £78.0m at the same time a year earlier.
Hvivo also reaffirmed its full-year revenue guidance of £62.0m and said annual EBITDA margins were anticipated to be at the upper end of market expectations.
Chief executive Yamin Khan said: "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.
"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."
As of 0845 BST, Hvivo shares were up 2.68% at 28.75p.
Reporting by Iain Gilbert at Sharecast.com
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