Cathal Friel is co-founder and chairman of Hvivo
Pharmaceutical services firm Hvivo, formerly Open Orphan, has recorded a 30.6pc rise in revenues in the first half of the year.
The Dublin and London-listed organisation expects to report revenues of £35.6m for the first six months of 2024, according to a trading update published today.
This was driven by “exceptional” operational delivery across the group as multiple studies and challenge models ran simultaneously.
Hvivo also reported that it was able to use its three quarantine facilities to complete a number of projects ahead of schedule, which also contributed to revenue growth.
The group’s earnings before interest, taxes, depreciation and amortisation (Ebitda) margin rose to 24pc, up from 19.1pc in the same period last year.
It attributed this growth to improvements in operational efficiencies, as well as the utilisation of the three quarantine facilities. It also noted an improvement in the delivery of its FluCamp studies.
Hvivo had a weighted contracted orderbook of £71m at the end of June, with 100pc of revenue guidance for this year already contracted.
The company expects revenues of around £62m this year, with Ebitda margins for the year expected to be at the upper end of market expectations.
“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,” chief executive Yamin ‘Mo’ Khan said.
“The concurrent running of three different facilities helped to boost our revenues for H1 2024, creating an expected H1 2024 weighting,” he added.
