Interim Results

hVIVO PLC

15 September 2026

 

hVIVO plc

("hVIVO", the “Company" or the “Group”)

Interim Results

Contracted orderbook more than doubles in H1 2026

CRS Berlin acquisition expands hVIVO’s clinical platform and addressable market

London, UK – 15 September 2026, hVIVO plc (AIM: HVO), a purpose-built, full-service international clinical development partner and the world leader in human challenge trials, announces its unaudited interim results for the six months ended 30 June 2026.

Financial highlights

·	Revenue of £16.3 million (H1 2025: £24.2 million), reflecting the second-half weighting guided at the start of the year
·	Adjusted EBITDA* loss of £4.5 million (H1 2025: £3.0 million), with positive adjusted EBITDA expected in H2 2026
·	Cash of £13.0 million as at 30 June 2026 (31 December 2025: £14.3 million), reflecting positive working capital inflows from recent contract wins

*Adjusted EBITDA is stated before one off exceptional items related to acquisitions & re-organisation costs. Prior-period comparatives have been restated as set out in note 4

Operational highlights

·	Weighted contracted orderbook* more than doubled to £65 million as at 30 June 2026 (31 December 2025: £30 million)
·	Signed three Human Challenge Trial (HCT) contracts, including hVIVO’s largest HCT to date with ILiAD Biotechnologies for the world’s first pivotal Phase III human challenge trial, and two further influenza HCT contracts
·	Proposal volumes up c.45% year-on-year, indicating improving commercial activity levels and a strong basis for potential orderbook expansion going forwards
·	Approximately three-quarters of Group revenue generated from repeat customers, reflecting the visibility and quality of hVIVO’s revenue base
·	Launched unified hVIVO brand identity across four service lines, strengthening customer engagement and supporting cross-selling and new business generation across the Group’s integrated platform
·	The Capital Markets Day held in June, provided strong external validation of the end-to-end early clinical development platform and continued demand for HCTs

*As previously communicated, the orderbook now includes only signed Clinical Trial Agreements (CTAs), providing a higher degree of confidence in our orderbook converting into revenue.

Post period highlights

·	Acquired CRS Berlin in August 2026, adding specialist Phase I/II clinical research capabilities in dermatology and women’s health; immediately earnings accretive, with nominal upfront consideration and a revenue-based earnout expected to be funded from CRS Berlin’s own cash generation
·	Stephen Pinkerton to retire as Chief Financial Officer (CFO) after ten years with the Company. Richard Cotton, currently Non-Executive Director (NED) to be appointed Interim CFO (see separate announcement)

Outlook

·	H2 2026 revenue is expected to be approximately double that reported in H1, showing strong momentum
·	FY 2026 Group revenue is expected to be approximately £47 million, as a result of project deferrals into 2027 & 2028 and includes c. £3 million of additional revenue from the acquisition of CRS Berlin
·	The Group expects to report positive adjusted EBITDA in H2 2026 and a low single digit adjusted EBITDA loss for full year 2026
·	Broader customer base and wider platform contribution support a more diversified revenue mix alongside the Group’s core HCT business
·	Record Group orderbook of £72 million, as at 30 June 2026, inclusive of CRS Berlin, positions the Group for significant growth in 2027

Yamin 'Mo' Khan, Chief Executive Officer of hVIVO, said: "The first half of 2026 saw a clear improvement in commercial momentum. With proposal volumes ramping up and our contracted orderbook more than doubling since the start of the year, the growing demand across our integrated early clinical development platform is very evident.

“We expect to see a near doubling in revenue from H1 2026 to H2 2026, with FY 2026 Group revenue now expected to be approximately £47 million. The deferrals and phasing of revenue recognition across certain contracted client programmes are expected to boost FY 2027 and 2028 revenues, along with a material contribution from CRS Berlin. Our record orderbook now provides us with good revenue visibility and positions the Group for significant revenue growth in 2027.”

Investor presentation

Yamin 'Mo' Khan, Chief Executive Officer, and Stephen Pinkerton, Chief Financial Officer, will provide a live presentation relating to the Interim Results via the Investor Meet Company platform today at 5.30pm BST.

The presentation is open to all existing and potential shareholders. Questions can be submitted at any time during the live presentation. 

Investors can sign up to Investor Meet Company for free and add to meet hVIVO here. Investors who already follow hVIVO on the Investor Meet Company platform will automatically be invited.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation ("MAR") EU no.596/2014. Upon the publication of this announcement via Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.

For further information please contact:

hVIVO plc		[phone]
Yamin ‘Mo’ Khan, Chief Executive Officer Stephen Pinkerton, Chief Financial Officer Susan Stuart, Head of IR and Corporate Communications
Cavendish Capital Markets Limited (Nominated Adviser and Joint Broker)				[phone]
Geoff Nash, Callum Davidson, Nigel Birks
Peel Hunt LLP (Joint Broker)			[phone]
James Steel, Dr Christopher Golden
Davy (Joint Broker)			[phone]
Anthony Farrell, Niall Gilchrist
ICR Healthcare (Financial PR & IR) Mary-Jane Elliott / Stephanie Cuthbert / Phillip Marriage / Louis Ashe-Jepson		[e-mail]

Notes to Editors

About hVIVO

hVIVO plc (AIM: HVO) is a purpose-built, full-service international clinical development partner and the global leader in human challenge trials, serving seven of the world's ten largest biopharma companies.

The Company has an end-to-end platform designed to bring important medicines to patients faster: spanning preclinical strategy, first‑in‑human studies, Phase II patient trials and specialist laboratory services, delivered through a large participant database, wholly owned sites and laboratories across the UK and Germany.

With a combined Group heritage of more than 100 years, hVIVO delivers an accelerated pathway to clinical proof-of-concept through four integrated service lines: Consulting, Clinical Trials, Human Challenge Trials, and Laboratories.

• Consulting provides expert-led preclinical and clinical strategy, encompassing non-clinical, clinical, CMC, pharmacokinetics, data management, biostatistics, and regulatory support to guide trial design, execution, and interpretation.
• Clinical Trials offers Phase I/II CRO services, Phase II/III site services across the UK and Germany, and specialist recruitment through FluCamp, Europe's largest recruitment database.
• Human Challenge Trials leverages hVIVO’s state-of-the-art quarantine facility in London – the largest of its kind worldwide – to deliver fast, controlled, high-quality efficacy data through guaranteed viral exposure.
• Laboratories provides cutting-edge virology and immunology laboratory services, including biobanking and sample storage, supporting both challenge trials and standalone client studies.

CEO Statement

September 2026

Increasing commercial momentum across the Group

The first half of 2026 saw a significant improvement in the focus and performance of our commercial operation, with one of our strongest periods of new contract sales more than doubling our contracted orderbook. Our priority for the remainder of the year is to build on this momentum through disciplined execution and position the Group for sustainable growth, profitability and cash generation over the medium term.

Revenue for the half was £16.3 million (H1 2025: £24.2 million), reflecting the anticipated second-half weighting of revenue following the previously signalled weaker order intake during 2025, together with the timing of revenue recognition on certain contracted client programmes.  Adjusted EBITDA was a £4.5 million loss, principally reflecting the lower H1 revenue base. Cash stood at £13.0 million at 30 June 2026 (31 December 2025: £14.3 million), supported by positive working capital inflows from contract wins during the period, in line with our business model. 

Our contracted orderbook more than doubled by 30 June 2026 to £65 million from £30 million at the start of the year, with proposal volumes up approximately 45% year-on-year. Including CRS Berlin’s €10 million (£8.6 million) orderbook, as disclosed at acquisition, the enlarged Group orderbook is now £72 million, providing strong revenue visibility for the remainder of the year, 2027 and extending into 2028. As previously communicated, the orderbook now includes only signed Clinical Trial Agreements (CTAs), providing a higher degree of confidence in our orderbook converting into revenue.

While the timing of individual programmes can shift between reporting periods, with certain programmes now expected to commence in 2027, underlying demand has strengthened materially, reflected in our contracted orderbook and a c.45% year-on-year increase in proposal volumes. Together, these provide increased confidence and visibility in the outlook for 2027 and 2028.

We have made an encouraging start to the second half of the year, with participant recruitment and enrolment activities underway for key contracts, alongside growing activity across our state-of-the-art Canary Wharf quarantine facility and specialist laboratories.

A broader customer base and more diverse revenue mix

The commercial benefits of unifying the Group under one hVIVO brand across four service lines of Consulting, Clinical Trials, Human Challenge Trials and Laboratory Services are increasingly visible. Revenue concentration among our top ten customers has reduced from 92% in 2024 to 75% at the half-year, while repeat customers now account for approximately three-quarters of Group revenue. Together these trends demonstrate a broader customer base, longer customer engagement, customer confidence in our performance, and a more resilient revenue model.

We are increasingly seeing this integrated model play out in individual client relationships. Cidara, now part of MSD following its $9.2 billion acquisition last year, provides a strong example of how our integrated platform can support accelerated drug development and contribute to high-value clinical outcomes. Having supported Cidara’s lead respiratory antiviral programme, with a HCT in 2024 through to laboratory and site support for its Phase II and III studies, the Group continues to support the programme during 2026 and 2027. Post-period end, the Group has also been engaged to provide additional site and recruitment support. This multi-service relationship is an example of the longer customer engagement achievable under the new end-to-end drug development platform.

Clinical Trials also delivered a strong period of contract awards and study execution including a Phase III study for a leading vaccine developer which exceeded its enrolment target of 200, delivering more than 350 participants. The expanded UK and German footprint continues to generate cross-selling opportunities, with several multi-site proposals now active across both geographies. Early activity in expanded therapeutic areas is also encouraging, with a number of active proposals across cardiometabolic and respiratory diseases.

Our Consulting business plays an important role in engaging clients earlier in the development pathway, helping shape translational, development, and regulatory strategies while creating opportunities for follow-on work across the broader hVIVO platform. The consultancy contract with Decoy Therapeutics, announced in June 2026, is a strong example of this approach. Through this partnership, we are supporting the development of Decoy’s respiratory antiviral portfolio, with the potential to expand into regulatory, clinical, and other development support services as the programme advances. By partnering with clients at an earlier strategic stage of the drug development process, the business is building a pipeline of opportunities that can progress into Investigational New Drug (IND)-enabling activities, First-in-Human (FIH) trials, HCTs, later-stage clinical trials, and laboratory services over time.

Laboratory Services performed strongly during the period, with its orderbook increasing approximately 18%, supported by new standalone development work, including virology and molecular biology projects for a US biotechnology company and testing of an existing product's virus-neutralising effectiveness for a European pharmaceutical client. We continued to build on this momentum by expanding our capabilities, qualifying droplet digital polymerase chain reaction (PCR) for routine use and growing our next-generation sequencing (NGS) work, alongside new automation to increase throughput and reduce the sample volumes required per test. We have added dedicated business development capacity to initially focus on, and accelerate lead generation across molecular biology applications, (incorporating NGS, PCR), biomarker coverage and storage services. This progress supports our strategy to scale Laboratories as a distinct growth area alongside its important role supporting HCT and broader clinical trial activity.

Alongside this, we continue to invest in our three targeted growth initiatives: expanding our cardiometabolic offering under the leadership of Chief Medical Officer Professor Thomas Forst; broadening our respiratory capabilities beyond infectious disease into asthma and COPD; and, as outlined above, further scaling Laboratory Services as a distinct growth area.

Expanding clinical development platform into dermatology and women's health

Post-period end, we announced the acquisition of CRS Berlin, extending our wholly owned German network and expanding hVIVO’s expertise into dermatology and women's health. CRS Berlin is a Phase I/II clinical research unit with an established revenue base and a proven track record, having completed more than 350 studies to date, and holds long-standing relationships with two of the world's leading pharmaceutical companies.

The acquisition adds specialist clinical capability in two complementary therapeutic areas, broadening the Group’s clinical development platform and increasing its addressable market opportunity. It also supports the Group’s therapeutic diversification strategy, reducing reliance on any single indication while creating additional cross-selling opportunities across the wider platform.

Recruitment, back-office, and operational processes are already aligned with our existing Mannheim and Kiel sites, supporting an efficient, low-risk integration. The transaction has been structured on disciplined terms, with a nominal upfront consideration and a revenue-based earnout, and is expected to be immediately earnings accretive. The acquisition reflects the capital allocation priorities we set out at our Capital Markets Day in June: complementary scientific capability, geographic reach and genuine cross-selling potential.

HCTs remain the core of the platform

hVIVO is the world leader in the design and delivery of HCTs and this service capability remains the core competitive differentiator and foundational element of our platform.  The recent contract wins demonstrate renewed sponsor demand in HCTs, which we see – and the external speakers at our recent Capital Markets Day validated – as an area of clinical research which has the potential to create the framework to drive critical advances in medicine. In addition to being a driver of revenue and profit growth, the HCT business also has a financial role in generating positive working capital for the Group, with a significant upfront payment on contract. hVIVO’s human challenge models can enable sponsors to generate proof-of-concept data up to 3.5 times faster than natural infection studies, with top line data typically delivered within 12 months from CTA signature. We are seeing consistently strong interest across antiviral and other non-vaccine prophylactic programmes, broadening the potential of HCTs beyond vaccine development.

In April, we signed a contract with ILiAD Biotechnologies to conduct the world's first pivotal Phase III HCT, to evaluate its whooping cough vaccine candidate BPZE1, representing our largest HCT to date and a landmark programme for both hVIVO and the wider HCT model. Revenue recognition began in H1 2026, with this multi-year contract expected to make a strong contribution to near- and medium-term revenues. The programme represents an important precedent for the potential use of HCT data within pivotal development programmes and, over time could support wider adoption of the model in seasonal indications where conventional field trials can be difficult, time sensitive or unfeasible. A further two influenza HCT contracts were signed during the period: one with Traws Pharma in April and a second £6 million contract in May.

The recent HCT wins reinforce our confidence in the long-term opportunity for the human challenge model. At the same time, our broader Clinical Trials, Consulting and Laboratory capabilities give us access to a significantly larger early clinical development market and provide multiple additional routes to growth. As sponsors increasingly prioritise speed, capital efficiency and earlier generation of high-quality decision-enabling data, we believe hVIVO's specialist integrated model positions us well to capture this opportunity.

Leadership

Stephen Pinkerton has informed the Board of his intention to retire as CFO on 30 September 2026 after ten years with the Company. Richard Cotton, currently a NED of the Company and an experienced CFO and financial leader, will serve as Interim CFO while the Board completes the appointment of a permanent successor. On behalf of the Board, I would like to thank Stephen for his commitment and contribution to hVIVO over the past decade and the role he has played in supporting the Company’s evolution into an integrated early clinical development partner.

Outlook

We see a significant opportunity to grow our share of the broader early-phase CRO market. Independent estimates value the outsourced Phase I-II market at around $9.5 billion in 2025 and forecast it to reach almost $15 billion by 2030.1   Rising biopharma M&A activity, resilient financing markets and the approaching patent cliff for large pharma provide further supportive industry dynamics, increasing demand for de-risked, data-rich, later-stage assets, underpinning the need for specialist development partners capable of accelerating programmes and supporting earlier development decisions.

Whilst H2 2026 revenue is expected to nearly double that reported in H1, reflecting the expected second-half weighting of contracted programme delivery, the phasing and deferral of certain contracted client programmes are now expected to shift a proportion of revenue previously expected in FY 2026 into 2027 and 2028. Including an expected c.£3.0 million contribution from CRS Berlin, net of existing revenue overlap for services supplied by hVIVO, the Group expects to report FY 2026 revenue of approximately £47 million. The Group expects positive adjusted EBITDA in H2 2026 and a low single-digit adjusted EBITDA loss for FY 2026, including an expected c.£0.5 million contribution from CRS Berlin.

Trading since 30 June 2026 has continued to improve, with particularly strong momentum in our sales pipeline and proposal volumes. This follows a 26% increase in the aggregate value of customer proposals submitted in H1 2026 vs. H1 2025. The significant strengthening of our contracted orderbook, together with the phasing of certain client programmes into 2027 and 2028, also provides increased visibility and positions the Group to return to significant growth in 2027.

1 The Business Research Company, Early Phase Clinical Trial Outsourcing Market Report 2026.

Consolidated Statement of Comprehensive Income

For the six months ended 30 June 2026

			Restated (note 4)
		6 months ended	6 months ended	Year ended
		30 June 2026	30 June 2025	31 December 2025
		Unaudited	Unaudited	Audited
	Note	£’000	£’000	£’000
Operations
Revenue, from contracts with customers		16,269	24,191	46,773
Cost of sales		(12,606)	(11,837)	(27,206)
Gross profit		3,663	12,354	19,567
Other operating income		1,609	1,254	2,887
Selling and administrative costs		(9,724)	(10,590)	(21,033)
EBITDA before exceptional items		(4,452)	3,018	1,421
Depreciation & amortisation		(2,447)	(2,133)	(4,657)
Exceptional items	5	-	(1,435)	(1,410)
Operating loss		(6,899)	(550)	(4,646)
Finance income		174	610	1,338
Finance expense		(859)	(378)	(1,202)
Loss before income tax		(7,584)	(318)	(4,510)
Income tax credit/(charge)		1,129	82	(1,483)
Loss for the period		(6,455)	(236)	(5,993)
Loss for the period is attributable to:
Group's equity shareholders		(6,455)	(236)	(5,993)
Other comprehensive income
Items that will not be subsequently reclassified to income statement:
Currency translation differences		90	40	24
Total comprehensive loss for the period		(6,365)	(196)	(5,969)
Loss per share attributable to shareholders during the period:
Basic loss per share	5	(0.94)p	(0.03)p	(0.87)p
Diluted loss per share	5	(0.94)p	(0.03)p	(0.87)p

Consolidated Statement of Financial Position

As at 30 June 2026

			Restated (note 4)
		Group	Group	Group
		30 June 2026	30 June 2025	31 December 2025
		Unaudited	Unaudited	Audited
	Note	£’000	£’000	£’000
Assets
Non‐current assets
Goodwill		13,815	13,792	13,901
Intangible assets		4,400	5,422	4,960
Property, plant and equipment		6,900	7,759	7,674
Right-of-use assets		13,295	13,700	14,073
Deferred tax asset		3,666	3,890	2,282
Total non‐current assets		42,076	44,563	42,890
Current assets
Inventories		723	1,759	691
Trade and other receivables	6	17,347	16,628	13,937
Cash and cash equivalents		12,981	23,288	14,297
Total current assets		31,051	41,675	28,925
Total assets		73,127	86,238	71,815
Equity attributable to owners
Share capital		688	687	687
Share premium account		520	520	520
Merger reserves		(6,856)	(6,856)	(6,856)
Foreign currency reserves		1,642	1,568	1,552
Retained earnings		36,085	47,602	42,256
Total equity		32,079	43,521	38,159
Liabilities
Non‐current liabilities
Lease liabilities		11,706	12,200	12,298
Provisions		2,600	2,348	2,543
Deferred tax liability		1,024	1,618	1,081
Total non‐current liabilities		15,330	16,166	15,922
Current liabilities
Trade and other payables	7	23,033	23,533	14,463
Lease liabilities		2,211	2,503	2,489
Provisions		474	515	782
Total current liabilities		25,718	26,551	17,734
Total liabilities		41,048	42,717	33,656
Total equity and liabilities		73,127	86,238	71,815

Consolidated Statement of Changes in Shareholders’ Equity

	Share capital	Share premium	Merger reserve	Foreign currency reserve	Retained earnings	Total
	£’000	£’000	£’000	£’000	£’000	£’000
At 1 January 2025	680	516	(6,856)	1,528	48,807	44,675
Changes in equity for the 6 months ended 30 June 2025
Loss for the period	-	-	-	-	(236)	(236)
Currency differences	-	-	-	40	-	40
Total comprehensive (loss)/income for the period restated (note 4)	-	-	-	40	(236)	(196)
Transactions with the owners
Share based payments	-	-	-	-	404	404
Shares issued	7	4	-	-	-	11
Dividends paid	-	-	-	-	(1,372)	(1,372)
Total contributions by and distributions to owners	7	4	-	-	(968)	(957)
At 30 June 2025 restated (note 4)	687	520	(6,856)	1,568	47,603	43,522
Changes in equity for the 6 months ended 31 December 2025
Loss for the period	-	-	-	-	(5,757)	(5,757)
Currency differences	-	-	-	(16)	-	(16)
Total comprehensive loss/(income) for the period	-	-	-	(16)	(5,757)	(5,773)
Transactions with the owners
Share based payments	-	-	-	-	410	410
Dividends paid	-	-	-	-	-	-
Total contributions by and distributions to owners	-	-	-	-	410	410
At 31 December 2025	687	520	(6,856)	1,552	42,256	38,159
Changes in equity for the 6 months ended 30 June 2026
Loss for the period	-	-	-	-	(6,455)	(6,455)
Currency differences	-	-	-	90	-	90
Total comprehensive (loss)/income for the period	-	-	-	90	(6,455)	(6,365)
Transactions with the owners
Share based payments	-	-	-	-	284	284
Shares issued	1	-	-	-	-	1
Dividends paid	-	-	-	-	-	-
Total contributions by and distributions to owners	1	-	-	-	284	285
At 30 June 2026	688	520	(6,856)	1,642	36,085	32,079

Consolidated Statement of Cash Flows

For the 6 months ended 30 June 2026

			Restated (note 4)
		Group	Group	Group
		6 months ended	6 months ended	Year ended
		30 June 2026	30 June 2025	31 December 2025
		Unaudited	Unaudited	Audited
	Note	£’000	£’000	£’000
Cash used in operations
Loss before income tax		(7,584)	(318)	(4,510)
Adjustments for:
- Depreciation & amortisation		2,447	2,133	4,657
- Impairment charges		4	-	284
- Net finance income		685	(232)	(136)
- Share based payment charge		284	404	814
Changes in working capital:
- (Decrease)/increase in provisions		(306)	515	508
- (Increase)/decrease in trade and other receivables		(3,838)	2,199	3,072
- (Increase)/decrease in inventories		(32)	(954)	23
- Increase/(decrease) in trade and other payables		8,664	(10,992)	(18,510)
Cash generated from/(used in) operating activities		324	(7,245)	(13,798)
Income tax paid	3	(2)	(282)	(620)
Net cash generated from/(used in) operating activities		322	(7,527)	(14,418)
Cash flow from investing activities
Purchase of property, plant and equipment		(76)	(575)	(1,397)
Purchase of intangible assets		(50)	(1)	(32)
Acquisition of subsidiaries, net of cash acquired		-	(10,474)	(10,474)
Interest received		189	694	1,038
Net cash generated from/(used in) investing activities		63	(10,356)	(10,865)
Cash flow from financing activities
Lease payments		(1,678)	(1,577)	(3,198)
Dividends paid		-	(1,372)	(1,372)
Proceeds from issue of shares		1	11	11
Finance costs		(11)	(13)	(23)
Net cash used in financing activities		(1,688)	(2,951)	(4,582)
Net decrease in cash and cash equivalents		(1,303)	(20,835)	(29,865)
Cash and cash equivalents at beginning of period		14,297	44,180	44,180
FX translation		(13)	(57)	(18)
Cash and cash equivalents at end of period		12,981	23,288	14,297

NOTES FORMING PART OF THE INTERIM FINANCIAL STATEMENTS

1. General information

hVIVO plc is a company incorporated in England and Wales. The Company is a public limited company, limited by shares, listed on the AIM market of the London Stock Exchange.

The address of the registered office is 40 Bank Street, Floor 24, London, E14 5NR.

The hVIVO Group operates as a full-service Contract Research Organisation (CRO) and the global leader in human challenge trials. The Group has a presence in the UK, Germany, the Netherlands and France.

The financial statements are presented in thousands of GBP (“£’000”), except where otherwise indicated. The Group comprises hVIVO plc and its subsidiary companies.

The registered number of the Company is 07514939.

2. Basis of preparation and accounting policies

The consolidated financial information of hVIVO plc has been prepared in accordance with UK adopted international accounting standards (IFRSs), IFRIC interpretations and the Companies Act 2006 applicable to companies reporting under IFRS.

The consolidated financial information has been prepared under the historical cost convention.

The accounting policies applied by the Group in this financial information are the same as those applied by the Group in its financial statements for the year ended 31 December 2025 and which will form the basis of the 2026 financial statements.

The financial information presented herein does not constitute full statutory accounts under Section 434 of the Companies Act 2006 and was not subject to a formal review by the Group’s auditor. The financial information in respect of the year ended 31 December 2025 has been extracted from the statutory accounts which have been delivered to the Registrar of Companies. The Group's Independent Auditor's report on those accounts was unqualified, did not include references to any matters to which the auditor drew attention by way of emphasis without qualifying their report and did not contain a statement under section 498(2) or 498(3) of the Companies Act 2006. The financial information for the half years ended 30 June 2026 and 30 June 2025 is unaudited and the twelve months to 31 December 2025 is audited.

The Interim Financial Statements were approved by the Board of Directors on 14 September 2026.

3.  Presentational changes

Consolidated income statement

In order to give further clarity to users of the financial statements, from 30 June 2026, the Group is presenting cost of sales in the Consolidated Income Statement as a separate line item.  Cost of sales was previously included within “Direct project and administrative costs” which has been renamed to “Selling and administrative costs”.  The 31 December 2025 and 30 June 2025 Consolidated Income Statements have been updated to reflect this change of presentation.

Consolidated statement of cashflows

For the periods ended 30 June 2026 and 31 December 2025, the impact of Other operating income (mainly R&D tax credits) on the Consolidated Statement of Cash Flows is shown in (Increase)/decrease in trade and other receivables.  In previously published financial statements, R&D tax credit cash received was shown in a separate line on the Statement of Cash Flows.  The 30 June 2025 Consolidated Statement of Cash Flows has been updated to reflect this change of presentation.

4.  Finalisation of prior year acquisition accounting

The acquisition accounting for CRS Clinical Research Services Mannheim GmbH and CRS Clinical Research Services Kiel GmbH was provisional in the financial information previously reported for the six months ended 30 June 2025 and was subsequently finalised by 31 December 2025. Accordingly, the comparative financial information for the six months ended 30 June 2025 has been restated to reflect the final acquisition-date fair values. The restatement resulted in an increase to Intangibles assets of £1,975,000, a reduction to Goodwill of £674,000, an increase to Foreign currency reserves of £19,000, a decrease to Retained earnings of £126,000 and an increase to Deferred tax liability of £674,000 as at 30 June 2025.

5. Loss per share

			Restated
		6 months ended	6 months ended	Year ended
		30 June 2026	30 June 2025	31 December 2025
		Unaudited	Unaudited	Audited
Basic loss per share (p)		(0.94)p	(0.03)p	(0.87)p
Basic adjusted (loss)/earnings per share (p)		(0.82)p	0.29p	(0.41)p
Diluted loss per share (p)		(0.94)p	(0.03)p	(0.87)p
Diluted adjusted (loss)/earnings per share (p)		(0.82)p	0.29p	(0.41)p

Basic earnings per share has been calculated by dividing the profit attributable to shareholders by the weighted average number of shares in issue during the period.

Where there is a profit for the period, diluted earnings per share has been calculated after adjusting the weighted average number of shares used in the basic calculation to assume the conversion of all potentially dilutive shares. A potentially dilutive share is a warrant or option where its exercise price is below the average market price of hVIVO shares during the period and any performance conditions attaching to the scheme have been met at the balance sheet date.

Where there is a loss for the period, potentially dilutive shares are not dilutive, and therefore diluted earnings per share has been calculated by dividing the loss attributable to shareholders by the weighted average number of shares in issue during the period.

The adjusted profit is used in the calculation of adjusted earnings per share as reconciled below:

			Restated
		6 months ended	6 months ended	Year ended
		30 June 2026	30 June 2025	31 December 2025
		Unaudited	Unaudited	Audited
		£’000	£’000	£’000
Loss for the year		(6,455)	(236)	(5,993)
Acquisition costs*		-	450	450
Amortisation of acquired intangibles		541	409	960
Restructuring costs*		-	985	960
Share based payments		284	404	814
Adjusted (loss)/profit for the year		(5,630)	2,012	(2,809)

*Items denoted with an asterisk form part of Exceptional items as disclosed on the Consolidated Income Statement.

The numbers of shares used in calculating basic and diluted earnings per share are reconciled below.

		6 months ended	6 months ended	Year ended
		30 June 2026	30 June 2025	31 December 2025
		Unaudited	Unaudited	Audited
Weighted average number of shares in issue		No.	No.	No.
Basic		687,966,692	684,348,647	685,688,650
Dilution for share options and warrants		-	4,590,857	-
Diluted		687,966,692	688,939,504	685,688,650

6. Trade and other receivables

			Restated
		30 June 2026	30 June 2025	31 December 2025
		Unaudited	Unaudited	Audited
		£’000	£’000	£’000
Trade receivables		6,766	4,542	6,333
Prepayments		1,633	1,913	1,440
Accrued income		5,395	5,980	4,170
Other receivables (incl. R&D tax credits)		3,553	4,193	1,994
		17,347	16,628	13,937

7. Trade and other payables

		30 June 2026	30 June 2025	31 December 2025
		Unaudited	Unaudited	Audited
		£’000	£’000	£’000
Trade payables		4,559	2,169	1,114
Social security and other taxes		860	1,245	965
Other payables		2,226	2,642	2,611
Accrued expenses		4,327	5,470	5,498
Deferred income		11,061	12,007	4,275
		23,033	23,533	14,463

8. Share based payments

There was a share-based payment charge in the period of £284,000 (H1 2025: £404,000).

9. Dividend

No dividend was paid in the period ended 30 June 2026 (30 June 2025: a final dividend of 0.20 pence per share relating to the year ended 31 December 2024 was paid to shareholders on 11 June 2025; the total amount paid by the Company was £1,372,000).

10. Post balance sheet events

In August 2026, the Group acquired 100% of the share capital of CRS Clinical Services Berlin GmbH (‘CRS Berlin’).  The Group has paid initial consideration of €0.025 million and has agreed to pay, in cash, 18% of CRS Berlin's annual revenue for each of the next three years (ending 31 December 2026, 2027 and 2028), provided a minimum revenue threshold is met in each period.   No amounts relating to the acquisition have been recognised in these interim financial statements. The Group is in the process of completing the acquisition accounting and assessing the fair values of the assets acquired and liabilities assumed.

11. Press

A copy of this announcement is available from the Company’s website, being www.hvivo.com.  If you would like to receive a hard copy of the interim report, please contact the hVIVO plc offices at [e-mail] to request a copy.

 

END