RNS Number : 4886D
hVIVO PLC
10 September 2024
 


hVIVO plc

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

 

Interim results

Strong first half delivering record revenues and margins

 

hVIVO plc (AIM: HVO), a fast-growing specialist contract research organisation (CRO) and world leader in testing infectious and respiratory disease products using human challenge clinical trials, announces its unaudited interim results for the six-month period ended 30 June 2024.

 

Financial highlights

Revenue of £35.6 million, 30.6% higher than H1 2023 (£27.3 million)

EBITDA up 67.6% to £8.7 million (H1 2023: £5.2 million)

EBITDA margin of 24.5% (H1 2023: 19.1%)

Basic adjusted earnings per share up 30.6% to 0.81p (H1 2023: 0.62p)

Cash of £37.1 million as at 30 June 2024 (H1 2023: £31.3 million)

Weighted contracted orderbook of £71 million as at 30 June 2024 (H1 2023: £78 million)

 

Operational highlights

State-of-the-art facility in Canary Wharf opened and fully operational providing the foundation and capacity for future growth

A record number of volunteers inoculated in H1 across six challenge trials and five challenge agents

Expedited delivery of projects leading to: 1) increased utilisation of multiple quarantine facilities, 2) record revenues and margins and, 3) H1 revenue weighting

Greater use of automation at FluCamp resulting in efficiency and reduced cost of volunteer recruitment

£6.3 million Human Rhinovirus (HRV - common cold virus) contract signed with biotech client

£2.5 million Omicron characterisation study contract with mid-sized pharmaceutical company

Awarded largest field study to date representing a new income stream

Venn expanded its multi-year consultancy agreement with major global pharmaceutical client  

Human Metapneumovirus (hMPV) challenge agent successfully manufactured and ready for partnering on a characterisation study

Additional supply of Respiratory Syncytial Virus (RSV) challenge agent successfully manufactured

Flu B challenge model established following the successful completion of the characterisation study

 

Post-period end highlights

Completion of the fit-out of the Company's larger outpatient site at Plumbers Row to support clinical site services contracts

Completion of the fit-out of the CL-3 laboratory at Canary Wharf providing foundations for new revenue streams

First major field study contract signed by hLAB for standalone lab services

hLAB's new laboratory information management system (LIMS) launch expected Q4 2024

FluCamp's tiered volunteer / patient recruitment service offering launched

Successful Capital Markets Day highlighting the capabilities of the world's largest human challenge unit

Industry focussed Canary Wharf opening event attended by Big Pharma and biotech clients, regulators, partners and academic institutions

Cancelled trading on Euronext Growth to consolidate trading of the Company's stock to its primary listing on the AIM Market of the London Stock Exchange

 

Outlook

Full year revenue guidance of £62 million reaffirmed with full year EBITDA margins anticipated to be at the upper end of market expectations*

100% of 2024 revenue guidance fully contracted with good visibility into 2025

Pipeline of live opportunities continues to expand including interest in new challenge models and new revenue streams with short to medium term potential opportunities of c. £40 million

Targeting Group revenue of £100 million by 2028 achievable through strong organic growth complemented by small bolt-on acquisitions that meet the Company's strategic and financial criteria, with a robust cash position which underpins the Group's M&A strategy

 

Yamin 'Mo' Khan, Chief Executive Officer of hVIVO, said: "After an exceptionally strong first half with record revenues and margins, hVIVO enters the remainder of the year with FY24 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. 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.

 

"We are pleased to reaffirm our full-year revenue guidance of £62 million and expect EBITDA margins to be at the upper end of market expectations*. We are targeting Group revenue of £100 million 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."

 

Investor presentation

 

Yamin 'Mo' Khan, Chief Executive Officer, and Stephen Pinkerton, Chief Financial Officer, will provide a live presentation via the Investor Meet Company platform on 10 September 2024 at 18:00 BST.

 

The presentation is open to all existing and potential shareholders. Investors can sign up to Investor Meet Company for free and add to meet hVIVO here.

 

* Consensus market expectations for FY24 EBITDA margins are 22.7%, within a range of 22-24%.

 

For further information please contact:

 

hVIVO plc

+44 (0) 20 7756 1300

Yamin 'Mo' Khan, Chief Executive Officer

Stephen Pinkerton, Chief Financial Officer




Cavendish Capital Markets Limited (Nominated Adviser and Joint Broker)

+44 (0) 20 7220 0500

Geoff Nash, Camilla Hume, Nigel Birks, Harriet Ward




Peel Hunt LLP (Joint Broker)

+44 (0)20 7418 8900

James Steel, Dr Christopher Golden




Davy (Joint Broker)

+353 (0) 1 679 6363

Anthony Farrell, Niall Gilchrist




Walbrook PR (Financial PR & IR)

Stephanie Cuthbert / Phillip Marriage /
Louis Ashe-Jepson

+44 (0) 20 7933 8780 or hvivo@walbrookpr.com

+44 (0) 7796 794 663 / +44 (0) 7867 984 082 /
+44 (0) 7747 515 393

 

Notes to Editors

 

About hVIVO

 

hVIVO plc (ticker: HVO) is a fast-growing specialist contract research organisation (CRO) and the world leader in testing infectious and respiratory disease vaccines and therapeutics using human challenge clinical trials. The Group provides end-to-end early clinical development services to its large, established and growing repeat client base, which includes four of the top 10 largest global biopharma companies.

 

The Group's fast-growing services business includes a unique portfolio of 11 human challenge models, with a number of new models under development, to test a broad range of infectious and respiratory disease products. The Group has world class challenge agent manufacturing capabilities, specialist drug development and clinical consultancy services via its Venn Life Sciences brand, and a lab offering via its hLAB brand, which includes virology, immunology biomarker and molecular testing. The Group also offers additional clinical field trial services such as patient recruitment and clinical trial site services.

 

hVIVO runs challenge trials in London - its new state-of-the-art facilities in Canary Wharf opened in 2024 and is the world's largest commercial human challenge trial unit, with highly specialised on-site virology and immunology laboratories, and an outpatient unit. To recruit volunteers / patients for its studies, the Group leverages its unique clinical trial recruitment capability via its FluCamp volunteer screening facilities in London and Manchester.

 

 





CEO Statement
For the six months ended 30 June 2024

 

A long-term sustainable growth model

 

The first half of 2024 has seen a continuation of our strong growth across revenue, EBITDA and cash generation, underlining our long-term sustainable model across multi-year consecutive periods. First half revenue increased 30.6% to £35.6 million (H1 2023: £27.3 million) as the Company inoculated a record number of volunteers across multiple challenge trials. EBITDA was also up 67.6% to £8.7 million with record EBITDA margins of 24.5%. As previously signalled, FY 2024 is expected to be H1 weighted as revenue and margins benefitted from the efficient use of overlapping facilities. From July 2024, the Group's core operations have operated solely from its new state-of-the-art Canary Wharf facility. The increase in margins is a positive indicator of the margin achievable in the medium term with the Canary Wharf site expected to deliver improved, long-term operational efficiencies.

 

The Company's weighted contracted orderbook stood at £71 million as at 30 June 2024 (H1 2023: £78 million), post-delivery of a record £35.6 million in revenues in H1 2024, with FY 2024 revenue guidance fully contracted and good visibility into 2025. hVIVO has a broad pipeline of live opportunities, including a number in advanced stages, making the Group well-positioned to grow its weighted orderbook going forward. The Group continues to be debt free and highly cash generative, with cash of £37.1 million as at 30 June 2024 (H1 2023: £31.3 million), after the £1.4 million dividend, paid in May 2024.

 

New facility move completed

 

The move to our new facility in Canary Wharf including corporate offices, a Containment Level 3 (CL-3) 50 bedroom quarantine unit and cutting-edge virology and immunology laboratories was completed on time in Q1 2024 and was a significant inflection point for the Company reflecting the increasing opportunities in the markets in which we operate. The facility, which was largely funded by hVIVO's clients, will provide significant additional capacity and capabilities, and provides the foundation for the Group's future growth. Notable features include the purpose-built hospital isolation standard quarantine rooms that maximise comfort for our volunteers, who are at the centre of everything we do. The rooms are also equipped with HEPA air filtration systems, negative air pressure and two-way call bell systems that ensure we can be alert to our volunteers' needs and allow our staff to respond to requests more efficiently than was previously possible. The facility has also been designed to accommodate transmission studies, which focus on measuring how quickly a virus spreads from an infected person to a healthy individual. We plan to collaborate with academic institutions and/or industry partners to develop new models to measure transmission rates. This effort aligns with the development of next generation mucosal anti-infective drugs, aimed at both combating the infections and reducing their spread.

 

On 17 July 2024, we hosted a Capital Markets Day event to showcase the capabilities of the world's largest human challenge trial unit and demonstrate how it has broadened and enhanced our services. The event was well attended by institutional investors, analysts and media as well as virtual attendance for private investors. Speakers included directors from hVIVO as well as industry Key Opinion Leaders. Feedback from the event was extremely positive and I would like to thank our team for delivering such a world-class facility and for organising the successful event. We also held an industry focussed Canary Wharf opening event in July 2024, the event was attended by five of the world's top ten pharmaceutical companies, many existing and potential pharma and biotech clients, regulators, partners and academic institutions.

 

Strong operational delivery

 

Looking across our key performance metrics, the first half of 2024 was another period of strong operational delivery across the Group. hVIVO inoculated a record number of volunteers across multiple studies, with a variety of challenge models running simultaneously. The biggest challenge we faced in the period was successfully managing the transition to our new facility, while ensuring the efficient delivery of our orderbook of work across multiple challenge trial units. I was delighted that during this time, the Company utilised the temporary capacity of three facilities to deliver a number of projects ahead of schedule, providing a boost to revenue and profit margins in the first half. This is a testament to the professionalism and expertise of our team at hVIVO. From July 2024 the Group solely operates from its Canary Wharf quarantine site.

 

Delivering on our growth strategy: Optimise, scale and diversify

 

Optimising our operations

 

The main driver of efficiency and margin gains in the period was the efficient use of multiple facilities that allowed the operational and clinical teams to deliver a number of projects ahead of schedule. This was a temporary period of overlapping resources, and I am pleased that we now have a consolidated facility at Canary Wharf, which will significantly improve our resource utilisation and be the principal source of efficiency gains moving forward. Prior to the move, hVIVO operated quarantine rooms across three floors of the Whitechapel Hotel and one floor of the Queen Mary BioEnterprise Centre (QMB). This presented a number of challenges including requiring additional nurses' stations, a slower courier system for sample delivery taking 7-8 minutes to deliver samples to our labs, and poor space utilisation. At Canary Wharf, the quarantine rooms are consolidated onto a single floor, reducing the need for additional nurses' stations. We have also constructed a pneumatic chute system that transports samples to the lab in c.30 seconds. In addition to the efficiency benefits of our new facility, our revamped FluCamp platform with increased automation has also been a driver of efficiency improvements and reduced volunteer recruitment costs.

 

Scale the business

 

The first half of 2024 saw the Company inoculate a record number of volunteers across six challenge trials and five separate challenge agents. This has continued the trend of hVIVO successfully conducting multiple challenge trials concurrently across different challenge agents, which has been a significant contributor to the growth in our revenues and margins. This capability has been substantially enhanced by the move to our new facility, as each of the 50 quarantine rooms aligns with CL-3 standards, enabling the Company to conduct a broader range of challenge trials, including Hazard Group 3 pathogens for which we previously had to use external sites.  

 

We also identified hLAB, the Group's highly specialised virology and immunology laboratory service offering, as a key growth area for the Group. I am pleased that since 2021 we have effectively been able to double the number of lab assays and samples it processes. However, prior to our move to Canary Wharf, this service was at capacity as we focussed on delivering the increasing demand for our human challenge trial services. Following our move to Canary Wharf, we have more than doubled our usable lab space and tripled sample throughput capacity - supported by the introduction of our new LIMS system, due to launch in Q4 2024, and new hardware (e.g BioFire, new PCR, and cell culture automation). The fit-out of our new CL-3 laboratory is now complete, and we have also identified one of our labs as a potential bacterial laboratory which will support our expansion to bacterial challenge models. hLAB has signed three standalone lab contracts in 2024, including its first major field study lab contract. At hVIVO we have a comprehensive repository of a diverse range of human biospecimens which are essential for research and development of new drugs. hLAB has partnered with Scientist.com to make these samples available to researchers.

 

Finally, Venn Life Sciences ("Venn"), our drug development consulting subsidiary accounted for 11% of total Group revenue in H1 24. Year to date, Venn has expanded its multi-year consultancy work with a major global pharmaceutical client and has also signed contracts in ATMP (advanced therapy medicinal products) and QA (quality assurance) services, following investment in these key growth areas. Venn Paris continues to deliver data management and biostatistics services to third‐party customers, as well as supporting hVIVO's challenge studies. As hVIVO launches its standalone hLAB, clinical site, and recruitment services, we are excited by the cross-selling opportunities between Venn and hVIVO, further strengthening our end-to-end early clinical development service offering.

 

Diversification of orderbook and services

 

The diversification of the orderbook is an important goal for the Group and we have progressed several projects that ensure we continue to have a wide variety of work across multiple challenge agents. I can confirm that following the completion of manufacturing of a Flu B challenge agent, we have successfully concluded a characterisation study to determine the safe and infectious dose of Flu B required to achieve a reliable infection in healthy volunteers. As such, we have successfully established our Flu B challenge model and are now able to conduct Flu B challenge trials for our customers. Additionally, we have completed manufacturing of a hMPV challenge agent, and this is now ready for partnering to proceed to a characterisation study. We also signed a £2.5 million contract to conduct an Omicron characterisation study with a mid-sized pharma company, which, if successful and following receipt of relevant regulatory approvals, we expect to be able to conduct Omicron human challenge trials from mid-2025. All of these challenge agents, which were funded by clients, provide access to new markets and diversify the Company's human challenge model portfolio, importantly allowing the business to conduct bivalent / multivalent or universal vaccine or antiviral studies, which are a growing trend in the global biopharma market. During H1 2024 we also invested in the development of a H3N2 and RSV B challenge models to provide updated models to our clients.

 

Outside of our core service offering, we also initiated a Phase 2b influenza field study, the Company's largest field study to date. hVIVO will enrol up to 1,000 healthy volunteers via our FluCamp volunteer recruitment platform as the sole UK clinical site as part of a multicentre field study, expected to commence in Q4 2024. This is an important new income stream for the business, and we anticipate it will help drive efficiencies by improving staff utilisation and leveraging existing capacity at FluCamp. In September 2024, we completed the expansion of our outpatient unit at Plumbers Row following the conversion of the Company's former corporate offices. This will support our Phase 2 and Phase 3 field study contract service and further leverages the FluCamp platform.

 

Post-period end, we launched FluCamp's tiered volunteer / patient recruitment service offering. This new service offers Essential, Advance and Premium recruitment services to support CROs and pharma companies to recruit volunteers and patients for their studies. Volunteer / patient recruitment is the number one cause of trial delays, and with FluCamp's 100% trial recruitment success and its database of over 320,000 engaged and motivated participants, FluCamp can offer an effective solution for its clients. In H2 2024, we expect to launch our FluCamp portal which provides an anonymised, live database of volunteers which is accessible to our clients targeting healthy volunteers and patient populations.

 

Outlook

 

After a very strong first half delivering record revenues and margins, hVIVO has entered the remainder of the year with full year revenue guidance fully contracted with good visibility into 2025. We have a broad pipeline of live opportunities, including a number in advanced stages, as we look to further develop our orderbook. The Group reaffirms its full year revenue guidance of £62 million with full year EBITDA margins anticipated to be at the upper end of market expectations. In the medium-term, we are targeting Group revenue of £100 million by 2028, which we believe is achievable through continued strong organic growth complemented by small bolt-on acquisitions that meet the Company's strategic and financial criteria. The Group's organic and inorganic growth strategies are underpinned by the move to our new facility at Canary Wharf, hVIVO's strong cash position and our cash generative long term sustainable growth model.

 

Yamin 'Mo' Khan

CEO

9 September 2024



 

Consolidated Statement of Comprehensive Income

For the six months ended 30 June 2024

 

 

 



6 months ended

6 months ended

Year ended



30 June 2024

30 June 2023

31 December 2023



Unaudited

Unaudited

Audited


Note

£'000

£'000

£'000

Operations

 




Revenue, from contracts with customers

 

35,637

27,297

56,043

Other operating income


1,556

1,352

2,623

Direct project and administrative costs


(28,459)

(23,439)

(45,629)

EBITDA before exceptional items

 

8,734

5,210

13,037

Depreciation & amortisation


(1,845)

(1,340)

(2,716)

Exceptional items


-

(219)

(219)

Operating profit

 

6,889

3,651

10,102

Net finance income


292

530

1,055

Share of loss of associate using equity method

(29)

-

(10)

Profit before income tax

 

7,152

4,181

11,147

Income tax (charge)/credit


(1,894)

(253)

4,968

Profit for the year


5,258

3,928

16,115

Profit for the year is attributable to:





Shareholders


5,258

3,928

16,115

Other comprehensive income

 




Items that will not be subsequently reclassified to income statement:



Currency translation differences


(25)

(106)

(49)

Total comprehensive income for the year


5,233

3,822

16,066






Earnings per share attributable to

shareholders during the year:

 


Basic earnings per share

3

0.77p

0.58p

2.38p

Diluted earnings per share

3

0.76p

0.58p

2.35p






Adjusted earnings per share attributable to

shareholders during the year:

 

Basic adjusted earnings per share

3

0.81p

0.62p

1.27p

Diluted adjusted earnings per share

3

0.80p

0.61p

1.25p

 

Consolidated Statement of Financial Position

As at 30 June 2024

 

 

 

 

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 2023

671

4

(6,856)

1,358

25,041

20,218

Changes in equity for the 6 months ended 30 June 2023







Profit for the period

-

-

-

-

3,928

3,928

Currency differences

-

-

-

(106)

-

(106)

Total comprehensive income for the period

-

-

-

(106)

3,928

3,822

Transactions with the owners







Share based payments

-

-

-

-

227

227

Shares issued

8

424

-

-

-

432

Dividends paid

-

-

-

-

(3,054)

(3,054)

Total contributions by and distributions to owners

8

424

-

-

(2,827)

(2,395)

At 30 June 2023

679

428

(6,856)

1,252

26,142

21,645

Changes in equity for the 6 months ended 31 December 2023







Profit for the period

-

-

-

-

12,187

12,187

Currency differences

-

-

-

57

-

57

Total comprehensive income for the period

-

-

-

57

12,187

12,244

Transactions with the owners







Share based payments

-

-

-

-

348

348

Shares issued

1

88

-

-

-

89

Dividends paid

-

-

-

-

-

-

Total contributions by and distributions to owners

1

88

-

-

348

437

At 31 December 2023

680

516

(6,856)

1,309

38,677

34,326

Changes in equity for the 6 months ended 30 June 2024







Profit for the period

-

-

-

-

5,258

5,258

Currency differences

-

-

-

(25)

-

(25)

Total comprehensive income for the period

-

-

-

(25)

5,258

5,233

Transactions with the owners







Share based payments

-

-

-

-

264

264

Shares issued

-

-

-

-

-

-

Dividends paid

-

-

-

-

(1,359)

(1,359)

Total contributions by and distributions to owners

-

-

-

-

(1,095)

(1,095)

At 30 June 2024

680

516

(6,856)

1,284

42,840

38,464

Consolidated Statement of Cash Flows

For the 6 months ended 30 June 2024

 

 



6 months ended

6 months ended

Year ended



30 June 2024

30 June 2023

31 December 2023



Unaudited

Unaudited

Audited


 

£'000

£'000

£'000

Cash used in operations

 




Profit before income tax

 

7,152

4,181

11,147

Adjustments for:

 




- Depreciation & amortisation


1,845

1,340

2,716

- Impairment of intangible assets


-

219

254

- Exceptional items


-

-

219

- Net finance income


(292)

(530)

(1,055)

- Share based payment charge


264

227

575

- R & D Credit Incl. in other income


(1,456)

(1,343)

(2,432)

- Share of Imutex loss


29

-

10

- Movement in provisions through P&L


9

-

155

Changes in working capital:

 




- (increase)/decrease in trade and other receivables

(4,754)

3,207

(1,158)

- Decrease in inventories


86

56

73

- (Decrease)/increase in trade and other payables

(304)

(768)

5,187

Net cash generated in operations

 

2,579

6,589

15,691

Income tax (R & D Credit) received

 

41

75

1,548

Net cash generated in operating activities

 

2,620

6,664

17,239






Cash flow from investing activities

 




Purchase of property, plant and equipment


(1,832)

(386)

(5,177)

Purchase of intangible assets

 

(44)

-

-

Net cash used in investing activities

 

(1,876)

(386)

(5,177)






Cash flow from financing activities

 




Lease payments


(25)

(1,152)

(2,044)

Dividends paid


(1,359)

(3,054)

(3,054)

Proceeds from issue of shares


-

432

521

Interest & FX gains received

 

789

382

1,054

Net cash used in financing activities

 

(595)

(3,392)

(3,523)






Net increase in cash and cash equivalents

 

149

2,886

8,539

Cash and cash equivalents at beginning of period

36,973

28,444

28,444

FX translation

 

(28)

16

(10)

Cash and cash equivalents at end of period

37,094

31,346

36,973






 

 

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.  During the period ended 30 June 2024, the Company was listed on Euronext Growth in Dublin.  The Euronext Growth listing was cancelled on 2 September 2024.

 

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

 

The principal activity of the Group is that of a growing specialist CRO pharmaceutical services company which is the world leader in the testing of vaccines and antivirals using human challenge clinical trials. The Group has a presence in the UK, Ireland, France and Netherlands.

 

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 statements of hVIVO plc have 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 statements have 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 2023 and which will form the basis of the 2024 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 2023 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 2024 and 30 June 2023 is unaudited and the twelve months to 31 December 2023 is audited.

 

The Interim Financial Statements were approved by the Board of Directors on 9 September 2024.

 

3.    Earnings per share

 

 



6 months ended

6 months ended

Year ended



30 June 2024

30 June 2023

31 December 2023



Unaudited

Unaudited

Audited


 

 








Basic earnings per share (p)


0.77p

0.58p

2.38p

Basic adjusted earnings per share (p)


0.81p

0.62p

1.27p

Diluted earnings per share (p)


0.76p

0.58p

2.35p

Diluted adjusted earnings per share (p)

0.80p

0.61p

1.25p

 

 

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.

 

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.

 

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

 



6 months ended

6 months ended

Year ended



30 June 2024

30 June 2023

31 December 2023



Unaudited

Unaudited

Audited


 

£'000

£'000

£'000






Profit for the period


5,258

3,928

16,115

Initial recognition of deferred tax assets

-

-

(8,107)

Share based payments charge

264

227

575

Adjusted profit for the period


5,522

4,155

8,583

 

 

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 2024

30 June 2023

31 December 2023



Unaudited

Unaudited

Audited

Weighted average number of shares in issue








Basic


680,371,877

675,075,857

677,444,133

Dilution for share options and warrants

8,823,273

4,409,547

8,403,182

Diluted


689,195,150

679,485,403

685,847,315

 

 

4.    Trade and other receivables

 



30 June 2024

30 June 2023

31 December 2023



Unaudited

Unaudited

Audited



£'000

£'000

£'000

Trade receivables


14,253

4,354

9,117

Prepayments


1,348

948

1,405

Accrued income


1,444

1,495

760

Other receivables (incl. R&D tax credits)


3,338

3,150

3,323

 


20,383

9,947

14,605

 

 

5.    Trade and other payables

 



30 June 2024

30 June 2023

31 December 2023



Unaudited

Unaudited

Audited



£'000

£'000

£'000

Trade payables


1,585

1,318

2,088

Social security and other taxes


734

585

814

Other payables


1,560

215

525

Accrued expenses


8,612

5,554

5,857

Deferred income


21,614

19,403

24,944

 


34,105

27,075

34,228

 

6.    Share based payments

There was a share-based payment charge in the period of £264,000 (H1 2023: £227,000).

 

7.    Dividend

A final dividend of 0.20 pence per share was paid to shareholders on 20 May 2024.  The total amount paid by the Company was £1,359,000.

 

8.    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 ir@hvivo.com to request a copy.

 

 

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IR FLFFRALIAIIS